Updated Two-Unit Residential
For Sale
$799,000
Pending
38 Third Ave, Lowell, MA 01854
Meticulously maintained 2-unit duplex with private off-street parking and a renovated kitchen with quartz countertops.
Property Size2,790 SF
Days on Market44
Property Features for 38 Third Ave
General Information
Standard status
Pending
Size
2,790 SF
Property subtype
2 Family - 2 Units Up/Down
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1900
Listing Agency:
The LGCY Group LLC
(508) 989-6943
Listed By:
Jaquaine Coe
(508) 989-6943
Source:
Lockandkeyre
Added: Jul 13
Changed: Aug 24
Last Checked: Aug 24 at 4:53AM
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 The LGCY Group LLC
Investment Insights
Based on property information with market context.
This updated 2-unit duplex has been meticulously maintained by a single owner for over 25 years and is being offered completely vacant. The property features six bedrooms and two full bathrooms across 2,790 square feet, with a renovated kitchen including quartz countertops, white shaker cabinets, stainless steel appliances, a subway tile backsplash, and marble-look porcelain floors. The home also offers private off-street parking and a manicured lot.
Conveniently located just minutes to Routes 3, 495, and 93, the property is close to Downtown Lowell and UMass Lowell, with the MBTA, shops, and dining also nearby.
Delivered vacant, the duplex gives the next owner flexibility to set occupancy and manage the property from day one.
Conveniently located just minutes to Routes 3, 495, and 93, the property is close to Downtown Lowell and UMass Lowell, with the MBTA, shops, and dining also nearby.
Delivered vacant, the duplex gives the next owner flexibility to set occupancy and manage the property from day one.
Key Highlights
- 2‑unit duplex built in 1900 with 2,790 sqft of updated living space
- 6 bedrooms and 2 full baths across both units
- Renovated kitchen with quartz countertops, white shaker cabinets, stainless steel appliances, subway tile backsplash, and marble‑look porcelain floors
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
$55,280
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
6.92%
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%
$1,105,600
$1.1M
Cap Rate 7%
$789,714
$789.7K
Cap Rate 9%
$614,222
$614.2K
Market Conditions
NOI Build-Up for 2,790 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
$85.4K $30.60/SF
− Vacancy
−$6.4K −$2.30/SF
EGI
$79.0K $28.31/SF
− OpEx
−$23.7K −$8.49/SF
NOI
$55.3K $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 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%
$1,105,600
Cap Rate 7%
$789,714
Cap Rate 9%
$614,222
Alternative Uses
Best Use
Multifamily LT 5
$789.7K
$691.0K – $921.3K
NOI $55,280 @ 7.0% cap · market cap 6.92%
Second Best
Apartment 5plus
$711.0K
$622.1K – $829.5K
NOI $49,769 @ 7.0% cap · market cap 6.23%
Theoretical Best
Office A
$982.0K
$859.2K – $1.15M
NOI $68,738 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
883
Businesses Nearby
Explore this area
Business Placement
Demographics for 01854, MA
29,561
Population
10,960
Households
2.7
Avg Household Size
31
Median Age
30%
College-Educated
85%
High-School Grad
4.0 sq mi
ZIP Area
7,390
Density / Sq Mi
$70,397
Median Household Income
$39,216
Median Earnings
$1,477
Median Rent
$360,500
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 - Meticulously maintained 2-unit duplex with private off-street parking and a renovated kitchen with quartz countertops.
Where is this duplex located?
The property is located at 38 Third Ave Lowell, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2‑unit duplex built in 1900 with 2,790 sqft of updated living space; 6 bedrooms and 2 full baths across both units; Renovated kitchen with quartz countertops, white shaker cabinets, stainless steel appliances, subway tile backsplash, and marble‑look porcelain floors
