Duplex with Partially Finished
For Sale
$612,900
Pending
378 Haverhill St, Lawrence, MA 01840
Partially finished basement and flexible layout support owner-occupancy plus rental income, with off-street parking.
Property Size1,883 SF
Days on Market24
Property Features for 378 Haverhill St
General Information
Standard status
Pending
Size
1,883 SF
Total Parking Spaces
4
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,893
Amenities
partially finished basement
spacious backyard
garage
storage
Building Details
Building Size
1,883 SF
Year Built
1900
Stories
3
Units
2
Listing Agency:
Century 21 North East
(978) 423-6545
Listed By:
Fermin Group
(978) 423-6545
Source:
Elliman
Added: Jul 30
Changed: Aug 14
Last Checked: Aug 21 at 1:11PM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This duplex at 378 Haverhill St offers two well-maintained units with flexible living options. The home includes a partially finished basement that provides additional usable space, with potential to be converted into an ADU subject to obtaining the appropriate permits. With plenty of storage plus a one-car garage, it’s designed to support both everyday living and practical room for expansion.
The property also features three off-street parking spaces and a spacious backyard. WalkScore is 93 with a Walker’s Paradise designation, and bikeScore is 59, Bikeable; transitScore is 47, Some Transit. Showing access is available with immediate showings for the first-floor unit and basement, while the second-floor unit requires 24-hour notice.
Built in 1900, this de-leaded multi-family home has been extensively updated over the years and is positioned for a range of occupancy and use possibilities.
The property also features three off-street parking spaces and a spacious backyard. WalkScore is 93 with a Walker’s Paradise designation, and bikeScore is 59, Bikeable; transitScore is 47, Some Transit. Showing access is available with immediate showings for the first-floor unit and basement, while the second-floor unit requires 24-hour notice.
Built in 1900, this de-leaded multi-family home has been extensively updated over the years and is positioned for a range of occupancy and use possibilities.
Key Highlights
- Duplex in Lawrence, MA at 378 Haverhill St
- Partially finished basement with potential ADU conversion subject to permits
- 3 off‑street parking spaces plus a one‑car garage
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
$31,721
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
5.18%
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%
$634,420
$634.4K
Cap Rate 7%
$453,157
$453.2K
Cap Rate 9%
$352,456
$352.5K
Market Conditions
NOI Build-Up for 1,883 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
$47.5K $25.20/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$45.3K $24.07/SF
− OpEx
−$13.6K −$7.22/SF
NOI
$31.7K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /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%
$634,420
Cap Rate 7%
$453,157
Cap Rate 9%
$352,456
Alternative Uses
Best Use
Multifamily LT 5
$453.2K
$396.5K – $528.7K
NOI $31,721 @ 7.0% cap · market cap 5.18%
Second Best
Apartment 5plus
$409.1K
$357.9K – $477.2K
NOI $28,634 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.11M
$975.4K – $1.30M
NOI $78,031 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 01840, MA
7,121
Population
3,415
Households
2.1
Avg Household Size
36
Median Age
13%
College-Educated
69%
High-School Grad
0.5 sq mi
ZIP Area
14,242
Density / Sq Mi
$34,630
Median Household Income
$31,930
Median Earnings
$1,174
Median Rent
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 - Partially finished basement and flexible layout support owner-occupancy plus rental income, with off-street parking.
Where is this duplex located?
The property is located at 378 Haverhill St Lawrence, MA.
What is the asking price?
The asking price for this property is $612,900.
What are key features of this property?
This property features: Duplex in Lawrence, MA at 378 Haverhill St; Partially finished basement with potential ADU conversion subject to permits; 3 off‑street parking spaces plus a one‑car garage
