Renovated Two-Unit
New
For Sale
$750,000
16 Berkeley St, Lawrence, MA 01841
Both residences offer three bedrooms, updated kitchens, and laundry hookups.
Property Size3,072 SF
Price / SF$244.14
Days on Market4
Property Features for 16 Berkeley St
General Information
Standard status
Active
Size
3,072 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,080
Building Details
Building Size
3,072 SF
Year Built
1900
Buildings
1
Listing Agency:
View Real Estate Group
Listed By:
Zolgalys Sanchez
(978) 208-2087
Source:
Kevinfruh
Added: Oct 5
Changed: Oct 7
Last Checked: Oct 7 at 12:23PM
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 View Real Estate Group
Investment Insights
Based on property information with market context.
This renovated duplex contains two residences, each with three bedrooms and one full bathroom. Interior details include hardwood flooring, updated kitchens with granite countertops and new cabinetry, and open living rooms. Laundry hookups are available in the property.
Improvements include a new heating system and water tank serving the first unit, along with new electrical panels on both floors. The property was built in 1900 and is near major highways, shopping centers, and downtown Lawrence.
Improvements include a new heating system and water tank serving the first unit, along with new electrical panels on both floors. The property was built in 1900 and is near major highways, shopping centers, and downtown Lawrence.
Key Highlights
- Two units, each with 3 bedrooms and 1 full bathroom
- 3,072 square feet; built in 1900
- Renovated interiors with hardwood flooring and kitchens featuring granite countertops and new cabinets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,752
Cap Rate
6.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,035,040
$1.0M
Cap Rate 7%
$739,314
$739.3K
Cap Rate 9%
$575,022
$575.0K
Market Conditions
NOI Build-Up for 3,072 SF
Gross rent
$77.4K $25.20/SF
− Vacancy
−$3.5K −$1.13/SF
EGI
$73.9K $24.07/SF
− OpEx
−$22.2K −$7.22/SF
NOI
$51.8K $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 Rate 5%
$1,035,040
Cap Rate 7%
$739,314
Cap Rate 9%
$575,022
Alternative Uses
Best Use
Multifamily LT 5
$739.3K
$646.9K – $862.5K
NOI $51,752 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$667.3K
$583.9K – $778.6K
NOI $46,714 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,303 @ 7.0% cap · market cap 16.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
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Business Placement
Demographics for 01841, MA
53,654
Population
17,546
Households
3.1
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
3.0 sq mi
ZIP Area
17,885
Density / Sq Mi
$54,525
Median Household Income
$34,741
Median Earnings
$1,565
Median Rent
$393,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer three bedrooms, updated kitchens, and laundry hookups.
Where is this duplex located?
The property is located at 16 Berkeley St Lawrence, MA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Two units, each with 3 bedrooms and 1 full bathroom; 3,072 square feet; built in 1900; Renovated interiors with hardwood flooring and kitchens featuring granite countertops and new cabinets
