Oversized Two-Family
For Sale
$1,020,000
28 Washington St., Stoneham, MA 02180
Two-family duplex with updated first-floor finishes, in-unit laundry on the second floor, and off-street parking.
Property Size2,970 SF
Price / SF$343.43
Days on Market130
Property Features for 28 Washington St.
General Information
Standard status
Active
Size
2,970 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
RB
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,583
Building Details
Building Size
2,970 SF
Year Built
1900
Stories
3
Tenancy
Multi
Listing Agency:
Prestige Realty Experts Inc.
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 30
Changed: Sep 6
Last Checked: Sep 6 at 5:40AM
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 Prestige Realty Experts Inc.
Investment Insights
Based on property information with market context.
This oversized two-family duplex offers a total of six bedrooms and 2.5 bathrooms across two separate units. The first-floor unit is vacant and move-in ready, with updated cabinets, quartz countertops, and stainless steel appliances, along with 1.5 baths and newer washer/dryer, refrigerator, and dishwasher. The second-floor unit features three bedrooms, two bathrooms, and in-unit laundry. Utilities are separately metered, and the property includes newer water heaters and abundant off-street parking.
The property is located near downtown Stoneham and is described as convenient to schools, restaurants, parks, public transportation, the Tri-Community Greenway, and I-93.
The current tenant is scheduled to move out by 8/1/26, with both units to be delivered fully vacant. The layout and configuration support owner-occupancy, rental income use, or condo conversion considerations.
The property is located near downtown Stoneham and is described as convenient to schools, restaurants, parks, public transportation, the Tri-Community Greenway, and I-93.
The current tenant is scheduled to move out by 8/1/26, with both units to be delivered fully vacant. The layout and configuration support owner-occupancy, rental income use, or condo conversion considerations.
Key Highlights
- Oversized two‑family in Stoneham with ~2,970 sq ft and 6 bedrooms total
- First‑floor unit is vacant and move‑in ready with updated cabinets, quartz countertops, and stainless steel appliances
- First‑floor unit includes 1.5 baths with newer washer/dryer, refrigerator, and dishwasher
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
$62,846
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
6.16%
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%
$1,256,920
$1.3M
Cap Rate 7%
$897,800
$897.8K
Cap Rate 9%
$698,289
$698.3K
Market Conditions
NOI Build-Up for 2,970 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
$94.4K $31.80/SF
− Vacancy
−$4.7K −$1.57/SF
EGI
$89.8K $30.23/SF
− OpEx
−$26.9K −$9.07/SF
NOI
$62.8K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,256,920
Cap Rate 7%
$897,800
Cap Rate 9%
$698,289
Alternative Uses
Best Use
Multifamily LT 5
$897.8K
$785.6K – $1.05M
NOI $62,846 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$844.2K
$738.7K – $984.9K
NOI $59,093 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $123,076 @ 7.0% cap · market cap 12.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,032
Businesses Nearby
Explore this area
Business Placement
Demographics for 02180, MA
23,244
Population
9,832
Households
2.4
Avg Household Size
44
Median Age
54%
College-Educated
96%
High-School Grad
6.0 sq mi
ZIP Area
3,874
Density / Sq Mi
$112,635
Median Household Income
$71,709
Median Earnings
$1,878
Median Rent
$629,000
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-family duplex with updated first-floor finishes, in-unit laundry on the second floor, and off-street parking.
Where is this duplex located?
The property is located at 28 Washington St. Stoneham, MA.
What is the asking price?
The asking price for this property is $1,020,000.
What are key features of this property?
This property features: Oversized two‑family in Stoneham with ~2,970 sq ft and 6 bedrooms total; First‑floor unit is vacant and move‑in ready with updated cabinets, quartz countertops, and stainless steel appliances; First‑floor unit includes 1.5 baths with newer washer/dryer, refrigerator, and dishwasher
