Updated Triplex with Vacant
For Sale
$887,500
Pending
31-33 Bourne Street, Lowell, MA 01852
Three apartments offer flexible occupancy and separate utility metering.
Property Size3,900 SF
Days on Market54
Property Features for 31-33 Bourne Street
General Information
Standard status
Pending
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
Listed By:
Michael Alvarez
(617) 329-9493
Source:
Classifiedrealtygroup
Added: Aug 20
Changed: Sep 26
Last Checked: Oct 11 at 3:40AM
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 / Yr
$77,273
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
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
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 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
