Renovated Townhouse-Style
For Sale
$1,224,000
8-10 Hammatt St, Ipswich, MA 01938
Freshly renovated two-family home with townhouse-style layouts, new finishes, and dedicated off-street parking for four cars.
Property Size3,362 SF
Days on Market50
Property Features for 8-10 Hammatt St
General Information
Standard status
Active
Size
3,362 SF
Total Parking Spaces
4
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,786
Building Details
Building Size
3,362 SF
Year Built
1857
Stories
6
Units
2
Listing Agency:
(857) 350-0060
Listed By:
Michael Falotico
(857) 350-0060
Source:
Elliman
Added: Jun 25
Changed: Aug 11
Last Checked: Aug 12 at 5:34AM
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 Michael Falotico
Investment Insights
Based on property information with market context.
This freshly renovated two-family property features townhouse-style units with bright, open living and dining areas on the first floor. Both units include gleaming hardwood floors and a brand-new kitchen with quartz counters, stainless steel appliances, and gold hardware. Each unit also has a convenient half bath near the rear entrance, with two large bedrooms on the second floor, new carpeting, laundry hookups, and a jack-and-jill bathroom with a double vanity and tiled shower. A spacious third-floor primary suite includes a large closet and a private three-quarter bath.
The exterior offers dedicated off-street parking for four cars and exclusive yard space. Major components have been replaced or updated, including windows, roof, vinyl siding, wiring, plumbing, and heat pumps/mini-splits. The property is located near Depot Square, Market Street, and the commuter rail station.
This is a residential income property presented for sale as a fully updated, two-unit home.
The exterior offers dedicated off-street parking for four cars and exclusive yard space. Major components have been replaced or updated, including windows, roof, vinyl siding, wiring, plumbing, and heat pumps/mini-splits. The property is located near Depot Square, Market Street, and the commuter rail station.
This is a residential income property presented for sale as a fully updated, two-unit home.
Key Highlights
- Freshly renovated 2‑family home with townhouse‑style layouts in the heart of Ipswich
- New kitchen with quartz counters, stainless steel appliances, and gold hardware
- Townhouse layout with hardwood on the first floor, plus two large bedrooms on the second floor
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
$56,637
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
4.63%
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%
$1,132,740
$1.1M
Cap Rate 7%
$809,100
$809.1K
Cap Rate 9%
$629,300
$629.3K
Market Conditions
NOI Build-Up for 3,362 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
$84.7K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$80.9K $24.07/SF
− OpEx
−$24.3K −$7.22/SF
NOI
$56.6K $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%
$1,132,740
Cap Rate 7%
$809,100
Cap Rate 9%
$629,300
Alternative Uses
Best Use
Multifamily LT 5
$809.1K
$708.0K – $944.0K
NOI $56,637 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$730.3K
$639.1K – $852.1K
NOI $51,124 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,320 @ 7.0% cap · market cap 11.38%
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
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 01938, MA
13,785
Population
6,270
Households
2.2
Avg Household Size
51
Median Age
57%
College-Educated
98%
High-School Grad
32.1 sq mi
ZIP Area
429
Density / Sq Mi
$124,405
Median Household Income
$62,161
Median Earnings
$1,525
Median Rent
$701,400
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 - Freshly renovated two-family home with townhouse-style layouts, new finishes, and dedicated off-street parking for four cars.
Where is this duplex located?
The property is located at 8-10 Hammatt St Ipswich, MA.
What is the asking price?
The asking price for this property is $1,224,000.
What are key features of this property?
This property features: Freshly renovated 2‑family home with townhouse‑style layouts in the heart of Ipswich; New kitchen with quartz counters, stainless steel appliances, and gold hardware; Townhouse layout with hardwood on the first floor, plus two large bedrooms on the second floor
