Apartment Building with Ground-Floor
For Sale
$1,300,000
169-171 Salem St, Lowell, MA 01854
Residential Income, Lowell, MA
Property Size7,178 SF
Lot Size0.21 Acres
Price / SF$181.11
Days on Market276
Property Features for 169-171 Salem St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
UMF
Bedrooms
8
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 8, Bedroom 6, Bathroom 4, Bedroom 2
Parking
10
Elementary school
Lps
Middle school
Lps
High school
Lps, Gltech, Iacs
Directions
Off Pawtucket Street
Standard status
Active
Size
7,178 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
15642
Building Details
Year built
1900
Floors in Building
5
Number of units
5
Listing Agency:
RE/MAX Innovative Properties · RE/MAX International
(978) 452-4432
Listed By:
Joshua Naughton
(603) 434-4101
Added: Nov 17, 2025
Changed: Aug 19
Last Checked: Aug 20 at 11:06AM
MLS# 73455756
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
169-171 Salem St, Lowell, MA 01854 presents a well-maintained 5-unit mixed-use building with off-street parking and UMF zoning. The property sits on a 0.2085-acre lot with a total property size of 7,178 SF and was built in 1900.
The first floor includes retail space with a kitchen area featuring 2 walk-in coolers, 1 walk-in freezer, and pizza ovens. Two updated 3-bedroom apartments are located above the commercial space, and the adjacent two residential units each have 1 bedroom. Unit 4 has access to the basement and laundry hookups, while Unit 5 includes a walkup attic with 2 semi-finished rooms. All units have separate utilities and washer/dryer hookups.
Letters of Initial Lead Inspection Compliance are attached in the documents. Business/Cote’s market name, equipment, and inventory are included in the sale.
The first floor includes retail space with a kitchen area featuring 2 walk-in coolers, 1 walk-in freezer, and pizza ovens. Two updated 3-bedroom apartments are located above the commercial space, and the adjacent two residential units each have 1 bedroom. Unit 4 has access to the basement and laundry hookups, while Unit 5 includes a walkup attic with 2 semi-finished rooms. All units have separate utilities and washer/dryer hookups.
Letters of Initial Lead Inspection Compliance are attached in the documents. Business/Cote’s market name, equipment, and inventory are included in the sale.
Key Highlights
- 5‑unit mixed‑use building with first‑floor retail and four residential apartments
- Retail kitchen includes 2 walk‑in coolers, 1 walk‑in freezer, and pizza ovens; Cote’s market equipment and inventory included
- Two updated 3‑bedroom apartments above the commercial space
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
$118,390
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
9.11%
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%
$2,367,800
$2.4M
Cap Rate 7%
$1,691,286
$1.7M
Cap Rate 9%
$1,315,444
$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
$180.9K $25.20/SF
− Vacancy
−$11.8K −$1.64/SF
EGI
$169.1K $23.56/SF
− OpEx
−$50.7K −$7.07/SF
NOI
$118.4K $16.49/SF
Area
Lowell, MA
Vacancy
6.50%
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%
$2,367,800
Cap Rate 7%
$1,691,286
Cap Rate 9%
$1,315,444
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
Lease Details
5
Residential units
Turnkey business
Opportunity
Yes
Utilities to site
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?
Apartment building - Well-maintained 5-unit mixed-use building with off-street parking, UMF zoning, and separate utilities for all units.
Where is this apartment building 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: 5‑unit mixed‑use building with first‑floor retail and four residential apartments; Retail kitchen includes 2 walk‑in coolers, 1 walk‑in freezer, and pizza ovens; Cote’s market equipment and inventory included; Two updated 3‑bedroom apartments above the commercial space
