Four-Unit Quadplex with Unfinished
For Sale
$1,099,000
Pending
350 S Broadway, Lawrence, MA 01843
Occupied residential income property with municipal water and sewer.
Property Size4,052 SF
Lot Size0.50 Acres
Days on Market62
Property Features for 350 S Broadway
General Information
Standard status
Pending
Size
4,052 SF
Total Parking Spaces
7
Lot size
0.50 Acres
Property subtype
4 Family
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR, 2 x 2BR, 1 x 1BR
Multifamily Units
4
Additional Details
Gross Income
$104,100
Building Details
Building Size
4,052 SF
Year Built
1880
Listing Agency:
IVerty Realty, LLC
(617) 804-1999
Listed By:
Creatini Group · License #452508574
(617) 804-1999
Source:
Iverty
Added: Jun 30
Changed: Aug 29
Last Checked: Aug 30 at 5:28PM
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 IVerty Realty, LLC
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.
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 = 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
$68,261
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
6.21%
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%
$1,365,220
$1.4M
Cap Rate 7%
$975,157
$975.2K
Cap Rate 9%
$758,456
$758.5K
Market Conditions
NOI Build-Up for 4,052 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
$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 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%
$1,365,220
Cap Rate 7%
$975,157
Cap Rate 9%
$758,456
Alternative Uses
Best Use
Multifamily LT 5
$975.2K
$853.3K – $1.14M
NOI $68,261 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$880.2K
$770.2K – $1.03M
NOI $61,616 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $167,914 @ 7.0% cap · market cap 15.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
