Two-Unit Duplex with Updated
New
For Sale
$689,000
489 South Ave., Whitman, MA 02382
Residential Income, Whitman, MA
Property Size1,711 SF
Lot Size0.18 Acres
Price / SF$402.69
Days on Market2
Property Features for 489 South Ave.
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
GB
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
8
Directions
RTE. 58 to South Ave
Standard status
Active
APN
1200316
Size
1,711 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7128
Amenities
deck
brick patio
storage shed
Building Details
Year built
1895
Floors in Building
2
Number of units
2
Listing Agency:
RE/MAX Select Realty · RE/MAX International
(617) 787-9800
Listed By:
Kevin Cleary · License #449530776
(617) 787-9800
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 73565485
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 1,711-square-foot duplex, built in 1895, contains two separately metered residences. Each unit has high ceilings, hardwood flooring, a functional layout, a spacious kitchen, and an updated bathroom. The first-floor apartment includes two bedrooms and one bathroom and is vacant. The second-floor apartment also offers two bedrooms and one bathroom and is rented month-to-month.
The property sits on a 0.177-acre lot with two driveways, ample parking, a level backyard, a newer deck, a brick patio, and a storage shed. Additional exterior improvements include newer roof and siding. Located at 489 South Ave. in Whitman, the property is near commuter rail service, shopping, parks, schools, and major highways. GB zoning is reported for the site.
The property sits on a 0.177-acre lot with two driveways, ample parking, a level backyard, a newer deck, a brick patio, and a storage shed. Additional exterior improvements include newer roof and siding. Located at 489 South Ave. in Whitman, the property is near commuter rail service, shopping, parks, schools, and major highways. GB zoning is reported for the site.
Key Highlights
- Two‑unit duplex with 1,711 square feet of property size
- Both apartments offer 2 bedrooms and 1 bathroom
- First‑floor unit 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
Lease Details
2
Residential units
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 - Separately metered residences feature hardwood floors, high ceilings, and dedicated driveways.
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: Two‑unit duplex with 1,711 square feet of property size; Both apartments offer 2 bedrooms and 1 bathroom; First‑floor unit is vacant; second‑floor unit is rented month‑to‑month
