Historic Three-Unit
New
For Sale
$699,900
45 Varney St, Lowell, MA 01854
Separate utilities, off-street parking, and a fenced yard complement this character-rich multifamily property.
Property Size2,064 SF
Days on Market5
Property Features for 45 Varney St
General Information
Standard status
Active
Size
2,064 SF
Property subtype
Investment
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,764
Amenities
fenced yard
walk-up attic
Building Details
Building Size
2,064 SF
Year Built
1870
Stories
3
Units
3
Construction
Italianate
Listed By:
Katy Barry
(508) 572-1838
Source:
Elliman
Added: Sep 11
Last Checked: Sep 15 at 6:46AM
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 Katy Barry
Investment Insights
Based on property information with market context.
Built in 1870, this three-unit property combines historic architectural detail with a practical residential layout. The first-floor unit spans the full level and offers high ceilings, hardwood floors, a living room, formal dining room, eat-in kitchen, and a flexible two- to three-bedroom arrangement. Two additional units occupy the upper floor, each with one bedroom, a living room, kitchen, and full bath. One of the upstairs units also includes a walk-up attic for storage.
The property includes off-street parking, a fenced yard, and separate utilities. Notable updates include a newer roof, a rebuilt back retaining wall, extensive plumbing improvements, and lead removal. The address has a Walk Score of 75, a Bike Score of 52, and a Transit Score of 41.
The property includes off-street parking, a fenced yard, and separate utilities. Notable updates include a newer roof, a rebuilt back retaining wall, extensive plumbing improvements, and lead removal. The address has a Walk Score of 75, a Bike Score of 52, and a Transit Score of 41.
Key Highlights
- Three‑unit multifamily property built in 1870
- First‑floor unit offers a flexible 2‑3 bedroom layout
- Two upper‑level units each include 1 bedroom and 1 full bath
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
$40,895
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
5.84%
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%
$817,900
$817.9K
Cap Rate 7%
$584,214
$584.2K
Cap Rate 9%
$454,389
$454.4K
Market Conditions
NOI Build-Up for 2,064 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
$63.2K $30.60/SF
− Vacancy
−$4.7K −$2.30/SF
EGI
$58.4K $28.31/SF
− OpEx
−$17.5K −$8.49/SF
NOI
$40.9K $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%
$817,900
Cap Rate 7%
$584,214
Cap Rate 9%
$454,389
Alternative Uses
Best Use
Multifamily LT 5
$584.2K
$511.2K – $681.6K
NOI $40,895 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$526.0K
$460.2K – $613.7K
NOI $36,819 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$726.5K
$635.7K – $847.5K
NOI $50,852 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,675
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate utilities, off-street parking, and a fenced yard complement this character-rich multifamily property.
Where is this triplex located?
The property is located at 45 Varney St Lowell, MA.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Three‑unit multifamily property built in 1870; First‑floor unit offers a flexible 2‑3 bedroom layout; Two upper‑level units each include 1 bedroom and 1 full bath
