Mixed-Use Property with Four
For Sale
$1,550,000
306 Main Street, Wakefield, MA 01880
Business-zoned property combining leased residential units with first-floor commercial space and off-street parking.
Property Size3,542 SF
Price / SF$437.61
Days on Market50
Property Features for 306 Main Street
General Information
Standard status
Active
Size
3,542 SF
Property subtype
4 Family - 4 Units Up/Down
Amenities
off-street parking
individual utilities
Building Details
Year Built
1880
Year Renovated
2025
Buildings
1
Tenancy
Multi
Listing Agency:
Century 21 North East
(978) 535-6500
Listed By:
Rachel Gallant
(617) 840-7696
Source:
Lockandkeyre
Added: Aug 17
Changed: Oct 4
Last Checked: Oct 4 at 10:15AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
Built in 1880, this business-zoned mixed-use property includes four one-bedroom apartments above first-floor commercial space currently occupied by a beauty salon. All four apartments are leased, providing established residential occupancy alongside the commercial component. Individual utilities serve the property, and off-street parking is included.
Renovation work was completed in the commercial space and Unit 4 in 2025, followed by improvements to Units 2 and 3 in 2024. The property is located at 306 Main St in Wakefield, directly across from the Rockery and Wakefield Common. Downtown shopping, restaurants, cafés, public transportation, and Lake Quannapowitt are all within walking distance. The location carries a walk score of 90, a bike score of 69, and a transit score of 32.
Renovation work was completed in the commercial space and Unit 4 in 2025, followed by improvements to Units 2 and 3 in 2024. The property is located at 306 Main St in Wakefield, directly across from the Rockery and Wakefield Common. Downtown shopping, restaurants, cafés, public transportation, and Lake Quannapowitt are all within walking distance. The location carries a walk score of 90, a bike score of 69, and a transit score of 32.
Key Highlights
- Four 1‑bedroom apartments, all leased
- First‑floor commercial space currently operating as a beauty salon
- Renovations completed in 2025 to the commercial space and Unit 4
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,950
Cap Rate
4.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,499,000
$1.5M
Cap Rate 7%
$1,070,714
$1.1M
Cap Rate 9%
$832,778
$832.8K
Market Conditions
NOI Build-Up for 3,542 SF
Gross rent
$112.6K $31.80/SF
− Vacancy
−$5.6K −$1.57/SF
EGI
$107.1K $30.23/SF
− OpEx
−$32.1K −$9.07/SF
NOI
$74.9K $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%
$1,499,000
Cap Rate 7%
$1,070,714
Cap Rate 9%
$832,778
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$936.9K – $1.25M
NOI $74,950 @ 7.0% cap · market cap 4.84%
Second Best
Apartment 5plus
$1.01M
$880.9K – $1.17M
NOI $70,474 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$2.10M
$1.83M – $2.45M
NOI $146,780 @ 7.0% cap · market cap 9.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,472
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Business-zoned property combining leased residential units with first-floor commercial space and off-street parking.
Where is this mixed-use property located?
The property is located at 306 Main Street Wakefield, MA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Four 1‑bedroom apartments, all leased; First‑floor commercial space currently operating as a beauty salon; Renovations completed in 2025 to the commercial space and Unit 4
