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 Market54
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
(781) 635-9022
Source:
Lindorealtygroup
Added: Jul 8
Changed: Aug 29
Last Checked: Jul 29 at 12:23PM
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 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 = 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
$161,919
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
7.36%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
71
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
