6-Unit Apartment
For Sale
$1,149,000
229 Jackson St, Lawrence, MA 01841
Separate utilities, individual heating systems, and an updated fire alarm panel support practical property operations.
Property Size4,583 SF
Lot Size0.17 Acres
Price / SF$250.71
Days on Market159
Property Features for 229 Jackson St
General Information
Standard status
Active
Size
4,583 SF
Total Parking Spaces
7
Lot size
0.17 Acres
Property subtype
Multi-Family
Zoning
B23
Net Operating Income
$93,600
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 1BR, 1 x 3BR, 1 x Studio
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$5,845
Building Details
Building Size
4,583 SF
Year Built
1910
Stories
6
Listing Agency:
Coldwell Banker Realty - Brookline
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 26
Changed: Aug 29
Last Checked: Aug 30 at 1:43PM
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 Coldwell Banker Realty - Brookline
Investment Insights
Based on property information with market context.
This 6-unit apartment building in Lawrence contains four one-bedroom apartments, one three-bedroom apartment, and one studio. The property offers 4,583 square feet of living area on a 7,520-square-foot lot and was built in 1910. Building features include a mansard roof, vinyl replacement windows, separate gas heating systems, and individual electrical panels and meters. A recently updated fire alarm panel is also in place.
Three dedicated garage spaces include remote openers and provide on-site vehicle accommodation. The property is zoned B23 and sits 1.2 miles from the commuter rail. Local shops and downtown restaurants are nearby, with access to Route 114, Route 495, Route 93, Route 28, the Methuen Loop shopping center, and tax-free shopping in Salem, NH within a short drive.
Three dedicated garage spaces include remote openers and provide on-site vehicle accommodation. The property is zoned B23 and sits 1.2 miles from the commuter rail. Local shops and downtown restaurants are nearby, with access to Route 114, Route 495, Route 93, Route 28, the Methuen Loop shopping center, and tax-free shopping in Salem, NH within a short drive.
Key Highlights
- 6 units: 4 one‑bedroom, 1 three‑bedroom, and 1 studio
- 4,583 square feet of living area on a 7,520‑square‑foot lot
- Separate gas heating systems and electrical panels and meters
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
$69,691
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
6.07%
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%
$1,393,820
$1.4M
Cap Rate 7%
$995,586
$995.6K
Cap Rate 9%
$774,344
$774.3K
Market Conditions
NOI Build-Up for 4,583 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
$132.0K $28.80/SF
− Vacancy
−$5.3K −$1.15/SF
EGI
$126.7K $27.65/SF
− OpEx
−$57.0K −$12.44/SF
NOI
$69.7K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /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%
$1,393,820
Cap Rate 7%
$995,586
Cap Rate 9%
$774,344
Alternative Uses
Best Use
Apartment 5plus
$995.6K
$871.1K – $1.16M
NOI $69,691 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.71M
$2.37M – $3.17M
NOI $189,918 @ 7.0% cap · market cap 16.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,416
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Separate utilities, individual heating systems, and an updated fire alarm panel support practical property operations.
Where is this apartment building located?
The property is located at 229 Jackson St Lawrence, MA.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 6 units: 4 one‑bedroom, 1 three‑bedroom, and 1 studio; 4,583 square feet of living area on a 7,520‑square‑foot lot; Separate gas heating systems and electrical panels and meters
