Renovated Two-Family
For Sale
$749,900
113-115 Liberty Street, Lowell, MA 01851
Two spacious three-bedroom units include a walk-up attic and off-street parking in an established residential neighborhood.
Property Size3,108 SF
Price / SF$241.28
Days on Market8
Property Features for 113-115 Liberty Street
General Information
Standard status
Active
Size
3,108 SF
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Keller Williams Realty Metropolitan
Listed By:
Stephen Jenkins
(978) 537-8301
Source:
Foster-healey
Added: Aug 5
Changed: Aug 11
Last Checked: Aug 12 at 3:50AM
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 Keller Williams Realty Metropolitan
Investment Insights
Based on property information with market context.
This renovated duplex contains two residential units, each with three oversized bedrooms and functional layouts. A large walk-up attic provides storage and may offer possibilities for additional finished area or other permitted uses, subject to local approvals and buyer due diligence. Off-street parking is also included. The property was built in 1900.
The home is located minutes from the Lowell Connector and Route 110, with Market Basket, Target, Lowe's, Walgreens, restaurants, gyms, Showcase Cinemas, and schools among the surrounding amenities. Its two-unit configuration and substantial attic area support both owner-occupancy and rental use, subject to applicable requirements.
The home is located minutes from the Lowell Connector and Route 110, with Market Basket, Target, Lowe's, Walgreens, restaurants, gyms, Showcase Cinemas, and schools among the surrounding amenities. Its two-unit configuration and substantial attic area support both owner-occupancy and rental use, subject to applicable requirements.
Key Highlights
- Two‑unit duplex with three oversized bedrooms in each unit
- Large walk‑up attic with potential for additional finished space, subject to approvals
- Renovated residential property built in 1900
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
$61,580
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
8.21%
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%
$1,231,600
$1.2M
Cap Rate 7%
$879,714
$879.7K
Cap Rate 9%
$684,222
$684.2K
Market Conditions
NOI Build-Up for 3,108 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
$95.1K $30.60/SF
− Vacancy
−$7.1K −$2.30/SF
EGI
$88.0K $28.31/SF
− OpEx
−$26.4K −$8.49/SF
NOI
$61.6K $19.81/SF
Area
Lowell, MA
Vacancy
7.50%
Lease Rate
$30.60 /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%
$1,231,600
Cap Rate 7%
$879,714
Cap Rate 9%
$684,222
Alternative Uses
Best Use
Multifamily LT 5
$879.7K
$769.8K – $1.03M
NOI $61,580 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$792.0K
$693.0K – $924.0K
NOI $55,442 @ 7.0% cap · market cap 7.39%
Theoretical Best
Office A
$1.09M
$957.2K – $1.28M
NOI $76,573 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 01851, MA
32,691
Population
11,759
Households
2.8
Avg Household Size
34
Median Age
32%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
10,216
Density / Sq Mi
$87,962
Median Household Income
$46,388
Median Earnings
$1,686
Median Rent
$432,100
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 spacious three-bedroom units include a walk-up attic and off-street parking in an established residential neighborhood.
Where is this duplex located?
The property is located at 113-115 Liberty Street Lowell, MA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Two‑unit duplex with three oversized bedrooms in each unit; Large walk‑up attic with potential for additional finished space, subject to approvals; Renovated residential property built in 1900
