Quadplex with River
For Sale
$1,200,000
39 Needham Rd, Danvers, MA 01923
Four residential units include three vacancies and two separate garage bays for flexible occupancy or leasing.
Property Size3,704 SF
Price / SF$323.97
Days on Market68
Property Features for 39 Needham Rd
General Information
Standard status
Active
Size
3,704 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Zoning
R1
Occupancy
25%
Net Operating Income
$30,000
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$9,546
Amenities
waterfront
Building Details
Building Size
3,704 SF
Year Built
1920
Stories
4
Listing Agency:
Coldwell Banker Realty - Westford
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 24
Changed: Aug 29
Last Checked: Aug 29 at 2:17PM
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 - Westford
Investment Insights
Based on property information with market context.
This 3,704 SF quadplex contains four residential units and was built in 1920. Three units are currently vacant, while the property includes two separate garage bays. The configuration supports an owner-occupant arrangement with additional residential units available for leasing, or use as a four-unit rental property.
Located at 39 Needham Rd in Danvers, Massachusetts, the property overlooks the Crane River. Downtown Danvers, shopping, restaurants, and schools are nearby, with access to Routes 1, 95, and 128. R1 zoning is identified for the property.
Located at 39 Needham Rd in Danvers, Massachusetts, the property overlooks the Crane River. Downtown Danvers, shopping, restaurants, and schools are nearby, with access to Routes 1, 95, and 128. R1 zoning is identified for the property.
Key Highlights
- 3,704 SF quadplex with four residential units
- Three of four units are currently vacant
- Two separate garage bays
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
$62,398
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%
$1,247,960
$1.2M
Cap Rate 7%
$891,400
$891.4K
Cap Rate 9%
$693,311
$693.3K
Market Conditions
NOI Build-Up for 3,704 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
$93.3K $25.20/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$89.1K $24.07/SF
− OpEx
−$26.7K −$7.22/SF
NOI
$62.4K $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%
$1,247,960
Cap Rate 7%
$891,400
Cap Rate 9%
$693,311
Alternative Uses
Best Use
Multifamily LT 5
$891.4K
$780.0K – $1.04M
NOI $62,398 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$804.6K
$704.1K – $938.8K
NOI $56,325 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,493 @ 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
4
Residential units
25%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Explore this area
Business Placement
Demographics for 01923, MA
27,987
Population
11,405
Households
2.5
Avg Household Size
46
Median Age
47%
College-Educated
95%
High-School Grad
13.2 sq mi
ZIP Area
2,120
Density / Sq Mi
$117,072
Median Household Income
$59,916
Median Earnings
$2,004
Median Rent
$611,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include three vacancies and two separate garage bays for flexible occupancy or leasing.
Where is this quadplex located?
The property is located at 39 Needham Rd Danvers, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 3,704 SF quadplex with four residential units; Three of four units are currently vacant; Two separate garage bays
