Historic Duplex with Architectural
New
For Sale
$1,050,000
39 Washington St, Peabody, MA 01960
Residential Income, Peabody, MA
Property Size3,536 SF
Lot Size0.42 Acres
Price / SF$296.95
Days on Market1
Property Features for 39 Washington St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
8
Fireplace
1
Directions
Main St to Washington
Standard status
Active
APN
M:0095 B:0092,2106848
Size
3,536 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
8972
Building Details
Year built
1860
Floors in Building
4
Number of units
2
Listing Agency:
Keller Williams Realty Evolution
(978) 927-8700
Listed By:
Keller Williams Realty Evolution
Added: Aug 20
Last Checked: Aug 20 at 4:06PM
MLS# 73566029
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit duplex occupies a 3,536-square-foot residence built in 1860 on approximately 0.4178 acres. The property includes a four-car garage, abundant off-street parking, and a layout currently configured for two residential units. Interior features include 11-foot ceilings, four marble fireplaces, large 6-over-6 windows, dentil molding, original trim, curved doors, Austrian crystal chandeliers, sconces, and a brick sidewalk. The building was also formerly used as a dentist’s office, adding to its documented history of professional occupancy.
Located at 39 Washington St in Peabody, the property is within an R-4 zoning district and near downtown. Its land area, existing garage, parking, and residential configuration provide a substantial physical base for renovation or other changes, subject to applicable zoning requirements, building and fire codes, historic considerations, and municipal approvals.
Located at 39 Washington St in Peabody, the property is within an R-4 zoning district and near downtown. Its land area, existing garage, parking, and residential configuration provide a substantial physical base for renovation or other changes, subject to applicable zoning requirements, building and fire codes, historic considerations, and municipal approvals.
Key Highlights
- Two residential units within a 3,536‑square‑foot duplex
- 0.4178 acres in an R4 zoning district
- Four‑car garage plus 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
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Frequently Asked Questions
What type of property is this?
Duplex - R-4-zoned residential property with a garage and 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: Two residential units within a 3,536‑square‑foot duplex; 0.4178 acres in an R4 zoning district; Four‑car garage plus abundant off‑street parking
