Multi-Unit Residential
For Sale
$869,000
24 Mayflower Drive, Plymouth, MA 02360
Finished interior space and off-street parking support a multi-unit residential configuration.
Property Size3,450 SF
Price / SF$251.88
Days on Market51
Property Features for 24 Mayflower Drive
General Information
Standard status
Active
Size
3,450 SF
Total Parking Spaces
16
Property subtype
Residential Income
Zoning
R25
Taxes and HOA fees
Annual Taxes
$7,911
Amenities
Multi Units
Zoned
Full, Finished
Ocean, Water
Off Street
Building Details
Building Size
3,450 SF
Year Built
1958
Stories
4
Listed By:
Ricardo Real Estate Group
(781) 831-1060
Source:
Evrealestate
Added: Aug 6
Changed: Sep 24
Last Checked: Sep 24 at 2:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ricardo Real Estate Group
Investment Insights
Based on property information with market context.
This residential income property contains 3,450 square feet and was built in 1958. Interior features include multiple units and finished lower-level space. Off-street parking is also provided.
The property is located at 24 Mayflower Drive in Plymouth, Massachusetts, and is zoned R25.
The property is located at 24 Mayflower Drive in Plymouth, Massachusetts, and is zoned R25.
Key Highlights
- 3,450 square feet of property size
- Multiple residential units
- Finished interior space
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$53,737
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,074,740
$1.1M
Cap Rate 7%
$767,671
$767.7K
Cap Rate 9%
$597,078
$597.1K
Market Conditions
NOI Build-Up for 3,450 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$103.5K $30.00/SF
− Vacancy
−$5.8K −$1.68/SF
EGI
$97.7K $28.32/SF
− OpEx
−$44.0K −$12.74/SF
NOI
$53.7K $15.58/SF
Area
Plymouth County, MA
Vacancy
5.60%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,074,740
Cap Rate 7%
$767,671
Cap Rate 9%
$597,078
Alternative Uses
Best Use
Apartment 5plus
$767.7K
$671.7K – $895.6K
NOI $53,737 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.04M
$1.79M – $2.38M
NOI $142,967 @ 7.0% cap · market cap 16.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
27
Businesses Nearby
Explore this area
Business Placement
Demographics for 02360, MA
61,134
Population
28,598
Households
2.1
Avg Household Size
47
Median Age
45%
College-Educated
96%
High-School Grad
96.4 sq mi
ZIP Area
634
Density / Sq Mi
$111,975
Median Household Income
$55,595
Median Earnings
$1,831
Median Rent
$494,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Finished interior space and off-street parking support a multi-unit residential configuration.
Where is this residential income property located?
The property is located at 24 Mayflower Drive Plymouth, MA.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: 3,450 square feet of property size; Multiple residential units; Finished interior space
