Legal 2-Family with
For Sale
$874,995
Pending
24 Prospect Avenue, Saugus, MA 01906
Vacant property with separate driveways, fenced grounds, and an in-ground pool.
Property Size2,566 SF
Days on Market47
Property Features for 24 Prospect Avenue
General Information
Standard status
Pending
Size
2,566 SF
Total Parking Spaces
8
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,336
Amenities
in-ground pool
multi-tiered decking
fenced-in backyard
Building Details
Building Size
2,566 SF
Year Built
1977
Listing Agency:
Lyv Realty
(781) 572-5966
Listed By:
Candice Pagliarulo Hodgson · License #448551563
Source:
Classifiedrealtygroup
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 29 at 3:15PM
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 Lyv Realty
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.
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 = 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
$43,227
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
4.94%
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%
$864,540
$864.5K
Cap Rate 7%
$617,529
$617.5K
Cap Rate 9%
$480,300
$480.3K
Market Conditions
NOI Build-Up for 2,566 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
$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 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%
$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
NOI $43,227 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$557.4K
$487.8K – $650.3K
NOI $39,020 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$1.52M
$1.33M – $1.77M
NOI $106,334 @ 7.0% cap · market cap 12.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
