Building Details

Year Built 1977

Listing Agency: Lyv Realty Show Phone

Listed By: Candice Pagliarulo Hodgson · License #448551563 Show Phone

Source: Lockandkeyre

Added: Jun 25 Changed: Oct 15 Last Checked: Oct 14 at 11:27PM

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Investment Insights

Based on property information with market context.

This legal 2-family property, built in 1977, is vacant and configured for separate upper- and lower-level living. The upper residence includes a granite kitchen with island, an adjoining living room, formal dining area, primary suite with full bath, and a bonus room with closet. The layout also allows conversion to a 3 or 4 bedroom arrangement. A private driveway serves this unit.

The lower-level residence provides 2 bedrooms, 1 bath, and a living room with a fireplace, along with its own driveway. Exterior improvements include a fenced backyard, in-ground pool, and multi-tiered decking. The property is located in Saugus, minutes from Boston and major highways.

Key Highlights

• Legal 2‑family property built in 1977
• 2 driveways provide separate access for the upper and lower units
• Upper unit includes granite kitchen, island, formal dining area, and primary suite

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,227

Cap Rate

4.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$864,540 $864.5K

Cap Rate 7%

$617,529 $617.5K

Cap Rate 9%

$480,300 $480.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,566 SF

Gross rent

$64.7K $25.20/SF

− Vacancy

−$2.9K −$1.13/SF

EGI

$61.8K $24.07/SF

− OpEx

−$18.5K −$7.22/SF

NOI

$43.2K $16.85/SF

Area

Essex County, MA

Vacancy

4.50%

Lease Rate

$25.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$864,540

Cap Rate 7%

$617,529

Cap Rate 9%

$480,300

Alternative Uses

Best Use

Multifamily LT 5

$617.5K

$540.3K – $720.5K (±1% cap)

NOI $43,227 @ 7.0% cap · market cap 4.94%

Second Best

Apartment 5plus

$557.4K

$487.8K – $650.3K (±1% cap)

NOI $39,020 @ 7.0% cap · market cap 4.46%

Theoretical Best

Office A

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,334 @ 7.0% cap · market cap 12.15%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Dental Office Parking Lot & Garage Pharmacy Bakery Gym & Fitness Center Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

366

Businesses Nearby

Explore this area Business Placement

Demographics for 01906, MA

28,619

Population

11,259

Households

2.5

Avg Household Size

45

Median Age

31%

College-Educated

91%

High-School Grad

11.6 sq mi

ZIP Area

2,467

Density / Sq Mi

$100,819

Median Household Income

$52,189

Median Earnings

$1,982

Median Rent

$589,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Vacant property with separate driveways, fenced grounds, and an in-ground pool.

Where is this duplex located?

The property is located at 24 Prospect Avenue Saugus, MA.

What is the asking price?

The asking price for this property is $874,995.

What are key features of this property?

This property features: Legal 2‑family property built in 1977; 2 driveways provide separate access for the upper and lower units; Upper unit includes granite kitchen, island, formal dining area, and primary suite