Three-Story Multifamily
For Sale
$629,900
41 Railroad St, Lawrence, MA 01841
Three-level residential property with a flexible layout and first-floor vacancy at closing.
Property Size2,677 SF
Price / SF$235.30
Days on Market71
Property Features for 41 Railroad St
General Information
Standard status
Active
Size
2,677 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
I2
Taxes and HOA fees
Annual Taxes
$6,214
Building Details
Building Size
2,677 SF
Year Built
1910
Stories
3
Listing Agency:
eXp Realty LLC
(404) 689-4408
Listed By:
The Coa Group · License #.
Source:
Dohertyproperties
Added: Jun 23
Changed: Aug 30
Last Checked: Sep 1 at 2:26PM
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
Investment Insights
Based on property information with market context.
This three-story multifamily property contains 2,677 square feet of living space, with five bedrooms and two-and-a-half bathrooms arranged across a functional layout. The home was built in 1910 and requires updates, making its current condition an important consideration for the next owner. The first floor will be vacant at closing, providing immediate access to that portion of the property. The sale is as-is.
Access is provided through a recorded shared driveway easement. The property is located near major routes, public transportation, shopping, schools, and local amenities. Zoning is designated I2.
Access is provided through a recorded shared driveway easement. The property is located near major routes, public transportation, shopping, schools, and local amenities. Zoning is designated I2.
Key Highlights
- 2,677 square feet of living space across three stories
- Five bedrooms and 2.5 bathrooms
- First floor delivered vacant at closing
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
$40,708
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
6.46%
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%
$814,160
$814.2K
Cap Rate 7%
$581,543
$581.5K
Cap Rate 9%
$452,311
$452.3K
Market Conditions
NOI Build-Up for 2,677 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
$77.1K $28.80/SF
− Vacancy
−$3.1K −$1.15/SF
EGI
$74.0K $27.65/SF
− OpEx
−$33.3K −$12.44/SF
NOI
$40.7K $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%
$814,160
Cap Rate 7%
$581,543
Cap Rate 9%
$452,311
Alternative Uses
Best Use
Apartment 5plus
$581.5K
$508.9K – $678.5K
NOI $40,708 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,934 @ 7.0% cap · market cap 17.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,739
Businesses Nearby
Explore this area
Business Placement
Demographics for 01841, MA
53,654
Population
17,546
Households
3.1
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
3.0 sq mi
ZIP Area
17,885
Density / Sq Mi
$54,525
Median Household Income
$34,741
Median Earnings
$1,565
Median Rent
$393,800
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?
Multifamily property - Three-level residential property with a flexible layout and first-floor vacancy at closing.
Where is this multifamily property located?
The property is located at 41 Railroad St Lawrence, MA.
What is the asking price?
The asking price for this property is $629,900.
What are key features of this property?
This property features: 2,677 square feet of living space across three stories; Five bedrooms and 2.5 bathrooms; First floor delivered vacant at closing
