Duplex with In-Law
For Sale
$995,000
38 Reynolds Avenue, Randolph, MA 02368
Two living areas provide flexibility for multigenerational households, guests, or separate rental use.
Property Size3,394 SF
Price / SF$293.16
Days on Market13
Property Features for 38 Reynolds Avenue
General Information
Standard status
Active
Size
3,394 SF
Total Parking Spaces
2
Property subtype
Multi-family
Units
Unit Mix
1 x 4BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
front porch
4 season breezeway
updated kitchen
central AC/heating system
granite countertops
3 season deck
2 story storage shed
Building Details
Year Built
1956
Listing Agency:
Venture
Listed By:
Emily Smith
(617) 236-0353
Source:
Thecharlesrealty
Added: Sep 11
Changed: Sep 21
Last Checked: Sep 22 at 5:14PM
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 Venture
Investment Insights
Based on property information with market context.
This 3,394-square-foot duplex combines a primary residence with a separately arranged second unit. The main home includes four bedrooms, an office, two full baths, a living room, dining room, updated kitchen, and a four-season breezeway measuring 20 by 20 feet. Washer and dryer connections are available on both the basement and main levels.
Built in 2008, the second unit sits above a two-car heated garage and features central air conditioning and heating, an open living area, kitchen with granite countertops, one bedroom, one full bath, and laundry hookups. A three-season deck extends the living space, while the backyard includes a two-story storage shed. The property is near shopping, restaurants, major routes, and local amenities, with separate space suited to extended-family living, guests, or rental use.
Built in 2008, the second unit sits above a two-car heated garage and features central air conditioning and heating, an open living area, kitchen with granite countertops, one bedroom, one full bath, and laundry hookups. A three-season deck extends the living space, while the backyard includes a two-story storage shed. The property is near shopping, restaurants, major routes, and local amenities, with separate space suited to extended-family living, guests, or rental use.
Key Highlights
- 3,394‑square‑foot duplex with a separate second unit
- Main residence includes 4 bedrooms, an office, and 2 full baths
- Second unit built in 2008 above a 2‑car heated garage
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
$60,798
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
6.11%
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%
$1,215,960
$1.2M
Cap Rate 7%
$868,543
$868.5K
Cap Rate 9%
$675,533
$675.5K
Market Conditions
NOI Build-Up for 3,394 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
$91.6K $27.00/SF
− Vacancy
−$4.8K −$1.41/SF
EGI
$86.9K $25.59/SF
− OpEx
−$26.1K −$7.68/SF
NOI
$60.8K $17.91/SF
Area
Norfolk County, MA
Vacancy
5.22%
Lease Rate
$27.00 /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%
$1,215,960
Cap Rate 7%
$868,543
Cap Rate 9%
$675,533
Alternative Uses
Best Use
Multifamily LT 5
$868.5K
$760.0K – $1.01M
NOI $60,798 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$801.4K
$701.2K – $934.9K
NOI $56,096 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,646 @ 7.0% cap · market cap 14.14%
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
Location Intelligence
Trade Area within ½ mile
559
Businesses Nearby
Explore this area
Business Placement
Demographics for 02368, MA
35,025
Population
13,091
Households
2.7
Avg Household Size
42
Median Age
35%
College-Educated
88%
High-School Grad
9.3 sq mi
ZIP Area
3,766
Density / Sq Mi
$103,321
Median Household Income
$52,614
Median Earnings
$2,049
Median Rent
$464,000
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two living areas provide flexibility for multigenerational households, guests, or separate rental use.
Where is this duplex located?
The property is located at 38 Reynolds Avenue Randolph, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,394‑square‑foot duplex with a separate second unit; Main residence includes 4 bedrooms, an office, and 2 full baths; Second unit built in 2008 above a 2‑car heated garage
