Two-Family Home with
For Sale
$749,900
Pending
23 Burtt Street, Lowell, MA 01851
Two spacious units with separate living areas, patio space, a garage, and additional off-street parking.
Property Size3,468 SF
Days on Market149
Property Features for 23 Burtt Street
General Information
Standard status
Pending
Size
3,468 SF
Total Parking Spaces
5
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
TTF
Net Operating Income
$67,800
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,550
Amenities
No
Wood, Tile
Range, Refrigerator
Yes
Insulated Doors
4.0
Insulated Windows
Electric Dryer Hookup, Washer Hookup
Full, Finished, Bulkhead
Wood Burning
Ceiling Fan(s), Bathroom with Shower Stall, Walk-Up Attic, Heated Attic, Walk-In Closet(s), Living Room, Kitchen, Laundry Room
4
4.00
Frame
Slate
Porch, Porch - Enclosed
Porch, Enclosed
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Realty - Haverhill
(978) 372-8577
Listed By:
Abate & Ford Real Estate Team · License #9536505
(978) 372-8577
Source:
Compass
Added: Mar 22
Changed: Aug 8
Last Checked: Jul 21 at 7:27AM
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 - Haverhill
Investment Insights
Based on property information with market context.
This two-family home offers multi-level living in both units, with flexible layouts and plenty of natural light throughout. Unit 1 features 3 bedrooms and 2 baths, including two living rooms, a dining area, and a well-appointed kitchen. Unit 2 provides 4 bedrooms and 2 baths, with two living rooms and a large eat-in kitchen.
Outside, there is a patio area suitable for outdoor gatherings, along with a garage and additional off-street parking. The home is in the Highlands neighborhood of Lowell and is described as being close to local amenities, schools, shopping, and major commuter routes.
An open house was cancelled due to an accepted offer.
Outside, there is a patio area suitable for outdoor gatherings, along with a garage and additional off-street parking. The home is in the Highlands neighborhood of Lowell and is described as being close to local amenities, schools, shopping, and major commuter routes.
An open house was cancelled due to an accepted offer.
Key Highlights
- Two‑family home in Lowell’s Highlands neighborhood with spacious multi‑level living in both units
- Unit 1: 3 bedrooms, 2 baths, two living rooms, dining area, and kitchen
- Unit 2: 4 bedrooms, 2 baths, two living rooms, and a large eat‑in kitchen
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
$68,713
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
9.16%
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%
$1,374,260
$1.4M
Cap Rate 7%
$981,614
$981.6K
Cap Rate 9%
$763,478
$763.5K
Market Conditions
NOI Build-Up for 3,468 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
$106.1K $30.60/SF
− Vacancy
−$8.0K −$2.30/SF
EGI
$98.2K $28.31/SF
− OpEx
−$29.4K −$8.49/SF
NOI
$68.7K $19.81/SF
Area
Lowell, MA
Vacancy
7.50%
Lease Rate
$30.60 /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%
$1,374,260
Cap Rate 7%
$981,614
Cap Rate 9%
$763,478
Alternative Uses
Best Use
Multifamily LT 5
$981.6K
$858.9K – $1.15M
NOI $68,713 @ 7.0% cap · market cap 9.16%
Second Best
Apartment 5plus
$883.8K
$773.3K – $1.03M
NOI $61,864 @ 7.0% cap · market cap 8.25%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,443 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
570
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two spacious units with separate living areas, patio space, a garage, and additional off-street parking.
Where is this duplex located?
The property is located at 23 Burtt Street Lowell, MA.
What is the asking price?
The asking price for this property is $749,900.
What are key features of this property?
This property features: Two‑family home in Lowell’s Highlands neighborhood with spacious multi‑level living in both units; Unit 1: 3 bedrooms, 2 baths, two living rooms, dining area, and kitchen; Unit 2: 4 bedrooms, 2 baths, two living rooms, and a large eat‑in kitchen
