Three-Unit Triplex
New
For Sale
$789,900
30-32 Spruce, Lawrence, MA 01841
Separate residences offer a nine-bedroom, three-bathroom multifamily configuration for ownership or rental use.
Property Size2,904 SF
Price / SF$272
Days on Market3
Property Features for 30-32 Spruce
General Information
Standard status
Active
Size
2,904 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
Lisa Yeastedt, Re/Max Bentley's
(781) 704-7040
Listed By:
The Kristin Gennetti Group
(781) 704-7040
Source:
Kristingennetti
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 29 at 10:15PM
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 Lisa Yeastedt, Re/Max Bentley's
Investment Insights
Based on property information with market context.
This multifamily property contains three separate residential units with a combined 2,904 square feet, 9 bedrooms, and 3 full bathrooms. Built in 1910, the triplex provides a multi-unit layout suited to residential income ownership or an owner-occupant arrangement.
Located at 30-32 Spruce in Lawrence, Massachusetts, the property is near schools, shopping, dining, local amenities, and major transportation routes. The three-family configuration provides distinct living spaces within one residential asset.
Located at 30-32 Spruce in Lawrence, Massachusetts, the property is near schools, shopping, dining, local amenities, and major transportation routes. The three-family configuration provides distinct living spaces within one residential asset.
Key Highlights
- Three separate residential units in one multifamily property
- 9 bedrooms and 3 full bathrooms
- 2,904 square feet of total property size
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
$48,921
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
6.19%
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%
$978,420
$978.4K
Cap Rate 7%
$698,871
$698.9K
Cap Rate 9%
$543,567
$543.6K
Market Conditions
NOI Build-Up for 2,904 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
$73.2K $25.20/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$69.9K $24.07/SF
− OpEx
−$21.0K −$7.22/SF
NOI
$48.9K $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%
$978,420
Cap Rate 7%
$698,871
Cap Rate 9%
$543,567
Alternative Uses
Best Use
Multifamily LT 5
$698.9K
$611.5K – $815.4K
NOI $48,921 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$630.8K
$552.0K – $736.0K
NOI $44,159 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$1.72M
$1.50M – $2.01M
NOI $120,341 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,529
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?
Triplex - Separate residences offer a nine-bedroom, three-bathroom multifamily configuration for ownership or rental use.
Where is this triplex located?
The property is located at 30-32 Spruce Lawrence, MA.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Three separate residential units in one multifamily property; 9 bedrooms and 3 full bathrooms; 2,904 square feet of total property size
