Two-Family Residence with
For Sale
$899,900
Pending
308 Essex Street, Beverly, MA 01915
Charming circa-1900 two-family with barn/shop, fenced yard, and parking for multiple vehicles.
Property Size2,028 SF
Days on Market98
Property Features for 308 Essex Street
General Information
Standard status
Pending
Size
2,028 SF
Property subtype
2 Family - 2 Units Up/Down
Taxes and HOA fees
Annual Taxes
$8,485
Building Details
Building Size
2,028 SF
Year Built
1900
Listing Agency:
J. Barrett & Company
Listed By:
Joel E. Margolis
(978) 468-0046
Source:
Donnellyandco
Added: Jun 2
Changed: Sep 4
Last Checked: Sep 4 at 11:36AM
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
Investment Insights
Based on property information with market context.
This circa-1900 two-family residence offers a total of 10 rooms and 5 bedrooms, with two fireplaces. The property also includes a barn/shop of approximately 1,000 SF with a large overhead door, plus a separate large storage room within the building footprint that could support a home occupation subject to approval. The seller notes the possibility of applying to the city for an additional accessory dwelling unit (ADU), pending approval.
A second detached building with a wood-burning stove adds flexibility for storage or covered gatherings. Outside, the lot is level and features a large patio and parking for approximately 10–15 cars. There is also a fenced private entry, yard, and parking area associated with a 4-room rental unit.
The home is described as being located in an area with easy access to major routes, commuter rail, and downtown shopping.
A second detached building with a wood-burning stove adds flexibility for storage or covered gatherings. Outside, the lot is level and features a large patio and parking for approximately 10–15 cars. There is also a fenced private entry, yard, and parking area associated with a 4-room rental unit.
The home is described as being located in an area with easy access to major routes, commuter rail, and downtown shopping.
Key Highlights
- Circa 1900 2‑family home with 10 rooms, 5 bedrooms, and 2 fireplaces
- Approx. 1,000 SF barn/shop with a large overhead door plus a separate large storage room
- Barn/shop storage room can be used for a home occupation or an additional ADU after city approval
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
$34,164
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
3.80%
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%
$683,280
$683.3K
Cap Rate 7%
$488,057
$488.1K
Cap Rate 9%
$379,600
$379.6K
Market Conditions
NOI Build-Up for 2,028 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
$51.1K $25.20/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$48.8K $24.07/SF
− OpEx
−$14.6K −$7.22/SF
NOI
$34.2K $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 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%
$683,280
Cap Rate 7%
$488,057
Cap Rate 9%
$379,600
Alternative Uses
Best Use
Multifamily LT 5
$488.1K
$427.1K – $569.4K
NOI $34,164 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$440.6K
$385.5K – $514.0K
NOI $30,839 @ 7.0% cap · market cap 3.43%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,040 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 01915, MA
42,341
Population
17,318
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
97%
High-School Grad
14.2 sq mi
ZIP Area
2,982
Density / Sq Mi
$102,347
Median Household Income
$57,989
Median Earnings
$1,684
Median Rent
$619,600
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 - Charming circa-1900 two-family with barn/shop, fenced yard, and parking for multiple vehicles.
Where is this duplex located?
The property is located at 308 Essex Street Beverly, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Circa 1900 2‑family home with 10 rooms, 5 bedrooms, and 2 fireplaces; Approx. 1,000 SF barn/shop with a large overhead door plus a separate large storage room; Barn/shop storage room can be used for a home occupation or an additional ADU after city approval
