Two-Unit
New
For Sale
$599,900
48 Union St, Lawrence, MA 01840
Separate-floor residences provide distinct living areas, with downtown services and public transportation accessible nearby.
Property Size2,048 SF
Days on Market4
Property Features for 48 Union St
General Information
Standard status
Active
Size
2,048 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,876
Building Details
Building Size
2,048 SF
Year Built
1900
Buildings
1
Stories
2
Units
2
Listing Agency:
Lamacchia Realty
Listed By:
Benjamin Carbone · License #9578355-RE-S
(860) 382-6184
Source:
Elliman
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 9:12AM
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 Lamacchia Realty
Investment Insights
Based on property information with market context.
This townhome-style duplex contains two residences arranged on separate floors, each with its own private living area. The building dates to 1900 and is located at 48 Union St in Lawrence, Massachusetts.
Downtown amenities, shopping, dining, public transportation, and healthcare facilities are accessible in the surrounding Lawrence area. The property has a Walk Score of 86, a Bike Score of 50, and a Transit Score of 53.
Downtown amenities, shopping, dining, public transportation, and healthcare facilities are accessible in the surrounding Lawrence area. The property has a Walk Score of 86, a Bike Score of 50, and a Transit Score of 53.
Key Highlights
- Two residences in an up‑and‑down duplex layout
- Built in 1900
- Walk Score: 86, Very Walkable
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
$34,501
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
5.75%
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%
$690,020
$690.0K
Cap Rate 7%
$492,871
$492.9K
Cap Rate 9%
$383,344
$383.3K
Market Conditions
NOI Build-Up for 2,048 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
$51.6K $25.20/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$49.3K $24.07/SF
− OpEx
−$14.8K −$7.22/SF
NOI
$34.5K $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%
$690,020
Cap Rate 7%
$492,871
Cap Rate 9%
$383,344
Alternative Uses
Best Use
Multifamily LT 5
$492.9K
$431.3K – $575.0K
NOI $34,501 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$444.9K
$389.3K – $519.1K
NOI $31,143 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,869 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,662
Businesses Nearby
Explore this area
Business Placement
Demographics for 01840, MA
7,121
Population
3,415
Households
2.1
Avg Household Size
36
Median Age
13%
College-Educated
69%
High-School Grad
0.5 sq mi
ZIP Area
14,242
Density / Sq Mi
$34,630
Median Household Income
$31,930
Median Earnings
$1,174
Median Rent
Check the figures for this property
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?
Duplex - Separate-floor residences provide distinct living areas, with downtown services and public transportation accessible nearby.
Where is this duplex located?
The property is located at 48 Union St Lawrence, MA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two residences in an up‑and‑down duplex layout; Built in 1900; Walk Score: 86, Very Walkable
