Triplex with Off-Street
For Sale
$980,000
258 Washington Street, Peabody, MA 01960
Three apartments include two three-bedroom layouts and one two-bedroom unit with additional flexible space.
Property Size3,000 SF
Days on Market53
Property Features for 258 Washington Street
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
9
Property subtype
Multifamily
Units
Unit Mix
2 x 3BR, 1 x 2BR+flex
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,261
Building Details
Building Size
3,000 SF
Year Built
1880
Listing Agency:
Better Homes and Gardens Real Estate - The Shanahan Group
Listed By:
Michael Rauseo
(781) 820-9322
Source:
Classifiedrealtygroup
Added: Aug 15
Changed: Sep 29
Last Checked: Oct 5 at 3:50PM
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 Better Homes and Gardens Real Estate - The Shanahan Group
Investment Insights
Based on property information with market context.
This 3,000 SF triplex at 258 Washington Street in Peabody, Massachusetts, contains three apartments: two three-bedroom units and a third with two bedrooms plus additional flexible space. The property was built in 1880 and includes dedicated off-street parking for at least six vehicles. Major systems have seen updates, including a roof approximately 10 years old, hot water heaters approximately 2–3 years old, and heating systems ranging from approximately 3–10 years old.
All three units have lead paint certificates. The apartments have been maintained and are occupied by long-term tenants on a TAW basis, with tenant interest in remaining. The established three-unit layout, parking, and documented system updates provide a clear physical profile for an owner-occupant or multifamily investor.
All three units have lead paint certificates. The apartments have been maintained and are occupied by long-term tenants on a TAW basis, with tenant interest in remaining. The established three-unit layout, parking, and documented system updates provide a clear physical profile for an owner-occupant or multifamily investor.
Key Highlights
- Three‑unit property totaling 3,000 SF
- Two three‑bedroom apartments plus one two‑bedroom unit with additional flexible space
- Dedicated off‑street parking for at least six vehicles
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$50,539
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,010,780
$1.0M
Cap Rate 7%
$721,986
$722.0K
Cap Rate 9%
$561,544
$561.5K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$75.6K $25.20/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$72.2K $24.07/SF
− OpEx
−$21.7K −$7.22/SF
NOI
$50.5K $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%
$1,010,780
Cap Rate 7%
$721,986
Cap Rate 9%
$561,544
Alternative Uses
Best Use
Multifamily LT 5
$722.0K
$631.7K – $842.3K
NOI $50,539 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$651.7K
$570.2K – $760.3K
NOI $45,619 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,319 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
554
Businesses Nearby
Explore this area
Business Placement
Demographics for 01960, MA
54,155
Population
23,009
Households
2.4
Avg Household Size
47
Median Age
34%
College-Educated
91%
High-School Grad
16.0 sq mi
ZIP Area
3,385
Density / Sq Mi
$95,173
Median Household Income
$56,100
Median Earnings
$1,902
Median Rent
$566,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include two three-bedroom layouts and one two-bedroom unit with additional flexible space.
Where is this triplex located?
The property is located at 258 Washington Street Peabody, MA.
What is the asking price?
The asking price for this property is $980,000.
What are key features of this property?
This property features: Three‑unit property totaling 3,000 SF; Two three‑bedroom apartments plus one two‑bedroom unit with additional flexible space; Dedicated off‑street parking for at least six vehicles
