Renovated Three-Unit
13 Mill Street Lancaster, MA 01523
13 Mill Street, Lancaster, MA, 01523
$849,900
For Sale
$849,900
Renovated 3-family property with multiple rental units, a finished lower level, and ample driveway parking on 2.67 acres.
Property Size3,610 SF
Lot Size2.67 Acres
Price / SF$235.43
Days on Market61
Property Features for 13 Mill Street
General Information
- Standard status
- Active
- Size
- 3,610 SF
- Lot size
- 2.67 Acres
- Property subtype
- Multi-family
Building Details
- Year Built
- 1930
Listing agency
Denkar Realty Group
Listed by
Sammi Chen
(401) 333-9333
Source
Residentialproperties
Added: May 22 Updated: Jul 20 at 7:25PM Checked: Jul 21 at 7:16AM
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 Denkar Realty Group
Investment Insights
Based on property information with market context.
This well-maintained three-unit residential property was renovated starting in 2021 and offers three distinct living configurations within a single building. Two units are currently set up for rental: the second unit includes 2 bedrooms and 1.5 bathrooms, and the third unit includes 1 bedroom and 2 full bathrooms. The first unit features 3 bedrooms and 3 bathrooms and also includes a huge finished lower level, which could support either owner occupancy or additional rental income.
The property sits on 2.67 acres and includes a beautiful, large backyard. Parking is accommodated by a long, wide driveway, helping reduce day-to-day parking constraints.
The third unit tenant would like to remain. The second unit tenant is scheduled to move out by 6/30. The opportunity allows for continued rental income while the first unit remains flexible for an owner-occupant or an additional tenant configuration.
The property sits on 2.67 acres and includes a beautiful, large backyard. Parking is accommodated by a long, wide driveway, helping reduce day-to-day parking constraints.
The third unit tenant would like to remain. The second unit tenant is scheduled to move out by 6/30. The opportunity allows for continued rental income while the first unit remains flexible for an owner-occupant or an additional tenant configuration.
Key Highlights
- Renovated 3‑family property built in 1930 on 2.67 acres
- 2021 renovation with multiple rental units
- 2nd unit: 2 beds and 1.5 baths (tenant moving out by 6/30)
Local Financial Insights For Multifamily LT 5
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 | $71.5k | $19.80 |
| − Vacancy | −$1.8k | −$0.49 |
| EGI | $69.7k | $19.31 |
| − OpEx | −$20.9k | −$5.79 |
| NOI | $48.8k | $13.52 |
3,610 SF · lease $19.80/SF/yr · vacancy 2.47% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$697.1K
$610.0K – $813.3K
NOI $48,799 @ 7.0% cap · market cap 5.74%
Second Best
Apartment 5plus
$606.7K
$530.9K – $707.8K
NOI $42,468 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,293 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Renovated 3-family property with multiple rental units, a finished lower level, and ample driveway parking on 2.67 acres.
Where is this triplex located?
The property is located at 13 Mill Street Lancaster, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Renovated 3‑family property built in 1930 on 2.67 acres; 2021 renovation with multiple rental units; 2nd unit: 2 beds and 1.5 baths (tenant moving out by 6/30)
