Industrial Condo
For Sale
Contact for pricing
51 S Canal St Unit 2, Lawrence, MA 01840
Industrial condo unit offered for sale with approximately 2,623 square feet of industrial space.
Property Size2,623 SF
Price / SF$162.03
Days on Market44
Property Features for 51 S Canal St Unit 2
General Information
Standard status
Active
Size
2,623 SF
Property subtype
Industrial
Zoning
I2 - General Industrial Park District
Listing Agency:
The Stubblebine Company
(978) 202-0167
Listed By:
Kevin Rabacs · License #9588453
Source:
Crexi
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 11 at 12:52PM
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.
Available for sale is an industrial condo unit totaling approximately 2,623 square feet (plus or minus). The property is marketed as an industrial condo within a warehouse-style building.
The offering is located at 51 S Canal St, Unit 2, in Lawrence, Massachusetts.
The offering is located at 51 S Canal St, Unit 2, in Lawrence, Massachusetts.
Key Highlights
- Industrial condo unit for sale with approximately 2,623 SF of industrial space
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
$33,879
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
7.97%
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%
$677,580
$677.6K
Cap Rate 7%
$483,986
$484.0K
Cap Rate 9%
$376,433
$376.4K
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
−$6.0K −$2.28/SF
NOI
$33.9K $12.92/SF
Area
Essex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
15.00%
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%
$677,580
Cap Rate 7%
$483,986
Cap Rate 9%
$376,433
Alternative Uses
Best Use
Warehouse
$484.0K
$423.5K – $564.7K
NOI $33,879 @ 7.0% cap · market cap 7.97%
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
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- AJAX MOVING, LLC — 49 Blanchard St suite 206-5, Lawrence, MA 01843
- CubeSmart Self Storage — 51 S Canal St, Lawrence, MA 01843
- Nabnasset Cold Storage — 201 Merrimack St, Lawrence, MA 01843
- Mondelez International — 113 S Union St #2, Lawrence, MA 01843
- All Moving and Delivery — 79 Shawsheen Rd, Lawrence, MA 01843
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial condo unit offered for sale with approximately 2,623 square feet of industrial space.
Where is this warehouse 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: Industrial condo unit for sale with approximately 2,623 SF of industrial space
