9-Unit Apartment
For Sale
$1,225,000
Pending
499 Haverhill Street, Lawrence, MA 01841
Unit mix includes studios and one-bedroom apartments, with on-site parking, garage access, and tenant storage.
Property Size4,172 SF
Days on Market179
Property Features for 499 Haverhill Street
General Information
Standard status
Pending
Size
4,172 SF
Total Parking Spaces
10
Property subtype
Multi-family / 5-9 Family
Zoning
R
Net Operating Income
$78,879
Units
Unit Mix
3 x one-bedroom, 6 x studio
Multifamily Units
9
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,382
Amenities
basement
side yards
side deck
coin-operated washer and dryer
front porch
City/Town Sewer, Public, Individually Metered
No, Yes, .00, Paved Drive, Paved Drive
No
9.0
Unfinished Basement
9
9.00
Frame, Brick
Shingle
Porch, Deck
Building Details
Year Built
1920
Listing Agency:
Mega Realty Services
(508) 665-4004
Listed By:
Matheus Goncalves · License #9569985
(508) 665-4004
Source:
Compass
Added: Mar 4
Changed: Aug 30
Last Checked: Aug 30 at 3:35AM
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 Mega Realty Services
Investment Insights
Based on property information with market context.
This 9-unit apartment property includes three one-bedroom apartments and six studio units within a 4,172-square-foot building constructed in 1920. The property has an unfinished basement, garage, front porch, newly built side deck, and two side yards. A coin-operated washer and dryer are available for tenant use, while parking provides at least one space per unit.
Two units are currently vacant, allowing a new owner to place tenants or make leasing decisions for those apartments. The property is zoned R and is located near restaurants, shops, supermarkets, and parks, with access to Route 93. Its Lawrence location and established residential configuration support continued multifamily use.
Two units are currently vacant, allowing a new owner to place tenants or make leasing decisions for those apartments. The property is zoned R and is located near restaurants, shops, supermarkets, and parks, with access to Route 93. Its Lawrence location and established residential configuration support continued multifamily use.
Key Highlights
- 9‑unit property with three one‑bedroom units and six studio units
- 4,172 square feet; built in 1920
- Two units currently vacant
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
$63,441
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
5.18%
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%
$1,268,820
$1.3M
Cap Rate 7%
$906,300
$906.3K
Cap Rate 9%
$704,900
$704.9K
Market Conditions
NOI Build-Up for 4,172 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
$120.2K $28.80/SF
− Vacancy
−$4.8K −$1.15/SF
EGI
$115.3K $27.65/SF
− OpEx
−$51.9K −$12.44/SF
NOI
$63.4K $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%
$1,268,820
Cap Rate 7%
$906,300
Cap Rate 9%
$704,900
Alternative Uses
Best Use
Apartment 5plus
$906.3K
$793.0K – $1.06M
NOI $63,441 @ 7.0% cap · market cap 5.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,887 @ 7.0% cap · market cap 14.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,034
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?
Apartment building - Unit mix includes studios and one-bedroom apartments, with on-site parking, garage access, and tenant storage.
Where is this apartment building located?
The property is located at 499 Haverhill Street Lawrence, MA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: 9‑unit property with three one‑bedroom units and six studio units; 4,172 square feet; built in 1920; Two units currently vacant
