Residential Income Property with Private
For Sale
$419,000
26 Wallis Street, Beverly, MA 01915
Two-bedroom condominium includes garage parking, in-unit laundry, and dedicated outdoor space.
Property Size976 SF
Price / SF$429.30
Days on Market8
Property Features for 26 Wallis Street
General Information
Standard status
Active
Size
976 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
fenced yard
deck
patio
landscaped garden
in-unit laundry
storage shed
skylit kitchen
Range
Dishwasher
Disposal
Refrigerator
Washer
Dryer
Water Treatment
Plumbed For Ice Maker
Window Unit(s)
Wood
Tile
Laminate
Baseboard, Natural Gas
1.0 Story
$4,137 Taxes
Public
Built in 1890
Building Details
Year Built
1890
Listing Agency:
Coldwell Banker Realty - Concord
(978) 369-1000
Listed By:
Patricia Sands
Source:
Donahuere
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 31 at 12:39PM
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 Coldwell Banker Realty - Concord
Investment Insights
Based on property information with market context.
This 2-bedroom condominium provides 976 sq. ft. of living space within a property built in 1890. The interior includes a living room with wood flooring, a skylit kitchen with extensive cabinetry, a separate dining room with two closets, and in-unit laundry with pantry and storage areas. The residence is also identified as pet-friendly.
Outdoor amenities include an exclusive-use fenced yard with a deck, patio, landscaped garden area, and private storage shed. The property also includes 1-car garage parking. Located on Wallis Street in Downtown Beverly, it is near Beverly Depot, restaurants, and entertainment.
Outdoor amenities include an exclusive-use fenced yard with a deck, patio, landscaped garden area, and private storage shed. The property also includes 1-car garage parking. Located on Wallis Street in Downtown Beverly, it is near Beverly Depot, restaurants, and entertainment.
Key Highlights
- 976 sq. ft. of living space in a 2‑bedroom condominium
- Exclusive‑use fenced yard with deck, patio, and landscaped garden area
- Private storage shed plus pantry and in‑unit storage
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
$14,841
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
3.54%
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%
$296,820
$296.8K
Cap Rate 7%
$212,014
$212.0K
Cap Rate 9%
$164,900
$164.9K
Market Conditions
NOI Build-Up for 976 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
$28.1K $28.80/SF
− Vacancy
−$1.1K −$1.15/SF
EGI
$27.0K $27.65/SF
− OpEx
−$12.1K −$12.44/SF
NOI
$14.8K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /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%
$296,820
Cap Rate 7%
$212,014
Cap Rate 9%
$164,900
Alternative Uses
Best Use
Apartment 5plus
$212.0K
$185.5K – $247.4K
NOI $14,841 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$577.8K
$505.6K – $674.1K
NOI $40,445 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,423
Businesses Nearby
Explore this area
Business Placement
Demographics for 01915, MA
42,341
Population
17,318
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
97%
High-School Grad
14.2 sq mi
ZIP Area
2,982
Density / Sq Mi
$102,347
Median Household Income
$57,989
Median Earnings
$1,684
Median Rent
$619,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium includes garage parking, in-unit laundry, and dedicated outdoor space.
Where is this residential income property located?
The property is located at 26 Wallis Street Beverly, MA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: 976 sq. ft. of living space in a 2‑bedroom condominium; Exclusive‑use fenced yard with deck, patio, and landscaped garden area; Private storage shed plus pantry and in‑unit storage
