Duplex with Lead
For Sale
$649,900
492 Fletcher St, Lowell, MA 01854
MULTI_FAMILY - Lowell, MA
Property Size2,406 SF
Lot Size0.05 Acres
Price / SF$270.12
Days on Market99
Property Features for 492 Fletcher St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
USF
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 6, Bedroom 2
Elementary school
Lps
Middle school
Lps
High school
Lps Or Glths
Directions
From Mammoth Road/School Street, take Pawtucket Street to Fletcher.
Standard status
Active
APN
M:117 B:2340 L:492,3182443
Size
2,406 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5133
Building Details
Year built
1880
Floors in Building
2
Number of units
2
Listing Agency:
RE/MAX Innovative Properties · RE/MAX International
(978) 452-4432
Listed By:
Joshua Naughton · License #57445
(603) 434-4101
Added: May 3
Changed: Aug 4
Last Checked: Aug 9 at 8:06AM
MLS# 73511911
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex offers two residential units, being sold with both units occupied. Each unit includes three bedrooms, supporting straightforward, repeatable tenant layouts for day-to-day leasing. Separate utilities are in place, which can simplify expense control and management by allowing each unit’s utilities to be handled independently. Lead certificates are in hand for the property.
The property sits on a 0.05-acre lot and was built in 1880. The asset is located in Lowell, with proximity to the University of Massachusetts Lowell and convenient access to major routes, public transportation, and downtown Lowell amenities.
Overall, the configuration supports a practical owner-investor or investor strategy focused on rental income from two independently serviced units.
The property sits on a 0.05-acre lot and was built in 1880. The asset is located in Lowell, with proximity to the University of Massachusetts Lowell and convenient access to major routes, public transportation, and downtown Lowell amenities.
Overall, the configuration supports a practical owner-investor or investor strategy focused on rental income from two independently serviced units.
Key Highlights
- Sold with both units occupied
- Each unit has three bedrooms
- Separate utilities for each unit
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
$47,671
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
7.34%
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%
$953,420
$953.4K
Cap Rate 7%
$681,014
$681.0K
Cap Rate 9%
$529,678
$529.7K
Market Conditions
NOI Build-Up for 2,406 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
$73.6K $30.60/SF
− Vacancy
−$5.5K −$2.30/SF
EGI
$68.1K $28.31/SF
− OpEx
−$20.4K −$8.49/SF
NOI
$47.7K $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%
$953,420
Cap Rate 7%
$681,014
Cap Rate 9%
$529,678
Alternative Uses
Best Use
Multifamily LT 5
$681.0K
$595.9K – $794.5K
NOI $47,671 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$613.1K
$536.5K – $715.3K
NOI $42,919 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$846.8K
$741.0K – $988.0K
NOI $59,278 @ 7.0% cap · market cap 9.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,984
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit duplex in USF zoning with lead certificates in hand and separate utilities for each unit.
Where is this duplex located?
The property is located at 492 Fletcher St Lowell, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Sold with both units occupied; Each unit has three bedrooms; Separate utilities for each unit
