Lead-Free Duplex with Flexible
For Sale
$659,900
Pending
35 Puffer St, Lowell, MA 01851
Two residential units offer separate-access rear areas, shared laundry, and adaptable living arrangements.
Property Size2,861 SF
Days on Market77
Property Features for 35 Puffer St
General Information
Standard status
Pending
Size
2,861 SF
Property subtype
2 Family - 2 Units Up/Down
Building Details
Year Built
1900
Listing Agency:
Doherty Properties
(978) 857-9580
Listed By:
Christian Doherty · License #456015020
(978) 857-9580
Source:
Lockandkeyre
Added: Jun 15
Changed: Aug 29
Last Checked: Jun 25 at 8:07PM
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 Doherty Properties
Investment Insights
Based on property information with market context.
Built in 1900, this 2861-square-foot duplex contains two residential units, each with 3 bedrooms and 1.5 bathrooms. Both apartments include rear sections with a bedroom, bathroom, and separate access, creating additional privacy within each unit. The first-floor apartment has steam heat and access to an unfinished basement for storage, while the upper unit uses hot-water heat. A shared laundry room serves the property, which is certified Lead Free.
The home is located on Puffer Street in Lowell’s Highlands neighborhood. Callery Park and public tennis courts are within a short walk, with shopping and restaurants nearby. The rear rooms on the upper level offer a layout that may be evaluated for ADU conversion, subject to verification with the City.
The home is located on Puffer Street in Lowell’s Highlands neighborhood. Callery Park and public tennis courts are within a short walk, with shopping and restaurants nearby. The rear rooms on the upper level offer a layout that may be evaluated for ADU conversion, subject to verification with the City.
Key Highlights
- Two‑unit duplex with 2861 square feet of building area
- Each apartment includes 3 bedrooms and 1.5 bathrooms
- Separate‑access rear areas include a bedroom and bathroom in both units
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
$56,686
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
8.59%
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%
$1,133,720
$1.1M
Cap Rate 7%
$809,800
$809.8K
Cap Rate 9%
$629,844
$629.8K
Market Conditions
NOI Build-Up for 2,861 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
$87.5K $30.60/SF
− Vacancy
−$6.6K −$2.30/SF
EGI
$81.0K $28.31/SF
− OpEx
−$24.3K −$8.49/SF
NOI
$56.7K $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%
$1,133,720
Cap Rate 7%
$809,800
Cap Rate 9%
$629,844
Alternative Uses
Best Use
Multifamily LT 5
$809.8K
$708.6K – $944.8K
NOI $56,686 @ 7.0% cap · market cap 8.59%
Second Best
Apartment 5plus
$729.1K
$638.0K – $850.6K
NOI $51,036 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$1.01M
$881.1K – $1.17M
NOI $70,488 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
762
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 residential units offer separate-access rear areas, shared laundry, and adaptable living arrangements.
Where is this duplex located?
The property is located at 35 Puffer St Lowell, MA.
What is the asking price?
The asking price for this property is $659,900.
What are key features of this property?
This property features: Two‑unit duplex with 2861 square feet of building area; Each apartment includes 3 bedrooms and 1.5 bathrooms; Separate‑access rear areas include a bedroom and bathroom in both units
