Mixed-Use Building Near UMASS
For Sale
$1,300,000
169-171 Salem Street, Lowell, MA 01854
Five-unit mixed-use building with retail space and residential units.
Property Size7,178 SF
Price / SF$181.11
Days on Market476
Property Features for 169-171 Salem Street
General Information
Standard status
Active
Size
7,178 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
RE/MAX Innovative Properties
(603) 434-4101
Listed By:
Raymond Boutin
Source:
Stevebremis
Added: Apr 22, 2025
Changed: Aug 10
Last Checked: Aug 10 at 3:53AM
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 RE/MAX Innovative Properties
Investment Insights
Based on property information with market context.
This five-unit mixed-use building is located near UMASS Lowell and within walking distance of various amenities. The property has been well-maintained and updated, offering ample off-street parking. The first floor features a retail space equipped with a kitchen area, including two walk-in coolers, one walk-in freezer, and pizza ovens. Above the commercial space are two updated three-bedroom apartments. Additionally, there are two adjacent one-bedroom residential units. Unit 4 includes access to the basement and laundry hookups, while Unit 5 features a walk-up attic with two semi-finished rooms. All units have separate utilities and washer/dryer hookups. The sale includes the business and equipment. The property size is 7178 square feet.
Key Highlights
- Mixed‑use building featuring retail space with kitchen, coolers, freezer, and pizza ovens, plus residential units.
- Includes existing business (Cote's Market) name, equipment, and inventory.
- Two updated 3‑bedroom apartments.
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
$118,868
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
9.14%
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%
$2,377,360
$2.4M
Cap Rate 7%
$1,698,114
$1.7M
Cap Rate 9%
$1,320,756
$1.3M
Market Conditions
NOI Build-Up for 7,178 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
$206.7K $28.80/SF
− Vacancy
−$16.5K −$2.30/SF
EGI
$190.2K $26.50/SF
− OpEx
−$71.3K −$9.94/SF
NOI
$118.9K $16.56/SF
Area
Lowell, MA
Vacancy
8.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
37.50%
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%
$2,377,360
Cap Rate 7%
$1,698,114
Cap Rate 9%
$1,320,756
Alternative Uses
Best Use
Specialty Retail
$2.02M
$1.76M – $2.35M
NOI $141,155 @ 7.0% cap · market cap 10.86%
Second Best
Apartment 5plus
$1.83M
$1.60M – $2.13M
NOI $128,045 @ 7.0% cap · market cap 9.85%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $176,848 @ 7.0% cap · market cap 13.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
Explore this area
Business Placement
Demographics for 01854, MA
29,561
Population
10,960
Households
2.7
Avg Household Size
31
Median Age
30%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
7,390
Density / Sq Mi
$70,397
Median Household Income
$39,216
Median Earnings
$1,477
Median Rent
$360,500
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?
Mixed-use property - Five-unit mixed-use building with retail space and residential units.
Where is this mixed-use property located?
The property is located at 169-171 Salem Street Lowell, MA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Mixed‑use building featuring retail space with kitchen, coolers, freezer, and pizza ovens, plus residential units.; Includes existing business (Cote's Market) name, equipment, and inventory.; Two updated 3‑bedroom apartments.
