Two-Unit Duplex with Separate
New
For Sale
$689,000
489 South Ave., Whitman, MA 02382
Two separately metered residences include hardwood floors, updated bathrooms, and distinct outdoor areas.
Property Size1,711 SF
Price / SF$402.69
Days on Market4
Property Features for 489 South Ave.
General Information
Standard status
Active
Size
1,711 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Building Size
1,711 SF
Year Built
1895
Listing Agency:
RE/MAX Select Realty
(617) 922-1592
Listed By:
Marie Anthony · License #9038957
(617) 922-1592
Source:
Iverty
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 22 at 6:03AM
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 RE/MAX Select Realty
Investment Insights
Based on property information with market context.
This 1,711-square-foot duplex, built in 1895, contains two independently metered residences. Each unit has high ceilings, hardwood floors, a spacious kitchen, and an updated bathroom. The first level provides two bedrooms and one bathroom and is vacant. Upstairs, the second two-bedroom, one-bath residence includes adaptable living space and is occupied under a month-to-month tenancy.
The property includes separate driveways, ample on-site parking, a level rear yard, a newer deck, brick patio, storage shed, roof, and siding. Located in Whitman, the home offers access to commuter rail service, shopping, parks, schools, and major highways. Its existing layout supports both owner occupancy with rental income and continued multifamily use.
The property includes separate driveways, ample on-site parking, a level rear yard, a newer deck, brick patio, storage shed, roof, and siding. Located in Whitman, the home offers access to commuter rail service, shopping, parks, schools, and major highways. Its existing layout supports both owner occupancy with rental income and continued multifamily use.
Key Highlights
- 1,711 SF duplex built in 1895
- Two 2‑bedroom, 1‑bath units with separate electric metering
- First‑floor residence is vacant; second‑floor unit is rented month‑to‑month
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
$28,917
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
4.20%
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%
$578,340
$578.3K
Cap Rate 7%
$413,100
$413.1K
Cap Rate 9%
$321,300
$321.3K
Market Conditions
NOI Build-Up for 1,711 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
$43.6K $25.50/SF
− Vacancy
−$2.3K −$1.36/SF
EGI
$41.3K $24.14/SF
− OpEx
−$12.4K −$7.24/SF
NOI
$28.9K $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%
$578,340
Cap Rate 7%
$413,100
Cap Rate 9%
$321,300
Alternative Uses
Best Use
Multifamily LT 5
$413.1K
$361.5K – $482.0K
NOI $28,917 @ 7.0% cap · market cap 4.20%
Second Best
Apartment 5plus
$380.7K
$333.1K – $444.2K
NOI $26,651 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$1.01M
$886.3K – $1.18M
NOI $70,903 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
Explore this area
Business Placement
Demographics for 02382, MA
15,121
Population
6,031
Households
2.5
Avg Household Size
41
Median Age
29%
College-Educated
95%
High-School Grad
6.9 sq mi
ZIP Area
2,191
Density / Sq Mi
$107,794
Median Household Income
$53,875
Median Earnings
$1,785
Median Rent
$456,400
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 - Two separately metered residences include hardwood floors, updated bathrooms, and distinct outdoor areas.
Where is this duplex located?
The property is located at 489 South Ave. Whitman, MA.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: 1,711 SF duplex built in 1895; Two 2‑bedroom, 1‑bath units with separate electric metering; First‑floor residence is vacant; second‑floor unit is rented month‑to‑month
