Multifamily Estate with Carriage
For Sale
$2,199,000
31 Cedar Street, North Reading, MA 01864
Versatile residential property with multiple living areas, accessory units, and separate detached accommodations.
Property Size8,138 SF
Price / SF$270.21
Days on Market179
Property Features for 31 Cedar Street
General Information
Standard status
Active
Size
8,138 SF
Property subtype
Multi-family
Additional Details
Road Access
Yes
Amenities
deck
full entertaining bar
fenced in patio
Building Details
Year Built
2007
Buildings
2
Listing Agency:
Century 21 North East
Listed By:
Lauren Boccelli
(800) 844-7653
Source:
Lindorealtygroup
Added: Apr 21
Changed: Oct 15
Last Checked: Oct 16 at 9:07AM
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
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Investment Insights
Based on property information with market context.
Built in 2007, this multifamily property at 31 Cedar Street combines an updated main residence with a detached carriage house. The property contains 8,138 square feet of living space. The main home includes four bedrooms, three-and-a-half baths, two living rooms, an entertaining bar, deck, granite countertops, fresh paint, a Rinnai water heater, lawn irrigation, a fenced patio, and a three-car garage. Its walkout lower level adds two office/accessory units with independent entrances.
The detached carriage house includes hardwood flooring, two bedrooms, one-and-a-half baths, a lower-level office/accessory unit, and a two-car garage. Tenants are in place, and showings require 48 hours’ notice. Due diligence regarding accessory units and permitted uses is the responsibility of the buyer and buyer’s agent.
The detached carriage house includes hardwood flooring, two bedrooms, one-and-a-half baths, a lower-level office/accessory unit, and a two-car garage. Tenants are in place, and showings require 48 hours’ notice. Due diligence regarding accessory units and permitted uses is the responsibility of the buyer and buyer’s agent.
Key Highlights
- 8,138 SF multifamily property built in 2007
- Main residence with 4 bedrooms, 3.5 baths, two living rooms, deck, and 3‑car garage
- Two walkout lower‑level office/accessory units with separate entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$161,919
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,238,380
$3.2M
Cap Rate 7%
$2,313,129
$2.3M
Cap Rate 9%
$1,799,100
$1.8M
Market Conditions
NOI Build-Up for 8,138 SF
Gross rent
$310.5K $38.16/SF
− Vacancy
−$16.1K −$1.98/SF
EGI
$294.4K $36.18/SF
− OpEx
−$132.5K −$16.28/SF
NOI
$161.9K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,238,380
Cap Rate 7%
$2,313,129
Cap Rate 9%
$1,799,100
Alternative Uses
Best Use
Apartment 5plus
$2.31M
$2.02M – $2.70M
NOI $161,919 @ 7.0% cap · market cap 7.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.82M
$4.22M – $5.62M
NOI $337,237 @ 7.0% cap · market cap 15.34%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
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Business Placement
Demographics for 01864, MA
15,554
Population
5,920
Households
2.6
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
13.2 sq mi
ZIP Area
1,178
Density / Sq Mi
$150,820
Median Household Income
$70,981
Median Earnings
$2,253
Median Rent
$680,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - Versatile residential property with multiple living areas, accessory units, and separate detached accommodations.
Where is this multifamily property located?
The property is located at 31 Cedar Street North Reading, MA.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: 8,138 SF multifamily property built in 2007; Main residence with 4 bedrooms, 3.5 baths, two living rooms, deck, and 3‑car garage; Two walkout lower‑level office/accessory units with separate entrances
