Building Details

Building Size 4,052 SF

Year Built 1880

Listing Agency: eXp Realty LLC - Corporate Office Show Phone

Listed By: Creatini Group Show Phone

Source: Iverty

Added: Jun 30 Changed: Oct 15 Last Checked: Oct 15 at 12:19AM

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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 eXp Realty LLC - Corporate Office

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Investment Insights

Based on property information with market context.

This four-unit residential property was built in 1880 and contains 4052 SF of building area on a 21,950 SF lot, approximately 0.5 acre. The occupied unit mix includes 3BR, 2BR, 2BR, and 1BR layouts. Heating is provided by a gas steam system, with municipal water and sewer serving the property. Seven off-street parking spaces are available.

Located on South Broadway, one of Lawrence’s principal arteries, the property also includes unfinished basement and attic areas. An additional foundation is already in place for potential expansion, subject to municipal approval. Showings are available by appointment only.

Key Highlights

• Four occupied units with a 3BR, 2BR, 2BR, and 1BR mix
• 4052 SF building on a 21,950 SF lot (approx. 0.5 acre)
• Seven off‑street parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$68,261

Cap Rate

6.21%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,365,220 $1.4M

Cap Rate 7%

$975,157 $975.2K

Cap Rate 9%

$758,456 $758.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,052 SF

Gross rent

$102.1K $25.20/SF

− Vacancy

−$4.6K −$1.13/SF

EGI

$97.5K $24.07/SF

− OpEx

−$29.3K −$7.22/SF

NOI

$68.3K $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 Rate 5%

$1,365,220

Cap Rate 7%

$975,157

Cap Rate 9%

$758,456

Alternative Uses

Best Use

Multifamily LT 5

$975.2K

$853.3K – $1.14M (±1% cap)

NOI $68,261 @ 7.0% cap · market cap 6.21%

Second Best

Apartment 5plus

$880.2K

$770.2K – $1.03M (±1% cap)

NOI $61,616 @ 7.0% cap · market cap 5.61%

Theoretical Best

Office A

$2.40M

$2.10M – $2.80M (±1% cap)

NOI $167,914 @ 7.0% cap · market cap 15.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Gym & Fitness Center Law Firm Cafe & Coffee Shop HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

4

Residential units

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

844

Businesses Nearby

Explore this area Business Placement

Demographics for 01843, MA

28,346

Population

10,968

Households

2.6

Avg Household Size

34

Median Age

20%

College-Educated

79%

High-School Grad

3.4 sq mi

ZIP Area

8,337

Density / Sq Mi

$72,163

Median Household Income

$38,957

Median Earnings

$1,703

Median Rent

$393,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Quadplex - Occupied residential income property with municipal water and sewer.

Where is this quadplex located?

The property is located at 350 S Broadway Lawrence, MA.

What is the asking price?

The asking price for this property is $1,099,000.

What are key features of this property?

This property features: Four occupied units with a 3BR, 2BR, 2BR, and 1BR mix; 4052 SF building on a 21,950 SF lot (approx. 0.5 acre); Seven off‑street parking spaces