Industrial Condo
New
For Sale
$425,000
51 S Canal St Unit 2, Lawrence, MA 01843
A 2,623-square-foot industrial condominium offers commercial space for sale or lease.
Property Size2,623 SF
Price / SF$162.03
Days on Market2
Property Features for 51 S Canal St Unit 2
General Information
Standard status
Active
Size
2,623 SF
Building Details
Year Built
1966
Listing Agency:
The Stubblebine Company
Listed By:
Alex Smith
Source:
Gooddeedsrealtypartners
Added: Sep 5
Last Checked: Aug 25 at 4:45AM
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 The Stubblebine Company
Investment Insights
Based on property information with market context.
This industrial condominium provides approximately 2,623 square feet of commercial space in a building constructed in 1966. The property is identified as Unit 2 and is offered for sale or lease.
The space is located at 51 S Canal St in Lawrence, Massachusetts, within the 01843 ZIP code. Its industrial classification and condominium format provide a defined commercial unit for occupancy or ownership.
The space is located at 51 S Canal St in Lawrence, Massachusetts, within the 01843 ZIP code. Its industrial classification and condominium format provide a defined commercial unit for occupancy or ownership.
Key Highlights
- 2,623 SF industrial condo space
- Unit 2 at 51 S Canal St
- Built in 1966
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
$27,901
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
6.56%
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%
$558,020
$558.0K
Cap Rate 7%
$398,586
$398.6K
Cap Rate 9%
$310,011
$310.0K
Market Conditions
NOI Build-Up for 2,623 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
$42.2K $16.08/SF
− Vacancy
−$2.3K −$0.88/SF
EGI
$39.9K $15.20/SF
− OpEx
−$12.0K −$4.56/SF
NOI
$27.9K $10.64/SF
Area
Essex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /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%
$558,020
Cap Rate 7%
$398,586
Cap Rate 9%
$310,011
Alternative Uses
Best Use
Industrial
$398.6K
$348.8K – $465.0K
NOI $27,901 @ 7.0% cap · market cap 6.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,696 @ 7.0% cap · market cap 25.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,951
Businesses Nearby
Explore this area
Business Placement
Demographics for 01843, MA
28,346
Population
10,968
Households
2.6
Avg Household Size
34
Median Age
20%
College-Educated
79%
High-School Grad
3.4 sq mi
ZIP Area
8,337
Density / Sq Mi
$72,163
Median Household Income
$38,957
Median Earnings
$1,703
Median Rent
$393,700
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - A 2,623-square-foot industrial condominium offers commercial space for sale or lease.
Where is this manufacturing property located?
The property is located at 51 S Canal St Unit 2 Lawrence, MA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,623 SF industrial condo space; Unit 2 at 51 S Canal St; Built in 1966
