Duplex with Attached
For Sale
$899,000
33 Warren St, Peabody, MA 01960
Fully occupied two-family with off-street parking and a fenced side yard, plus a walk-up third floor for flexible use.
Property Size3,341 SF
Price / SF$269.08
Days on Market100
Property Features for 33 Warren St
General Information
Standard status
Active
Size
3,341 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1890
Stories
3
Listing Agency:
Keller Williams Realty Evolution
Listed By:
Shola Oguntolu
(781) 395-5600
Source:
Gooddeedsrealtypartners
Added: Jun 7
Changed: Sep 5
Last Checked: Sep 13 at 4:10PM
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This well-maintained two-family property is fully occupied and provides two generously sized 5-room units. The home totals 6 bedrooms and offers an attached garage, a fenced side yard with a garden area, and 5+ off-street parking spaces. A charming farmer’s porch adds to the property’s classic character.
A walk-up third floor includes two additional rooms, which the buyer can evaluate for future expansion or alternative uses such as storage or a home office (buyer to conduct due diligence). The property is positioned for convenience in Peabody, with proximity to downtown, shopping, restaurants, parks, and major commuter routes.
For investors, the existing rental occupancy can support a stabilized ownership strategy, while the duplex format also offers separate living arrangements for an owner-occupant plan. The combination of multi-unit layout, dedicated parking, and outdoor space makes the property practical for day-to-day living, and the additional third-floor rooms provide further flexibility depending on the buyer’s intended use.
A walk-up third floor includes two additional rooms, which the buyer can evaluate for future expansion or alternative uses such as storage or a home office (buyer to conduct due diligence). The property is positioned for convenience in Peabody, with proximity to downtown, shopping, restaurants, parks, and major commuter routes.
For investors, the existing rental occupancy can support a stabilized ownership strategy, while the duplex format also offers separate living arrangements for an owner-occupant plan. The combination of multi-unit layout, dedicated parking, and outdoor space makes the property practical for day-to-day living, and the additional third-floor rooms provide further flexibility depending on the buyer’s intended use.
Key Highlights
- 1890‑built, fully occupied 2‑family with over 3,300 sq. ft. total living space
- Two 5‑room units with 6 total bedrooms—rental income from day one (per remarks)
- Walk‑up third‑floor space with two additional rooms plus storage, office, or expansion potential (buyer to verify)
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
$56,283
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
6.26%
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%
$1,125,660
$1.1M
Cap Rate 7%
$804,043
$804.0K
Cap Rate 9%
$625,367
$625.4K
Market Conditions
NOI Build-Up for 3,341 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
$84.2K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$80.4K $24.07/SF
− OpEx
−$24.1K −$7.22/SF
NOI
$56.3K $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%
$1,125,660
Cap Rate 7%
$804,043
Cap Rate 9%
$625,367
Alternative Uses
Best Use
Multifamily LT 5
$804.0K
$703.5K – $938.1K
NOI $56,283 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$725.8K
$635.1K – $846.8K
NOI $50,805 @ 7.0% cap · market cap 5.65%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,450 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,020
Businesses Nearby
Explore this area
Business Placement
Demographics for 01960, MA
54,155
Population
23,009
Households
2.4
Avg Household Size
47
Median Age
34%
College-Educated
91%
High-School Grad
16.0 sq mi
ZIP Area
3,385
Density / Sq Mi
$95,173
Median Household Income
$56,100
Median Earnings
$1,902
Median Rent
$566,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Fully occupied two-family with off-street parking and a fenced side yard, plus a walk-up third floor for flexible use.
Where is this duplex located?
The property is located at 33 Warren St Peabody, MA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1890‑built, fully occupied 2‑family with over 3,300 sq. ft. total living space; Two 5‑room units with 6 total bedrooms—rental income from day one (per remarks); Walk‑up third‑floor space with two additional rooms plus storage, office, or expansion potential (buyer to verify)
