Lawrence Multifamily Investment
For Sale
$5,600,000
102-114 Water Street, Lawrence, MA 01841
27-unit multifamily property in Lawrence, MA, renovated in 2024.
Property Size27,583 SF
Lot Size0.44 Acres
Price / SF$203.02
Days on Market213
Property Features for 102-114 Water Street
General Information
Standard status
Active
Size
27,583 SF
Lot size
0.44 Acres
Property subtype
Multifamily
Building Details
Building Size
27,583 SF
Year Built
1900
Listing Agency:
New England Realty Advisors LLC
Listed By:
Brad Carlson · License #MA #9584876
(781) 334-8044
Source:
Nerealtyadvisors
Added: Mar 6
Changed: Oct 3
Last Checked: Oct 4 at 8:13AM
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 New England Realty Advisors LLC
Investment Insights
Based on property information with market context.
The Jordan Court Apartments, located at 102-114 Water Street in Lawrence, MA, are available for sale. This multifamily property comprises four buildings on a 0.44-acre lot, totaling 27,583 square feet. Constructed in 1900 and renovated in 2024, the property features 27 units, including 20 three-bedroom units, 2 four-bedroom units, 2 one-bedroom units, and 3 studio units. The property provides off-street parking and tenant-paid utilities. Four of the 27 units have been fully renovated. Located on the north side of Lawrence, the property is near local restaurants, retailers, and grocery stores. National brands such as Market Basket, America’s Food Basket, TJ Maxx, Walgreens, Starbucks, McDonald’s, KFC, Taco Bell, 7-Eleven, and Dunkin’ are within 3 miles. The location offers convenient access to Interstate 495, MA Routes 28 & 114, and Interstate 93, which is 3 miles away. The Lawrence Train Station, with service to Boston on the MBTA’s Haverhill Line, is 1.3 miles from the property. Lawrence is known for its industrial heritage and diverse, multicultural environment. The city's revitalized mill buildings now house residential lofts, commercial spaces, and educational centers. The property presents a value-add opportunity through cosmetic renovations and increasing rents to market value.
Key Highlights
- Value‑add opportunity through cosmetic renovations.
- High cash‑on‑cash returns potential from day 1.
- Convenient location near downtown Lawrence, I‑93, I‑495, and the Lawrence MBTA Station.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$419,438
Cap Rate
7.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,388,760
$8.4M
Cap Rate 7%
$5,991,971
$6.0M
Cap Rate 9%
$4,660,422
$4.7M
Market Conditions
NOI Build-Up for 27,583 SF
Gross rent
$794.4K $28.80/SF
− Vacancy
−$31.8K −$1.15/SF
EGI
$762.6K $27.65/SF
− OpEx
−$343.2K −$12.44/SF
NOI
$419.4K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,388,760
Cap Rate 7%
$5,991,971
Cap Rate 9%
$4,660,422
Alternative Uses
Best Use
Apartment 5plus
$5.99M
$5.24M – $6.99M
NOI $419,438 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.33M
$14.29M – $19.05M
NOI $1,143,032 @ 7.0% cap · market cap 20.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,823
Businesses Nearby
Explore this area
Business Placement
Demographics for 01841, MA
53,654
Population
17,546
Households
3.1
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
3.0 sq mi
ZIP Area
17,885
Density / Sq Mi
$54,525
Median Household Income
$34,741
Median Earnings
$1,565
Median Rent
$393,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - 27-unit multifamily property in Lawrence, MA, renovated in 2024.
Where is this apartment building located?
The property is located at 102-114 Water Street Lawrence, MA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Value‑add opportunity through cosmetic renovations.; High cash‑on‑cash returns potential from day 1.; Convenient location near downtown Lawrence, I‑93, I‑495, and the Lawrence MBTA Station.
