Historic Duplex with Four-Car
New
For Sale
$1,050,000
39 Washington St, Peabody, MA 01960
Located in an R-4 zoning district, the property is configured as two residential units with substantial off-street parking.
Property Size3,536 SF
Lot Size0.42 Acres
Days on Market2
Property Features for 39 Washington St
General Information
Standard status
Active
Size
3,536 SF
Lot size
0.42 Acres
Property subtype
Investment
Zoning
R-4
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,972
Building Details
Building Size
3,536 SF
Year Built
1860
Stories
4
Units
2
Listing Agency:
(978) 810-0916
Listed By:
Jan Pellegrini
(978) 810-0916
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 6:23AM
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 Jan Pellegrini
Investment Insights
Based on property information with market context.
The Rufus Brown House is a multifamily property dating to 1860 and currently arranged as two residential units. Architectural details include four marble fireplaces, 11-foot ceilings, original moldings, curved doors, dentil molding, large 6-over-6 windows, Austrian crystal chandeliers, sconces, and a brick sidewalk. A four-car garage and additional off-street parking serve the property.
The site encompasses approximately 0.42 acres, or 26,180 square feet, at 39 Washington St in Peabody, close to downtown. It is situated in an R-4 zoning district and was formerly used as a dentist's office. Any future renovation, expansion, additional residential use, or other improvements are subject to applicable zoning requirements, building and fire codes, historic considerations, and municipal approvals. Showings are by appointment only.
The site encompasses approximately 0.42 acres, or 26,180 square feet, at 39 Washington St in Peabody, close to downtown. It is situated in an R-4 zoning district and was formerly used as a dentist's office. Any future renovation, expansion, additional residential use, or other improvements are subject to applicable zoning requirements, building and fire codes, historic considerations, and municipal approvals. Showings are by appointment only.
Key Highlights
- 1860‑built multifamily property known as the Rufus Brown House
- Two residential units on approximately 0.42 acres, or 26,180 square feet
- R‑4 zoning district with a four‑car garage and abundant off‑street parking
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
$59,568
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
5.67%
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%
$1,191,360
$1.2M
Cap Rate 7%
$850,971
$851.0K
Cap Rate 9%
$661,867
$661.9K
Market Conditions
NOI Build-Up for 3,536 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
$89.1K $25.20/SF
− Vacancy
−$4.0K −$1.13/SF
EGI
$85.1K $24.07/SF
− OpEx
−$25.5K −$7.22/SF
NOI
$59.6K $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%
$1,191,360
Cap Rate 7%
$850,971
Cap Rate 9%
$661,867
Alternative Uses
Best Use
Multifamily LT 5
$851.0K
$744.6K – $992.8K
NOI $59,568 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$768.1K
$672.1K – $896.2K
NOI $53,770 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,531 @ 7.0% cap · market cap 13.96%
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
1,293
Businesses Nearby
Explore this area
Business Placement
Demographics for 01960, MA
54,155
Population
23,009
Households
2.4
Avg Household Size
47
Median Age
34%
College-Educated
91%
High-School Grad
16.0 sq mi
ZIP Area
3,385
Density / Sq Mi
$95,173
Median Household Income
$56,100
Median Earnings
$1,902
Median Rent
$566,700
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 - Located in an R-4 zoning district, the property is configured as two residential units with substantial off-street parking.
Where is this duplex located?
The property is located at 39 Washington St Peabody, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1860‑built multifamily property known as the Rufus Brown House; Two residential units on approximately 0.42 acres, or 26,180 square feet; R‑4 zoning district with a four‑car garage and abundant off‑street parking
