Colonial-Style Triplex with
For Sale
$1,599,000
51 Walnut Street, Saugus, MA 01906
Three-unit property combining a renovated early-1900s residence with a contemporary Colonial addition and landscaped outdoor spaces.
Property Size6,242 SF
Lot Size0.98 Acres
Price / SF$256.17
Days on Market354
Property Features for 51 Walnut Street
General Information
Standard status
Active
Size
6,242 SF
Total Parking Spaces
8
Lot size
0.98 Acres
Property subtype
Multi-family / 3 Family
Net Operating Income
$61,200
Taxes and HOA fees
Annual Taxes
$10,445
Amenities
deck
patio garden
screened-in-room
Koi pond
fountain
landscaped yard
shed
wood-burning fireplace
No
Wood, Tile, Vinyl, Hardwood
Range, Disposal, Refrigerator, Washer, Dryer, Dishwasher
1
Yes
Insulated Doors
6.0
Insulated Windows
Full, Finished, Walk Out
Gas
Bathroom with Shower Stall, Ceiling Fan(s), Walk-Up Attic, Bathroom With Tub, Open Floorplan, Living RM/Dining RM Combo, Living Room, Dining Room, Kitchen, Laundry Room, Office/Den, Family Room
5
5.50
6
Frame
Shingle
Sloped
Deck
Building Details
Year Built
1800
Construction
Contemporary Colonial
Listing Agency:
Charlesgate Realty Group LLC
(978) 664-3000
Listed By:
Emma D'Angelo · License #45880
(978) 664-3000
Source:
Compass
Added: Sep 11, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:22PM
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 Charlesgate Realty Group LLC
Investment Insights
Based on property information with market context.
This 6,242-square-foot triplex combines an early-1900s two-family residence with a contemporary Colonial addition expanded in 1990. The property occupies 0.98 acres and includes open living, dining, and kitchen areas, multiple bedrooms and bathrooms, an office, laundry-room plumbing, and a finished walk-out lower level. Interior finishes include hardwood, tile, vinyl, and wood flooring, along with a range, refrigerator, dishwasher, disposal, washer, and dryer. Gas service, insulated windows, and insulated doors are also noted.
Outdoor features include a large deck, patio garden, screened-in room, koi pond with fountain, landscaped yard, and a cleared lot with a 40-foot shed. The property is located at 51 Walnut Street in Saugus, on the west side of Route 1 near Hawks Pond. The lower level includes a wood-burning fireplace, while additional storage is provided by a walk-up attic.
Outdoor features include a large deck, patio garden, screened-in room, koi pond with fountain, landscaped yard, and a cleared lot with a 40-foot shed. The property is located at 51 Walnut Street in Saugus, on the west side of Route 1 near Hawks Pond. The lower level includes a wood-burning fireplace, while additional storage is provided by a walk-up attic.
Key Highlights
- 6,242 SF triplex on a 0.98‑acre lot
- Early‑1900s two‑family residence with a contemporary Colonial addition expanded in 1990
- Recently renovated two‑family portion
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
$105,154
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
6.58%
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%
$2,103,080
$2.1M
Cap Rate 7%
$1,502,200
$1.5M
Cap Rate 9%
$1,168,378
$1.2M
Market Conditions
NOI Build-Up for 6,242 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
$157.3K $25.20/SF
− Vacancy
−$7.1K −$1.13/SF
EGI
$150.2K $24.07/SF
− OpEx
−$45.1K −$7.22/SF
NOI
$105.2K $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%
$2,103,080
Cap Rate 7%
$1,502,200
Cap Rate 9%
$1,168,378
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,154 @ 7.0% cap · market cap 6.58%
Second Best
Apartment 5plus
$1.36M
$1.19M – $1.58M
NOI $94,918 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$3.70M
$3.23M – $4.31M
NOI $258,667 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
243
Businesses Nearby
Explore this area
Business Placement
Demographics for 01906, MA
28,619
Population
11,259
Households
2.5
Avg Household Size
45
Median Age
31%
College-Educated
91%
High-School Grad
11.6 sq mi
ZIP Area
2,467
Density / Sq Mi
$100,819
Median Household Income
$52,189
Median Earnings
$1,982
Median Rent
$589,500
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?
Triplex - Three-unit property combining a renovated early-1900s residence with a contemporary Colonial addition and landscaped outdoor spaces.
Where is this triplex located?
The property is located at 51 Walnut Street Saugus, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 6,242 SF triplex on a 0.98‑acre lot; Early‑1900s two‑family residence with a contemporary Colonial addition expanded in 1990; Recently renovated two‑family portion
