Flex and Warehouse
For Sale
$995,000
20-26 Howard St, Lowell, MA 01851
Two well-maintained commercial buildings offer separate flex and warehouse-ready spaces, including garage bays and parking.
Property Size5,351 SF
Price / SF$185.95
Days on Market100
Property Features for 20-26 Howard St
General Information
Standard status
Active
Size
5,351 SF
Total Parking Spaces
10
Property subtype
COMMERCIAL
Additional Details
Service Bays
2
Taxes and HOA fees
Annual Taxes
$11,412
Building Details
Building Size
5,351 SF
Year Built
1988
Listing Agency:
Real Broker MA, LLC
Listed By:
Wai Yi Sammi Ng · License #448552045
(617) 833-8856
Source:
Kevinfruh
Added: May 28
Changed: Sep 4
Last Checked: Sep 4 at 1:21PM
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 Real Broker MA, LLC
Investment Insights
Based on property information with market context.
The property consists of two well-maintained commercial buildings built in 1988. 20 Howard St includes two separate spaces, each currently rented, with a garage bay, office area, and a half bath on the upper level. 26 Howard St is vacant and features a large garage bay, an expansive work area, 1.5 baths, and a full kitchen with washer/dryer hookups. This building also includes gas forced hot air heating, central A/C, and strong insulation.
On-site parking includes a parking lot sized to accommodate approximately 10 vehicles, along with additional off-street parking. The configuration and garage bays support a wide range of flex and warehouse-oriented uses for owner-users, contractors, storage, automotive use, and similar applications.
Overall, the asset provides a two-building setup with distinct space layouts, including office and restroom facilities in one building and a more open, work-focused arrangement with enhanced utilities in the other.
On-site parking includes a parking lot sized to accommodate approximately 10 vehicles, along with additional off-street parking. The configuration and garage bays support a wide range of flex and warehouse-oriented uses for owner-users, contractors, storage, automotive use, and similar applications.
Overall, the asset provides a two-building setup with distinct space layouts, including office and restroom facilities in one building and a more open, work-focused arrangement with enhanced utilities in the other.
Key Highlights
- Two commercial buildings in Lowell built in 1988, offering separate spaces at 20 Howard St and 26 Howard St.
- 20 Howard St: two separate rented spaces at $2,600 per month each, with garage bay, office area, and a half bath on the upper level.
- 26 Howard St: currently vacant with a large garage bay, expansive work area, 1.5 baths, and full kitchen with washer/dryer hookups.
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
$70,245
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
7.06%
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%
$1,404,900
$1.4M
Cap Rate 7%
$1,003,500
$1.0M
Cap Rate 9%
$780,500
$780.5K
Market Conditions
NOI Build-Up for 5,351 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
$115.6K $21.60/SF
− Vacancy
−$7.5K −$1.40/SF
EGI
$108.1K $20.20/SF
− OpEx
−$37.8K −$7.07/SF
NOI
$70.2K $13.13/SF
Area
Lowell, MA
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
35.00%
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%
$1,404,900
Cap Rate 7%
$1,003,500
Cap Rate 9%
$780,500
Alternative Uses
Best Use
Flex RnD
$1.00M
$878.1K – $1.17M
NOI $70,245 @ 7.0% cap · market cap 7.06%
Second Best
Warehouse
$531.4K
$465.0K – $619.9K
NOI $37,196 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,835 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Service bays
Location Intelligence
Trade Area within ½ mile
2,713
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 01851, MA
32,691
Population
11,759
Households
2.8
Avg Household Size
34
Median Age
32%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
10,216
Density / Sq Mi
$87,962
Median Household Income
$46,388
Median Earnings
$1,686
Median Rent
$432,100
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- wekhut4u — 21 Liberty St, Lowell, MA 01851
- Omkar Foods — 17 Warren St, Lowell, MA 01852
- Infuse Catering Services — 17 Warren St, Lowell, MA 01852
- Mamas Basement — 413 Fletcher St, Lowell, MA 01854
- Naturel Juicing — 120 Merrimack St, Lowell, MA 01852
Frequently Asked Questions
What type of property is this?
Flex space - Two well-maintained commercial buildings offer separate flex and warehouse-ready spaces, including garage bays and parking.
Where is this flex space located?
The property is located at 20-26 Howard St Lowell, MA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Two commercial buildings in Lowell built in 1988, offering separate spaces at 20 Howard St and 26 Howard St.; 20 Howard St: two separate rented spaces at $2,600 per month each, with garage bay, office area, and a half bath on the upper level.; 26 Howard St: currently vacant with a large garage bay, expansive work area, 1.5 baths, and full kitchen with washer/dryer hookups.
