Turnkey Restaurant & Real
For Sale
Contact for pricing
Pending
118-124 South Union Street, Lawrence, MA 01843
Restaurant and real estate opportunity in Lawrence, Massachusetts.
Property Size5,549 SF
Lot Size0.44 Acres
Days on Market195
Property Features for 118-124 South Union Street
General Information
Standard status
Pending
Size
5,549 SF
Total Parking Spaces
40
Lot size
0.44 Acres
Property subtype
Retail
Occupancy
100%
Building Details
Year Built
1900
Tenancy
Single
Listing Agency:
Belltower Commercial Real Estate Group
(978) 458-8822
Listed By:
Gary Sidell · License #Massachusetts - 9575388
Source:
Crexi
Added: Feb 7
Changed: Aug 12
Last Checked: Aug 21 at 8:53AM
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 Belltower Commercial Real Estate Group
Investment Insights
Based on property information with market context.
This property in Lawrence, MA, presents an opportunity to acquire the Mamajuana Restaurant & Lounge business and real estate. Established in 2019, Mamajuana is known for its Latin Caribbean cuisine and local reputation. The property features 5,549 square feet of finished space on a 19,166 square foot lot, with parking available for over 40 vehicles. Recent upgrades include structural improvements, new siding and roofing, and high-end interior finishes. The interior includes a fully equipped commercial kitchen, prep areas, and two full bars. A performance stage is present, and the indoor capacity accommodates up to 500 guests. An outdoor patio provides additional space for 240 patrons. The sale includes all business inventory and a liquor license, subject to City approval. Located on South Union Street, the property offers visibility and access to local amenities. It is situated minutes from downtown, with proximity to shops, restaurants, public transportation, and major highways. The surrounding neighborhood includes a mix of residential and commercial spaces.
Key Highlights
- Turnkey restaurant and real estate opportunity with established business and strong local reputation.
- Large capacity: Indoor seating for up to 500 guests and outdoor patio for 240.
- Fully equipped commercial kitchen, prep areas, and two full bars.
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
$102,569
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
4.72%
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%
$2,051,380
$2.1M
Cap Rate 7%
$1,465,271
$1.5M
Cap Rate 9%
$1,139,656
$1.1M
Market Conditions
NOI Build-Up for 5,549 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
$139.8K $25.20/SF
− Vacancy
−$3.1K −$0.55/SF
EGI
$136.8K $24.65/SF
− OpEx
−$34.2K −$6.16/SF
NOI
$102.6K $18.48/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,051,380
Cap Rate 7%
$1,465,271
Cap Rate 9%
$1,139,656
Alternative Uses
Best Use
Specialty Retail
$1.47M
$1.28M – $1.71M
NOI $102,569 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,949 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,815
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01843, MA
28,346
Population
10,968
Households
2.6
Avg Household Size
34
Median Age
20%
College-Educated
79%
High-School Grad
3.4 sq mi
ZIP Area
8,337
Density / Sq Mi
$72,163
Median Household Income
$38,957
Median Earnings
$1,703
Median Rent
$393,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant and real estate opportunity in Lawrence, Massachusetts.
Where is this conventional restaurant located?
The property is located at 118-124 South Union Street Lawrence, MA.
What is the asking price?
The asking price for this property is $2,175,000.
What are key features of this property?
This property features: Turnkey restaurant and real estate opportunity with established business and strong local reputation.; Large capacity: Indoor seating for up to 500 guests and outdoor patio for 240.; Fully equipped commercial kitchen, prep areas, and two full bars.
