4-Unit Multifamily
172-174 Park St, Lawrence, MA 01841
For Sale
New
$1,235,000
Current occupancy spans all four residences, with tenant-at-will arrangements.
Property Size4,678 SF
Price / SF$264
Days on Market3
Property Features for 172-174 Park St
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Units
Unit Mix
Multifamily Units
Individually Metered Utilities
Additional Details
Gross Income
Sprinkler System
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
coin-operated laundry
fenced yard
garden area
fruit trees
storage shed
one-car garage
Yes
4
No
12
Public Record
Laundry Room,Ceiling Fan(s),Kitchen,Living RM/Dining RM Combo,Living Room,Dining Room
4678
450
Fenced/Enclosed,Fenced
Level
Public
0.16
11
1
Paved Drive,Off Street,Paved
Sprinkler System,Fruit Trees,Garden
Concrete Perimeter,Stone
Building Details
Building Size
Year Built
Stories
Listing Agency:
Realty Direct Somerville
Listed By:
Kim Mulligan
Source:
Realprobythewater
Added: Nov 7
Changed: Nov 8
Last Checked: Nov 8 at 5:30PM
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 Realty Direct Somerville
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 4,678-square-foot multifamily property contains four apartments, each configured with three bedrooms, for a total of 12 bedrooms and four full bathrooms. Built in 1910, the building has individual gas heating systems, separately metered gas and electric service, replacement windows, vinyl siding, and a certified fire sprinkler system. Basement areas include coin-operated laundry, mechanical space, and tenant storage. The 0.16-acre property also features a fenced yard with a garden and fruit trees, a storage shed, a one-car garage, and off-street parking for 8+ vehicles.
All four residences are occupied by tenants-at-will. Shopping, transportation, and major commuter routes are nearby.
All four residences are occupied by tenants-at-will. Shopping, transportation, and major commuter routes are nearby.
Key Highlights
- Four apartments, each with 3 bedrooms; 12 bedrooms and 4 full baths overall
- 4,678‑square‑foot building on 0.16 acres; constructed in 1910
- Certified fire sprinkler system, replacement windows, vinyl siding, and separate gas and electric meters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$78,807
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,576,140
$1.6M
Cap Rate 7%
$1,125,814
$1.1M
Cap Rate 9%
$875,633
$875.6K
Market Conditions
NOI Build-Up for 4,678 SF
Gross rent
$117.9K $25.20/SF
− Vacancy
−$5.3K −$1.13/SF
EGI
$112.6K $24.07/SF
− OpEx
−$33.8K −$7.22/SF
NOI
$78.8K $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%
$1,576,140
Cap Rate 7%
$1,125,814
Cap Rate 9%
$875,633
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$985.1K – $1.31M
NOI $78,807 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$1.02M
$889.2K – $1.19M
NOI $71,136 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,855 @ 7.0% cap · market cap 15.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,302
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Current occupancy spans all four residences, with tenant-at-will arrangements.
Where is this quadplex located?
The property is located at 172-174 Park St Lawrence, MA.
What is the asking price?
The asking price for this property is $1,235,000.
What are key features of this property?
This property features: Four apartments, each with 3 bedrooms; 12 bedrooms and 4 full baths overall; 4,678‑square‑foot building on 0.16 acres; constructed in 1910; Certified fire sprinkler system, replacement windows, vinyl siding, and separate gas and electric meters
