Three-Unit Triplex with
For Sale
$799,000
Pending
512 River St, Haverhill, MA 01832
Separate utilities, established tenants, and on-site parking provide practical operating features for this multifamily property.
Property Size2,783 SF
Days on Market146
Property Features for 512 River St
General Information
Standard status
Pending
Size
2,783 SF
Property subtype
Investment
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$7,049
Building Details
Building Size
2,783 SF
Year Built
1920
Stories
5
Units
3
Tenancy
Multi
Listing Agency:
William Raveis R.E. & Home Services
(978) 590-7547
Listed By:
Deborah Noone · License #9026743
(978) 590-7547
Source:
Elliman
Added: Apr 8
Changed: Aug 30
Last Checked: Jul 21 at 3:21PM
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 William Raveis R.E. & Home Services
Investment Insights
Based on property information with market context.
This 2,783-square-foot triplex contains 3 residential units, with each offering 2 bedrooms, a kitchen, and living space. The first-floor residence includes a center island and double oven, while interior features include tile and vinyl finishes, a range, oven, and refrigerator. The property was built in 1920 and includes full bathrooms and dining areas across the units.
Located at 512 River Street in Haverhill, the property sits on a lot with parking and deck space. Separate utilities are in place, and long-term tenants currently occupy the units. The roof has been replaced, with the heating system and water heaters also identified among the property improvements. Future condo conversion is noted as a possibility, subject to buyer verification of feasibility.
Located at 512 River Street in Haverhill, the property sits on a lot with parking and deck space. Separate utilities are in place, and long-term tenants currently occupy the units. The roof has been replaced, with the heating system and water heaters also identified among the property improvements. Future condo conversion is noted as a possibility, subject to buyer verification of feasibility.
Key Highlights
- 3‑unit triplex with 2 bedrooms in each unit
- 2,783 square feet on a lot with parking and deck space
- Separate utilities for the residential units
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
$46,883
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
5.87%
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%
$937,660
$937.7K
Cap Rate 7%
$669,757
$669.8K
Cap Rate 9%
$520,922
$520.9K
Market Conditions
NOI Build-Up for 2,783 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
$70.1K $25.20/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$67.0K $24.07/SF
− OpEx
−$20.1K −$7.22/SF
NOI
$46.9K $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%
$937,660
Cap Rate 7%
$669,757
Cap Rate 9%
$520,922
Alternative Uses
Best Use
Multifamily LT 5
$669.8K
$586.0K – $781.4K
NOI $46,883 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$604.6K
$529.0K – $705.3K
NOI $42,319 @ 7.0% cap · market cap 5.30%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,327 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 01832, MA
25,656
Population
10,735
Households
2.4
Avg Household Size
38
Median Age
28%
College-Educated
90%
High-School Grad
11.4 sq mi
ZIP Area
2,251
Density / Sq Mi
$81,141
Median Household Income
$47,151
Median Earnings
$1,612
Median Rent
$410,300
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 - Separate utilities, established tenants, and on-site parking provide practical operating features for this multifamily property.
Where is this triplex located?
The property is located at 512 River St Haverhill, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3‑unit triplex with 2 bedrooms in each unit; 2,783 square feet on a lot with parking and deck space; Separate utilities for the residential units
