Duplex with Expansion
New
For Sale
$699,900
39 School St, Rockland, MA 02370
Two residential units provide established occupancy near downtown shops, restaurants, and coffee businesses.
Property Size2,251 SF
Days on Market5
Property Features for 39 School St
General Information
Standard status
Active
Size
2,251 SF
Property subtype
Investment
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,633
Building Details
Building Size
2,251 SF
Year Built
1880
Stories
3
Units
2
Listed By:
Jeff Parkhurst
(508) 221-9456
Source:
Elliman
Added: Sep 10
Last Checked: Sep 14 at 7:08AM
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 Jeff Parkhurst
Investment Insights
Based on property information with market context.
Built in 1880, this duplex contains two 2-bedroom, 1-bathroom apartments. Both units are occupied, with a documented 100% occupancy rate over the last 12 years. Current leases are not long term, and rents are below current downtown market rates, offering flexibility for future ownership or leasing decisions.
The upper apartment includes a walk-up third-floor attic that could be finished to enlarge the unit into a two-level residence with three to four bedrooms. The property is located at 39 School St in Rockland, near Main Street and within a short walk of coffee shops, restaurants, and shopping. Walk Score is 33 and Bike Score is 35.
The upper apartment includes a walk-up third-floor attic that could be finished to enlarge the unit into a two-level residence with three to four bedrooms. The property is located at 39 School St in Rockland, near Main Street and within a short walk of coffee shops, restaurants, and shopping. Walk Score is 33 and Bike Score is 35.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- 100% occupancy for the last 12 years
- Walk‑up third‑floor attic connected to Unit 2
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
$38,043
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
5.44%
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%
$760,860
$760.9K
Cap Rate 7%
$543,471
$543.5K
Cap Rate 9%
$422,700
$422.7K
Market Conditions
NOI Build-Up for 2,251 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
$57.4K $25.50/SF
− Vacancy
−$3.1K −$1.36/SF
EGI
$54.3K $24.14/SF
− OpEx
−$16.3K −$7.24/SF
NOI
$38.0K $16.90/SF
Area
Plymouth County, MA
Vacancy
5.32%
Lease Rate
$25.50 /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%
$760,860
Cap Rate 7%
$543,471
Cap Rate 9%
$422,700
Alternative Uses
Best Use
Multifamily LT 5
$543.5K
$475.5K – $634.1K
NOI $38,043 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$500.9K
$438.3K – $584.4K
NOI $35,062 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$1.33M
$1.17M – $1.55M
NOI $93,281 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Explore this area
Business Placement
Demographics for 02370, MA
17,803
Population
7,046
Households
2.5
Avg Household Size
43
Median Age
34%
College-Educated
96%
High-School Grad
10.0 sq mi
ZIP Area
1,780
Density / Sq Mi
$101,475
Median Household Income
$59,489
Median Earnings
$1,497
Median Rent
$452,300
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 - Two residential units provide established occupancy near downtown shops, restaurants, and coffee businesses.
Where is this duplex located?
The property is located at 39 School St Rockland, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; 100% occupancy for the last 12 years; Walk‑up third‑floor attic connected to Unit 2
