Apartment Building with Storage
For Sale
$3,199,000
Pending
1311 Middlesex St, Lowell, MA 01851
12-unit apartment building with 8 storage bays for sale.
Property Size9,582 SF
Lot Size0.42 Acres
Days on Market265
Property Features for 1311 Middlesex St
General Information
Standard status
Pending
Size
9,582 SF
Lot size
0.42 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$99
Building Details
Building Size
9,582 SF
Year Built
1900
Stories
2
Units
12
Listing Agency:
Boston Realty Advisors
(781) 690-4037
Listed By:
Christopher Hatem · License #9587053
(781) 690-4037
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 15
Last Checked: Aug 20 at 11:30AM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This property features a 100% occupied asset consisting of 12 apartment units and 8 large garage/storage bays. It offers value-add potential through cosmetic and base-building improvements, as well as future rent growth. The property is located close to area amenities and transit options.
Key Highlights
- 100% occupied asset
- Value‑add potential through cosmetic improvements
- Value‑add potential through base‑building improvements
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
$170,928
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
5.34%
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%
$3,418,560
$3.4M
Cap Rate 7%
$2,441,829
$2.4M
Cap Rate 9%
$1,899,200
$1.9M
Market Conditions
NOI Build-Up for 9,582 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
$333.5K $34.80/SF
− Vacancy
−$22.7K −$2.37/SF
EGI
$310.8K $32.43/SF
− OpEx
−$139.9K −$14.60/SF
NOI
$170.9K $17.84/SF
Area
Lowell, MA
Vacancy
6.80%
Lease Rate
$34.80 /SF/Yr
Expense Ratio
45.00%
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%
$3,418,560
Cap Rate 7%
$2,441,829
Cap Rate 9%
$1,899,200
Alternative Uses
Best Use
Apartment 5plus
$2.44M
$2.14M – $2.85M
NOI $170,928 @ 7.0% cap · market cap 5.34%
Second Best
Self Storage
$1.41M
$1.24M – $1.65M
NOI $98,880 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $236,076 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
626
Businesses Nearby
Explore this area
Business Placement
Demographics for 01851, MA
32,691
Population
11,759
Households
2.8
Avg Household Size
34
Median Age
32%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
10,216
Density / Sq Mi
$87,962
Median Household Income
$46,388
Median Earnings
$1,686
Median Rent
$432,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 12-unit apartment building with 8 storage bays for sale.
Where is this apartment building located?
The property is located at 1311 Middlesex St Lowell, MA.
What is the asking price?
The asking price for this property is $3,199,000.
What are key features of this property?
This property features: 100% occupied asset; Value‑add potential through cosmetic improvements; Value‑add potential through base‑building improvements
