Two-Unit Duplex with
New
For Sale
$985,000
91 Cedar Street, Wakefield, MA 01880
Two separate residences provide flexible layouts, period character, individual laundry, and substantial storage.
Property Size2,835 SF
Price / SF$347.44
Days on Market5
Property Features for 91 Cedar Street
General Information
Standard status
Active
Size
2,835 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
GR
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,153
Amenities
laundry
Building Details
Building Size
2,835 SF
Year Built
1930
Buildings
1
Stories
3
Listing Agency:
Residential Realty Group
(413) 786-0584
Listed By:
Meg Michaels · License #452508574
Source:
Insightrealtygroup
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 28 at 6:50AM
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 Residential Realty Group
Investment Insights
Based on property information with market context.
Built in 1930, this 2,835-square-foot duplex contains 13 rooms, five bedrooms, and three full baths across two distinct units. The first residence includes two bedrooms, one bath, an eat-in kitchen, and in-unit laundry. The second offers three bedrooms and two baths, with an upper-level primary suite that includes a sitting area, vaulted beamed ceiling, full bath, and cedar closet. Hardwood floors, high ceilings, natural woodwork, updated kitchens, built-in dining cabinetry, and period detailing carry throughout the home.
Separate utilities, dedicated laundry, storage, a front porch, vinyl siding, and a two-car garage support owner occupancy or rental use. The property sits on a corner lot with a backyard and a neighborhood park nearby. Commuter rail, Main Street, Lake Quannapowitt, shopping, dining, and major highways are also located nearby, with access to Boston.
Separate utilities, dedicated laundry, storage, a front porch, vinyl siding, and a two-car garage support owner occupancy or rental use. The property sits on a corner lot with a backyard and a neighborhood park nearby. Commuter rail, Main Street, Lake Quannapowitt, shopping, dining, and major highways are also located nearby, with access to Boston.
Key Highlights
- 2,835 SF duplex built in 1930
- Two units totaling 13 rooms, 5 bedrooms, and 3 full baths
- Unit 1 includes 2 bedrooms, 1 full bath, eat‑in kitchen, and in‑unit laundry
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
$59,990
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
6.09%
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%
$1,199,800
$1.2M
Cap Rate 7%
$857,000
$857.0K
Cap Rate 9%
$666,556
$666.6K
Market Conditions
NOI Build-Up for 2,835 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
$90.2K $31.80/SF
− Vacancy
−$4.5K −$1.57/SF
EGI
$85.7K $30.23/SF
− OpEx
−$25.7K −$9.07/SF
NOI
$60.0K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /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%
$1,199,800
Cap Rate 7%
$857,000
Cap Rate 9%
$666,556
Alternative Uses
Best Use
Multifamily LT 5
$857.0K
$749.9K – $999.8K
NOI $59,990 @ 7.0% cap · market cap 6.09%
Second Best
Apartment 5plus
$805.8K
$705.1K – $940.1K
NOI $56,407 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,482 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,002
Businesses Nearby
Explore this area
Business Placement
Demographics for 01880, MA
27,071
Population
11,513
Households
2.4
Avg Household Size
43
Median Age
57%
College-Educated
96%
High-School Grad
7.4 sq mi
ZIP Area
3,658
Density / Sq Mi
$130,419
Median Household Income
$78,860
Median Earnings
$1,872
Median Rent
$670,100
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 - Two separate residences provide flexible layouts, period character, individual laundry, and substantial storage.
Where is this duplex located?
The property is located at 91 Cedar Street Wakefield, MA.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: 2,835 SF duplex built in 1930; Two units totaling 13 rooms, 5 bedrooms, and 3 full baths; Unit 1 includes 2 bedrooms, 1 full bath, eat‑in kitchen, and in‑unit laundry
