Two-Family Residential Income
For Sale
$849,900
3 Walnut St, Wakefield, MA 01880
Two-family duplex includes two separate driveways, a private backyard deck, and a newer roof.
Property Size1,615 SF
Price / SF$526.25
Days on Market178
Property Features for 3 Walnut St
General Information
Standard status
Active
Size
1,615 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Zoning
GR
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Building Size
1,615 SF
Year Built
1920
Stories
3
Listing Agency:
Littlefield Real Estate, LLC
Listed By:
Keith Littlefield · License #9510657
(781) 389-0791
Source:
Cjbarrett
Added: Apr 28
Changed: Sep 24
Last Checked: Sep 18 at 8:44AM
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 Littlefield Real Estate, LLC
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Investment Insights
Based on property information with market context.
This two-family duplex offers two separate living units with distinct layouts. The first-floor unit includes one bedroom, a living room, an eat-in kitchen, and a full bath. The owner’s unit provides three bedrooms across two levels, along with a living room, a kitchen, and a deck that overlooks a private, tree-lined backyard. The property also includes an unfinished basement with storage and two washer and dryer hook-ups. Exterior improvements include vinyl siding and a newer roof, and the home has two separate driveways.
Located on the west side of Wakefield, the property is described as being just minutes from Wakefield’s town center. Access is noted to routes 128 and 93, Lake Quannapowitt, commuter rail, and local shops and restaurants.
Overall, the configuration supports both owner-occupant use and rental occupancy, with ample indoor storage in the unfinished basement and outdoor space through the deck.
Located on the west side of Wakefield, the property is described as being just minutes from Wakefield’s town center. Access is noted to routes 128 and 93, Lake Quannapowitt, commuter rail, and local shops and restaurants.
Overall, the configuration supports both owner-occupant use and rental occupancy, with ample indoor storage in the unfinished basement and outdoor space through the deck.
Key Highlights
- 1920‑built two‑family duplex with vinyl siding and a newer roof
- 1st‑floor unit offers 1 bedroom, living room, eat‑in kitchen, and a full bath
- Owner’s unit spans 2 levels with 3 bedrooms, 1 bath, living room, kitchen, and a deck overlooking a private, tree‑lined backyard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,174
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$683,480
$683.5K
Cap Rate 7%
$488,200
$488.2K
Cap Rate 9%
$379,711
$379.7K
Market Conditions
NOI Build-Up for 1,615 SF
Gross rent
$51.4K $31.80/SF
− Vacancy
−$2.5K −$1.57/SF
EGI
$48.8K $30.23/SF
− OpEx
−$14.6K −$9.07/SF
NOI
$34.2K $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 Rate 5%
$683,480
Cap Rate 7%
$488,200
Cap Rate 9%
$379,711
Alternative Uses
Best Use
Multifamily LT 5
$488.2K
$427.2K – $569.6K
NOI $34,174 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$459.0K
$401.7K – $535.6K
NOI $32,133 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$956.1K
$836.6K – $1.12M
NOI $66,925 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-family duplex includes two separate driveways, a private backyard deck, and a newer roof.
Where is this duplex located?
The property is located at 3 Walnut St Wakefield, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: 1920‑built two‑family duplex with vinyl siding and a newer roof; 1st‑floor unit offers 1 bedroom, living room, eat‑in kitchen, and a full bath; Owner’s unit spans 2 levels with 3 bedrooms, 1 bath, living room, kitchen, and a deck overlooking a private, tree‑lined backyard
