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    Two-Family Home Near Lake Quannapowitt Title is generated by Realmo AI

    57 Wave Avenue, Wakefield, MA 01880

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    For Sale
    $989,000

    Two-unit property with yard, near Lake Quannapowitt.

    Type:Multi-family / 2 Family
    Property size:
    2,433 SF
    Price / SF:
    $406/SF
    Added:
    Mar 5, 2026
    Days on Market:
    89
    Last Refresh:
    Mar 17 at 8:09 am

    Property Features for 57 Wave Avenue

    General Information

    Standard status
    Active
    Size
    2,433 SF
    Property subtype
    Multi-family / 2 Family

    Building Details

    Year Built
    1897

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    Listing Contact
    Teresa Surette
    Teresa Surette

    Listing agent Teresa Surette License #9551425

    Listing office Compass

    Listing date Mar 5, 2026

    Source Compass

    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 Compass

    HighLights

    • Desirable location: Two blocks from Lake Quannapowitt.
    • Two‑family home offering flexibility for owner occupancy, rental income, or multigenerational living.
    • Unit 1: Expansive family and dining area with open concept kitchen and fireplace.
    • Potential to expand or convert to a single family (subject to due diligence).
    • Separate utilities for each unit.
    • Sunny corner lot with inviting yard.

    Overview

    This two-family home, situated on a sunny corner lot two blocks from Lake Quannapowitt, offers space, flexibility, and future potential. The property includes an inviting yard suitable for relaxation, gardening, and seasonal enjoyment. The layout is designed to accommodate owner occupancy, rental income, or multigenerational living, with potential for expansion or conversion to a single-family home, subject to buyer due diligence. Unit 1 features an expansive family and dining area with an open concept kitchen and fireplace, a formal sitting room, a sun porch, and three bedrooms. Unit 2 offers two bedrooms, including a well-proportioned primary bedroom and a versatile second bedroom, plus separate living and dining areas. Separate utilities provide convenience for owners and tenants. A walk-up attic and bonus basement space offer storage and future possibilities for expansion, workspace, or creative use. The property size is 2433 square feet.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $77.4k $31.80
    − Vacancy −$3.8k −$1.57
    EGI $73.5k $30.23
    − OpEx −$22.1k −$9.07
    NOI $51.5k $21.16
    2,433 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $735.5K
    $643.5K – $858.1K (±1% cap)
    NOI $51,483 @ 7.0% cap · market cap 5.21%
    Second Best
    Apartment 5plus
    $691.5K
    $605.1K – $806.8K (±1% cap)
    NOI $48,408 @ 7.0% cap · market cap 4.89%
    Theoretical Best
    Office A
    $1.44M
    $1.26M – $1.68M (±1% cap)
    NOI $100,823 @ 7.0% cap · market cap 10.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wakefield
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0666525
    Latitude
    42.5117228

    FAQs

    What type of property is this?
    Duplex - Two-unit property with yard, near Lake Quannapowitt.
    Where is this duplex located?
    The property is located at 57 Wave Avenue Wakefield, MA.
    What is the asking price?
    The asking price for this property is $989,000.
    What are key features of this property?
    This property features: Desirable location: Two blocks from Lake Quannapowitt.; Two‑family home offering flexibility for owner occupancy, rental income, or multigenerational living.; Unit 1: **Expansive family and dining area with open concept kitchen and fireplace.**
    More about this property
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