Two-Family Residential Income
For Sale
$849,900
24 True Street, Revere, MA 02151
Two-unit duplex with a three-bedroom first floor and a vacant second floor featuring two bedrooms plus flexible third-room option.
Property Size2,240 SF
Price / SF$379.42
Days on Market97
Property Features for 24 True Street
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Douglas Elliman Real Estate - The Sarkis Team
Listed By:
Rich Peterson
(617) 888-4676
Source:
Sarkisboston
Added: Jun 3
Changed: Sep 7
Last Checked: Sep 6 at 10:17AM
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 Douglas Elliman Real Estate - The Sarkis Team
Investment Insights
Based on property information with market context.
This two-family residential income property includes a first-floor unit currently configured as three bedrooms. The second-floor unit will be vacant and offers two bedrooms plus a flexible room off the main entry that could serve as a third bedroom. The home also includes a good-sized yard and a spacious driveway.
The property is located near Broadway and Revere High, with bus lines, dining, and city amenities described as just steps away.
For buyers seeking an owner-occupied setup, the layout supports living in one unit while renting the other.
The property is located near Broadway and Revere High, with bus lines, dining, and city amenities described as just steps away.
For buyers seeking an owner-occupied setup, the layout supports living in one unit while renting the other.
Key Highlights
- Two‑family duplex built in 1900 at 24 True Street, Revere
- First‑floor unit is set up as a 3‑bedroom residence
- Second‑floor unit is currently vacant with 2 bedrooms plus a flexible room off the main entry that could serve as a third bedroom
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
$42,675
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
5.02%
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%
$853,500
$853.5K
Cap Rate 7%
$609,643
$609.6K
Cap Rate 9%
$474,167
$474.2K
Market Conditions
NOI Build-Up for 2,240 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
$64.5K $28.80/SF
− Vacancy
−$3.5K −$1.58/SF
EGI
$61.0K $27.22/SF
− OpEx
−$18.3K −$8.16/SF
NOI
$42.7K $19.05/SF
Area
Suffolk County, MA
Vacancy
5.50%
Lease Rate
$28.80 /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%
$853,500
Cap Rate 7%
$609,643
Cap Rate 9%
$474,167
Alternative Uses
Best Use
Multifamily LT 5
$609.6K
$533.4K – $711.3K
NOI $42,675 @ 7.0% cap · market cap 5.02%
Second Best
Apartment 5plus
$555.9K
$486.4K – $648.5K
NOI $38,911 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,825 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,372
Businesses Nearby
Explore this area
Business Placement
Demographics for 02151, MA
62,252
Population
23,461
Households
2.7
Avg Household Size
38
Median Age
25%
College-Educated
83%
High-School Grad
5.7 sq mi
ZIP Area
10,921
Density / Sq Mi
$80,948
Median Household Income
$43,374
Median Earnings
$1,964
Median Rent
$566,200
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 - Two-unit duplex with a three-bedroom first floor and a vacant second floor featuring two bedrooms plus flexible third-room option.
Where is this duplex located?
The property is located at 24 True Street Revere, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Two‑family duplex built in 1900 at 24 True Street, Revere; First‑floor unit is set up as a 3‑bedroom residence; Second‑floor unit is currently vacant with 2 bedrooms plus a flexible room off the main entry that could serve as a third bedroom
