91-Unit Apartment
For Sale
Contact for pricing
170 Cross Street, Lowell, MA 01854
Multifamily portfolio across Lowell with established neighborhood access and connections to Greater Boston and Southern New Hampshire.
Property Size78,658 SF
Lot Size2.24 Acres
Price / SF$273.97
Days on Market12
Property Features for 170 Cross Street
General Information
Standard status
Active
Size
78,658 SF
Total Parking Spaces
94
Lot size
2.24 Acres
Property subtype
Multifamily
Net Operating Income
$1,490,619
Units
Unit Mix
65 x 2BR/1BA, 23 x 1BR/1BA, 3 x Studio
Multifamily Units
91
Additional Details
Highway Access
Yes
Building Details
Year Built
1955
Year Renovated
1974
Buildings
4
Units
91
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
(781) 776-4000
Listed By:
Dennis Kelleher · License #MA 9504385
Source:
Crexi
Added: Aug 11
Changed: Aug 21
Last Checked: Aug 21 at 5:51PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This apartment portfolio includes 91 units across properties at 170 Cross Street, 18–24 Waugh Street, 146 Stevens Street, and 169 Aiken Avenue in Lowell, Massachusetts. The unit mix comprises 65 two-bedroom, one-bathroom apartments; 23 one-bedroom, one-bathroom apartments; and 3 studios. The properties contain 69,855 square feet of gross living area within 78,658 square feet of gross area, situated on 2.24 acres with 94 off-street parking spaces. Built in 1955, the portfolio provides a sizable multifamily footprint distributed across multiple Lowell locations.
Residents have access to Lowell’s downtown business district, neighborhood retail corridors, and surrounding residential areas. Regional routes include Interstate 495, the Lowell Connector, U.S. Route 3, and nearby Interstate 93, connecting the portfolio with the Merrimack Valley, Greater Boston, and Southern New Hampshire.
Residents have access to Lowell’s downtown business district, neighborhood retail corridors, and surrounding residential areas. Regional routes include Interstate 495, the Lowell Connector, U.S. Route 3, and nearby Interstate 93, connecting the portfolio with the Merrimack Valley, Greater Boston, and Southern New Hampshire.
Key Highlights
- 91 total apartment units across four Lowell addresses
- Unit mix includes 65 2‑Bedroom/1‑Bathroom, 23 1‑Bedroom/1‑Bathroom, and 3 Studio units
- 69,855 square feet of gross living area within 78,658 square feet of gross area
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
$1,403,139
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
6.51%
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%
$28,062,780
$28.1M
Cap Rate 7%
$20,044,843
$20.0M
Cap Rate 9%
$15,590,433
$15.6M
Market Conditions
NOI Build-Up for 78,658 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
$2.74M $34.80/SF
− Vacancy
−$186.1K −$2.37/SF
EGI
$2.55M $32.43/SF
− OpEx
−$1.15M −$14.60/SF
NOI
$1.40M $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%
$28,062,780
Cap Rate 7%
$20,044,843
Cap Rate 9%
$15,590,433
Alternative Uses
Best Use
Apartment 5plus
$20.04M
$17.54M – $23.39M
NOI $1,403,139 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$27.68M
$24.22M – $32.30M
NOI $1,937,932 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
91
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,675
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 - Multifamily portfolio across Lowell with established neighborhood access and connections to Greater Boston and Southern New Hampshire.
Where is this apartment building located?
The property is located at 170 Cross Street Lowell, MA.
What is the asking price?
The asking price for this property is $21,550,000.
What are key features of this property?
This property features: 91 total apartment units across four Lowell addresses; Unit mix includes 65 2‑Bedroom/1‑Bathroom, 23 1‑Bedroom/1‑Bathroom, and 3 Studio units; 69,855 square feet of gross living area within 78,658 square feet of gross area
