Building Details

Building Size 3,485 SF

Year Built 1981

Buildings 1

Stories 4

Construction contemporary

Listing Agency: Coldwell Banker Realty Show Phone

Listed By: Jim Bragg Show Phone

Source: Churchillprop

Added: May 14 Changed: Oct 13 Last Checked: Oct 16 at 5:58AM

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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 Coldwell Banker Realty

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Investment Insights

Based on property information with market context.

Built in 1981, this contemporary duplex at 38 Way To The River Rd offers two distinct residential units within a custom-built multifamily home. The primary unit has an open-concept layout, hardwood flooring, abundant natural light, and an adjoining deck oriented toward the wooded surroundings. The second unit is arranged for one-floor living with an open plan focused on everyday functionality.

The property encompasses 2.3 wooded acres with water views and sits near River Road trails and the Merrimack River. A three-car garage adds substantial vehicle and storage capacity. The apartment is occupied by a tenant at will, and the property is zoned RB.

Key Highlights

• 2.3 wooded acres with water views
• Two‑unit custom‑built contemporary duplex
• Three‑car garage

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$58,709

Cap Rate

5.20%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,174,180 $1.2M

Cap Rate 7%

$838,700 $838.7K

Cap Rate 9%

$652,322 $652.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,485 SF

Gross rent

$87.8K $25.20/SF

− Vacancy

−$4.0K −$1.13/SF

EGI

$83.9K $24.07/SF

− OpEx

−$25.2K −$7.22/SF

NOI

$58.7K $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 Rate 5%

$1,174,180

Cap Rate 7%

$838,700

Cap Rate 9%

$652,322

Alternative Uses

Best Use

Multifamily LT 5

$838.7K

$733.9K – $978.5K (±1% cap)

NOI $58,709 @ 7.0% cap · market cap 5.20%

Second Best

Apartment 5plus

$757.1K

$662.4K – $883.2K (±1% cap)

NOI $52,994 @ 7.0% cap · market cap 4.69%

Theoretical Best

Office A

$2.06M

$1.81M – $2.41M (±1% cap)

NOI $144,418 @ 7.0% cap · market cap 12.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Restaurant Computer & Electronic Repair Daycare Center Accounting Firm Tech Support Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

19

Businesses Nearby

Explore this area Business Placement

Demographics for 01985, MA

4,500

Population

1,799

Households

2.5

Avg Household Size

48

Median Age

67%

College-Educated

98%

High-School Grad

13.4 sq mi

ZIP Area

336

Density / Sq Mi

$189,048

Median Household Income

$78,669

Median Earnings

$1,809

Median Rent

$765,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Frequently Asked Questions

What type of property is this?

Duplex - Two open-concept units include single-level living, hardwood floors, natural light, and a deck overlooking the wooded setting.

Where is this duplex located?

The property is located at 38 Way To The River Rd West Newbury, MA.

What is the asking price?

The asking price for this property is $1,129,000.

What are key features of this property?

This property features: 2.3 wooded acres with water views; Two‑unit custom‑built contemporary duplex; Three‑car garage