Updated Triplex with Vacant
New
For Sale
$887,500
31-33 Bourne Street, Lowell, MA 01852
Three apartments offer flexible occupancy and separate utility metering.
Property Size3,900 SF
Days on Market6
Property Features for 31-33 Bourne Street
General Information
Standard status
Active
Size
3,900 SF
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$7,668
Building Details
Building Size
3,900 SF
Year Built
1910
Listing Agency:
Alvarez Real Estate Group LLC
(617) 329-9493
Listed By:
Michael Alvarez
Source:
Classifiedrealtygroup
Added: Aug 20
Changed: Aug 25
Last Checked: Aug 25 at 4:58AM
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 Alvarez Real Estate Group LLC
Investment Insights
Based on property information with market context.
This 1910 triplex contains approximately 3,900 SF of living area across three 3BR/1BA apartments. Two units are expected to be vacant at closing, while improvements to the first- and second-floor apartments include refinished hardwood, luxury vinyl plank flooring, refreshed bathroom vanities, and newer appliances. In-unit washer/dryer hookups, usable yard space, updated electrical service, and separately metered forced hot-air gas heating add practical operating features. The property also has a newer EPDM rubber roof installed in 2022.
The building is located near Downtown Lowell with access to the Lowell Connector, Route 3, I-495, LRTA service, and MBTA commuter rail. Shopping, dining, parks, employment centers, and educational institutions are also identified nearby. Existing three-bedroom layouts may offer reconfiguration potential into four-bedroom units, subject to applicable approvals and permitting.
The building is located near Downtown Lowell with access to the Lowell Connector, Route 3, I-495, LRTA service, and MBTA commuter rail. Shopping, dining, parks, employment centers, and educational institutions are also identified nearby. Existing three-bedroom layouts may offer reconfiguration potential into four-bedroom units, subject to applicable approvals and permitting.
Key Highlights
- Three 3BR/1BA apartments totaling approximately 3,900 SF
- Two units expected vacant and move‑in ready at closing
- Newer EPDM rubber roof installed in 2022
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
$77,273
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
8.71%
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%
$1,545,460
$1.5M
Cap Rate 7%
$1,103,900
$1.1M
Cap Rate 9%
$858,589
$858.6K
Market Conditions
NOI Build-Up for 3,900 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
$119.3K $30.60/SF
− Vacancy
−$9.0K −$2.30/SF
EGI
$110.4K $28.31/SF
− OpEx
−$33.1K −$8.49/SF
NOI
$77.3K $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%
$1,545,460
Cap Rate 7%
$1,103,900
Cap Rate 9%
$858,589
Alternative Uses
Best Use
Multifamily LT 5
$1.10M
$965.9K – $1.29M
NOI $77,273 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$993.9K
$869.6K – $1.16M
NOI $69,570 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,086 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 01852, MA
36,708
Population
15,363
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
86%
High-School Grad
5.0 sq mi
ZIP Area
7,342
Density / Sq Mi
$77,058
Median Household Income
$48,976
Median Earnings
$1,567
Median Rent
$397,200
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 - Three apartments offer flexible occupancy and separate utility metering.
Where is this triplex located?
The property is located at 31-33 Bourne Street Lowell, MA.
What is the asking price?
The asking price for this property is $887,500.
What are key features of this property?
This property features: Three 3BR/1BA apartments totaling approximately 3,900 SF; Two units expected vacant and move‑in ready at closing; Newer EPDM rubber roof installed in 2022
