Remodeled Two-Story Multifamily
New
For Sale
$799,900
48 West Adams St, Lowell, MA 01851
Updated interiors, neutral finishes, and a two-story layout support flexible residential use.
Property Size3,134 SF
Price / SF$258.03
Days on Market2
Property Features for 48 West Adams St
General Information
Standard status
Active
Size
3,134 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,313
Building Details
Building Size
3,134 SF
Year Built
1850
Stories
3
Units
2
Listing Agency:
(978) 430-0975
Listed By:
Jackie Theriault · License #456014914
(978) 430-0975
Source:
Elliman
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 8:20AM
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 Jackie Theriault
Investment Insights
Based on property information with market context.
This two-story multifamily residence offers 3,100 square feet of interior space and was built in 1850. The property has undergone a complete remodel, with contemporary finishes and neutral interior colors throughout. Its maintained condition provides a cohesive presentation for residential occupancy.
Located at 48 West Adams Street in Lowell, Massachusetts, the property has a Walk Score of 42, a Transit Score of 35, and a Bike Score of 30. The surrounding access profile is characterized as car-dependent, with some transit service and limited bikeability.
Located at 48 West Adams Street in Lowell, Massachusetts, the property has a Walk Score of 42, a Transit Score of 35, and a Bike Score of 30. The surrounding access profile is characterized as car-dependent, with some transit service and limited bikeability.
Key Highlights
- 3,100 square feet across two stories
- Complete remodel with contemporary finishes
- Neutral interior color scheme
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
$55,299
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
6.91%
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%
$1,105,980
$1.1M
Cap Rate 7%
$789,986
$790.0K
Cap Rate 9%
$614,433
$614.4K
Market Conditions
NOI Build-Up for 3,100 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
$107.9K $34.80/SF
− Vacancy
−$7.3K −$2.37/SF
EGI
$100.5K $32.43/SF
− OpEx
−$45.2K −$14.60/SF
NOI
$55.3K $17.84/SF
Area
Lowell, MA
Vacancy
6.80%
Lease Rate
$34.80 /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%
$1,105,980
Cap Rate 7%
$789,986
Cap Rate 9%
$614,433
Alternative Uses
Best Use
Apartment 5plus
$790.0K
$691.2K – $921.7K
NOI $55,299 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$954.7K – $1.27M
NOI $76,376 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,298
Businesses Nearby
Explore this area
Business Placement
Demographics for 01851, MA
32,691
Population
11,759
Households
2.8
Avg Household Size
34
Median Age
32%
College-Educated
79%
High-School Grad
3.2 sq mi
ZIP Area
10,216
Density / Sq Mi
$87,962
Median Household Income
$46,388
Median Earnings
$1,686
Median Rent
$432,100
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 - Updated interiors, neutral finishes, and a two-story layout support flexible residential use.
Where is this multifamily property located?
The property is located at 48 West Adams St Lowell, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 3,100 square feet across two stories; Complete remodel with contemporary finishes; Neutral interior color scheme
