Three-Unit Residential
New
For Sale
$1,199,000
3 Highland Avenue, Manchester, MA 01944
Three first-floor units offer a single-level layout across the property.
Property Size2,926 SF
Price / SF$409.77
Days on Market7
Property Features for 3 Highland Avenue
General Information
Standard status
Active
Size
2,926 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1950
Listing Agency:
J. Barrett & Company
Listed By:
Joyce Herman
(617) 680-5330
Source:
Jbarrettrealty
Added: Oct 19
Changed: Oct 25
Last Checked: Oct 24 at 10:09PM
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 J. Barrett & Company
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Investment Insights
Based on property information with market context.
This 2,926-square-foot residential property contains three units, all situated on the first floor. Built in 1950, the building offers a multi-unit configuration in a coastal Massachusetts community.
Manchester-by-the-Sea is north of Boston along the Massachusetts coastline. Beaches, major highways, schools, shopping, and dining are noted among the nearby amenities.
Manchester-by-the-Sea is north of Boston along the Massachusetts coastline. Beaches, major highways, schools, shopping, and dining are noted among the nearby amenities.
Key Highlights
- Three units, all located on the first floor
- 2,926 square feet
- Built in 1950
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,292
Cap Rate
4.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$985,840
$985.8K
Cap Rate 7%
$704,171
$704.2K
Cap Rate 9%
$547,689
$547.7K
Market Conditions
NOI Build-Up for 2,926 SF
Gross rent
$73.7K $25.20/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$70.4K $24.07/SF
− OpEx
−$21.1K −$7.22/SF
NOI
$49.3K $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%
$985,840
Cap Rate 7%
$704,171
Cap Rate 9%
$547,689
Alternative Uses
Best Use
Multifamily LT 5
$704.2K
$616.2K – $821.5K
NOI $49,292 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$635.6K
$556.2K – $741.6K
NOI $44,494 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$1.73M
$1.52M – $2.02M
NOI $121,253 @ 7.0% cap · market cap 10.11%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
342
Businesses Nearby
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Business Placement
Demographics for 01944, MA
5,395
Population
2,281
Households
2.4
Avg Household Size
50
Median Age
84%
College-Educated
99%
High-School Grad
9.2 sq mi
ZIP Area
586
Density / Sq Mi
$197,875
Median Household Income
$99,797
Median Earnings
$1,872
Median Rent
$932,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three first-floor units offer a single-level layout across the property.
Where is this triplex located?
The property is located at 3 Highland Avenue Manchester, MA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Three units, all located on the first floor; 2,926 square feet; Built in 1950
