Lawrence Multifamily Investment
102-114 Water Street Lawrence, MA 01841
102-114 Water Street, Lawrence, MA, 01841
$5,950,000
For Sale
$5,950,000
27-unit multifamily property in Lawrence, MA, renovated in 2024.
Property Size27,583 SF
Lot Size0.44 Acres
Price / SF$215.71
Days on Market137
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
- Year Built
- 1900
Listing Agency
New England Realty Advisors LLC
(781) 334-8044
Listed by
Brad Carlson · License #MA #9584876
Source
Nerealtyadvisors
Added: Mar 6 Updated: Jul 10 at 1:00 pm Checked: Jul 20 at 3:25 am
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $794.4k | $28.80 |
| − Vacancy | −$31.8k | −$1.15 |
| EGI | $762.6k | $27.65 |
| − OpEx | −$343.2k | −$12.44 |
| NOI | $419.4k | $15.21 |
27,583 SF · lease $28.80/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.99M
$5.24M – $6.99M
NOI $419,438 @ 7.0% cap · market cap 7.05%
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 19.21%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
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 $5,950,000.
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.
