Single-Story
New
For Sale
$900,000
28 Exchange St, Lawrence, MA 01841
Two separate units provide flexible living arrangements with substantial on-site parking.
Property Size2,334 SF
Lot Size0.22 Acres
Price / SF$385.60
Days on Market4
Property Features for 28 Exchange St
General Information
Standard status
Active
Size
2,334 SF
Lot size
0.22 Acres
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,944
Building Details
Building Size
2,334 SF
Year Built
1969
Buildings
1
Stories
2
Units
2
Listing Agency:
(603) 327-4250
Listed By:
Zuleem Garcia
(603) 327-4250
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 6:53AM
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 Zuleem Garcia
Investment Insights
Based on property information with market context.
Built in 1969, this single-story duplex contains 2,334 square feet of living space arranged across two separate units. Each unit includes an additional bedroom, creating flexible accommodations within the duplex configuration. The property sits on a 9,600-square-foot lot and provides 15+ parking spaces for residents and guests.
Located at 28 Exchange St in Lawrence, Massachusetts, the property has a Walk Score of 93, a Bike Score of 59, and a Transit Score of 47. Its two-unit layout supports rental use, multigenerational living, or an owner-occupant arrangement with separate residential space.
Located at 28 Exchange St in Lawrence, Massachusetts, the property has a Walk Score of 93, a Bike Score of 59, and a Transit Score of 47. Its two-unit layout supports rental use, multigenerational living, or an owner-occupant arrangement with separate residential space.
Key Highlights
- Two‑unit duplex configuration with an additional bedroom in each unit
- 2,334 square feet of living space
- 15+ parking spaces on a 9,600‑square‑foot lot
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
$39,319
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
4.37%
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%
$786,380
$786.4K
Cap Rate 7%
$561,700
$561.7K
Cap Rate 9%
$436,878
$436.9K
Market Conditions
NOI Build-Up for 2,334 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
$58.8K $25.20/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$56.2K $24.07/SF
− OpEx
−$16.9K −$7.22/SF
NOI
$39.3K $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 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%
$786,380
Cap Rate 7%
$561,700
Cap Rate 9%
$436,878
Alternative Uses
Best Use
Multifamily LT 5
$561.7K
$491.5K – $655.3K
NOI $39,319 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$507.0K
$443.7K – $591.5K
NOI $35,492 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,720 @ 7.0% cap · market cap 10.75%
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
1,792
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?
Duplex - Two separate units provide flexible living arrangements with substantial on-site parking.
Where is this duplex located?
The property is located at 28 Exchange St Lawrence, MA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Two‑unit duplex configuration with an additional bedroom in each unit; 2,334 square feet of living space; 15+ parking spaces on a 9,600‑square‑foot lot
