Downtown Six-Unit Multifamily
For Sale
$1,190,000
368-370 River Street, Haverhill, MA 01832
Six-unit residential property built in 1910 with updates, featuring 16 bedrooms and six bathrooms.
Property Size6,600 SF
Lot Size0.14 Acres
Price / SF$180.30
Days on Market39
Property Features for 368-370 River Street
General Information
Standard status
Active
Size
6,600 SF
Lot size
0.14 Acres
Property subtype
Multi-family
Zoning
RU
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
6
Building Details
Year Built
1910
Listing Agency:
Northeast Private Client Group,LLC
Listed By:
Patrick Wheeler
(617) 661-6600
Source:
Cambridgerealty
Added: Jul 3
Changed: Aug 10
Last Checked: Aug 10 at 4:07AM
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 Northeast Private Client Group,LLC
Investment Insights
Based on property information with market context.
This six-unit multifamily building offers approximately 6,600 square feet of living space with 16 bedrooms and six bathrooms. The unit mix includes two 2-bedroom/1-bath units and four 3-bedroom/1-bath units. Built in 1910, the property includes updates throughout and is being sold in as-is condition.
The building is located in downtown Haverhill along Route 113. It is about 0.5 miles to the MBTA commuter rail and about one block from the bus station, supporting commuter convenience. Three shopping centers are within 1.4 miles, and multiple parks are within 9.5 miles.
Zoned Residential Urban Density (RU), the property sits on approximately 0.138 acres and is offered for sale with seller financing available.
The building is located in downtown Haverhill along Route 113. It is about 0.5 miles to the MBTA commuter rail and about one block from the bus station, supporting commuter convenience. Three shopping centers are within 1.4 miles, and multiple parks are within 9.5 miles.
Zoned Residential Urban Density (RU), the property sits on approximately 0.138 acres and is offered for sale with seller financing available.
Key Highlights
- Built in 1910, this updated 6‑unit multi‑family offers approx. 6,600 SF with 16 bedrooms and 6 bathrooms.
- Unit mix: two 2‑bedroom/1‑bath units and four 3‑bedroom/1‑bath units.
- Approx. 0.138‑acre lot in Downtown Haverhill along Route 113.
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
$100,362
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
8.43%
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%
$2,007,240
$2.0M
Cap Rate 7%
$1,433,743
$1.4M
Cap Rate 9%
$1,115,133
$1.1M
Market Conditions
NOI Build-Up for 6,600 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
$190.1K $28.80/SF
− Vacancy
−$7.6K −$1.15/SF
EGI
$182.5K $27.65/SF
− OpEx
−$82.1K −$12.44/SF
NOI
$100.4K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$2,007,240
Cap Rate 7%
$1,433,743
Cap Rate 9%
$1,115,133
Alternative Uses
Best Use
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,362 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.91M
$3.42M – $4.56M
NOI $273,502 @ 7.0% cap · market cap 22.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
Explore this area
Business Placement
Demographics for 01832, MA
25,656
Population
10,735
Households
2.4
Avg Household Size
38
Median Age
28%
College-Educated
90%
High-School Grad
11.4 sq mi
ZIP Area
2,251
Density / Sq Mi
$81,141
Median Household Income
$47,151
Median Earnings
$1,612
Median Rent
$410,300
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?
Apartment building - Six-unit residential property built in 1910 with updates, featuring 16 bedrooms and six bathrooms.
Where is this apartment building located?
The property is located at 368-370 River Street Haverhill, MA.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Built in 1910, this updated 6‑unit multi‑family offers approx. 6,600 SF with 16 bedrooms and 6 bathrooms.; Unit mix: two 2‑bedroom/1‑bath units and four 3‑bedroom/1‑bath units.; Approx. 0.138‑acre lot in Downtown Haverhill along Route 113.
