Contemporary Duplex with Three-Car
For Sale
$1,129,000
38 Way To The River Rd, West Newbury, MA 01985
Two open-concept units include single-level living, hardwood floors, natural light, and a deck overlooking the wooded setting.
Property Size3,485 SF
Lot Size2.30 Acres
Price / SF$323.96
Days on Market111
Property Features for 38 Way To The River Rd
General Information
Standard status
Active
Size
3,485 SF
Total Parking Spaces
11
Lot size
2.30 Acres
Property subtype
Multi-Family
Zoning
RB
Net Operating Income
$28,800
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,509
Amenities
deck
water views
Building Details
Building Size
3,485 SF
Year Built
1981
Buildings
1
Stories
4
Construction
contemporary
Listing Agency:
REMAX Executive Realty
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 14
Changed: Aug 31
Last Checked: Aug 31 at 1:25PM
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 REMAX Executive Realty
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.
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 = 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
$58,709
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
5.20%
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%
$1,174,180
$1.2M
Cap Rate 7%
$838,700
$838.7K
Cap Rate 9%
$652,322
$652.3K
Market Conditions
NOI Build-Up for 3,485 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
$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 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%
$1,174,180
Cap Rate 7%
$838,700
Cap Rate 9%
$652,322
Alternative Uses
Best Use
Multifamily LT 5
$838.7K
$733.9K – $978.5K
NOI $58,709 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$757.1K
$662.4K – $883.2K
NOI $52,994 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.06M
$1.81M – $2.41M
NOI $144,418 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
