Mixed-Use Building Near UMASS
For Sale
$1,300,000
169-171 Salem St, Lowell, MA 01854
Five-unit mixed-use building with retail space and residential units.
Property Size7,178 SF
Price / SF$181.11
Days on Market291
Property Features for 169-171 Salem St
General Information
Standard status
Active
Size
7,178 SF
Total Parking Spaces
10
Property subtype
Multi-Family
Zoning
UMF
Net Operating Income
$98,000
Taxes and HOA fees
Annual Taxes
$15,642
Building Details
Building Size
7,178 SF
Year Built
1900
Stories
5
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Nov 18, 2025
Changed: Sep 4
Last Checked: Sep 5 at 4:28AM
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 Herion Karbunara
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
1,694
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 St 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.
