Two-Family Home in
For Sale
$749,000
293 Albion St, Wakefield, MA 01880
Value-add two-family home in Wakefield's desirable West Side.
Property Size1,942 SF
Price / SF$385.68
Days on Market144
Property Features for 293 Albion St
General Information
Standard status
Active
Size
1,942 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Zoning
GR
Taxes and HOA fees
Annual Taxes
$7,783
Building Details
Building Size
1,942 SF
Year Built
1900
Stories
3
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 15
Changed: Sep 4
Last Checked: Sep 5 at 5:01AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
Located in the West Side of Wakefield, this two-family home at 293 Albion St presents an opportunity for investors and owner-occupants. The property features hardwood floors and high ceilings. The first-floor unit includes three rooms and one bedroom. The second-floor unit contains nine rooms and five bedrooms. The property is located near the Commuter Rail station, the Wakefield/Reading bus stop, and Routes 128/95 and 93, offering convenient commuting options. It is also situated near Lake Quannapowitt and the shopping and dining options in downtown Wakefield. The building size is 1942 square feet.
Key Highlights
- Highly desirable West Side of Wakefield location.
- Large second‑floor unit with nine rooms and five bedrooms, ideal for large households or maximizing rental income.**
- Close proximity to Commuter Rail, bus stop, and Routes 128/95 and 93, perfect for commuters.
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
$41,093
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
5.49%
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%
$821,860
$821.9K
Cap Rate 7%
$587,043
$587.0K
Cap Rate 9%
$456,589
$456.6K
Market Conditions
NOI Build-Up for 1,942 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
$61.8K $31.80/SF
− Vacancy
−$3.1K −$1.57/SF
EGI
$58.7K $30.23/SF
− OpEx
−$17.6K −$9.07/SF
NOI
$41.1K $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%
$821,860
Cap Rate 7%
$587,043
Cap Rate 9%
$456,589
Alternative Uses
Best Use
Multifamily LT 5
$587.0K
$513.7K – $684.9K
NOI $41,093 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$552.0K
$483.0K – $644.0K
NOI $38,639 @ 7.0% cap · market cap 5.16%
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,476 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
965
Businesses Nearby
Explore this area
Business Placement
Demographics for 01880, MA
27,071
Population
11,513
Households
2.4
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
3,658
Density / Sq Mi
$130,419
Median Household Income
$78,860
Median Earnings
$1,872
Median Rent
$670,100
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 - Value-add two-family home in Wakefield's desirable West Side.
Where is this duplex located?
The property is located at 293 Albion St Wakefield, MA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Highly desirable West Side of Wakefield location.; Large second‑floor unit with nine rooms and five bedrooms, ideal for large households or maximizing rental income.**; Close proximity to Commuter Rail, bus stop, and Routes 128/95 and 93, perfect for commuters.
