Low-Rise Multifamily with Tandem
For Sale
$1,200,000
Pending
655 Westford St, Lowell, MA 01851
Four 2-bedroom and three 1-bedroom units totaling 5,400 square feet across five tandem parking sets.
Property Size5,400 SF
Lot Size0.18 Acres
Days on Market60
Property Features for 655 Westford St
General Information
Standard status
Pending
Size
5,400 SF
Total Parking Spaces
12
Lot size
0.18 Acres
Property subtype
Residential Income
Zoning
TTF
Net Operating Income
$96,115
Additional Details
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$10,877
Amenities
Pool, Tennis Court(s), Park, Golf, Other
Gas Water Heater
Off Street, Tandem, Paved
Building Details
Building Size
5,400 SF
Year Built
1910
Stories
5
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
Listed By:
Spencer Norton · License #9562958
(781) 776-4524
Source:
Evrealestate
Added: Jul 8
Changed: Aug 23
Last Checked: Sep 5 at 3:42AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
655 Westford St is a low-rise multifamily property with a total of seven residential units, including four 2-bedroom/1-bathroom units, two 1+-bedroom/1-bathroom units, and one 1-bedroom/1-bathroom unit. The property comprises 8,449 square feet of gross area and 5,400 square feet of gross living area. The landlord and tenants split certain utility responsibilities: tenants are responsible for gas heating and pay separately metered electric, while the hot water arrangement is shared between tenant and landlord. The landlord is responsible for city water and sewer.
Parking is a practical feature of the site, with five sets of tandem parking spaces plus two additional parking spaces on a 0.18-acre parcel. The property is described as urban-infill and walkable, with Walk Score and Transit Score provided in the materials.
The current ownership opportunity includes continuing to upgrade unit interiors and common areas as needed to maintain competitiveness.
Parking is a practical feature of the site, with five sets of tandem parking spaces plus two additional parking spaces on a 0.18-acre parcel. The property is described as urban-infill and walkable, with Walk Score and Transit Score provided in the materials.
The current ownership opportunity includes continuing to upgrade unit interiors and common areas as needed to maintain competitiveness.
Key Highlights
- 1910‑built multifamily with 7 total units: four 2BR/1BA and three 1BR/1BA
- 5,400 sq ft gross living area across 8,449 sq ft gross area on a 0.18‑acre parcel
- Tenant‑paid utilities: tenants pay for gas heating; electric is separately metered and paid directly by tenants
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
$96,328
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
8.03%
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%
$1,926,560
$1.9M
Cap Rate 7%
$1,376,114
$1.4M
Cap Rate 9%
$1,070,311
$1.1M
Market Conditions
NOI Build-Up for 5,400 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
$187.9K $34.80/SF
− Vacancy
−$12.8K −$2.37/SF
EGI
$175.1K $32.43/SF
− OpEx
−$78.8K −$14.60/SF
NOI
$96.3K $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%
$1,926,560
Cap Rate 7%
$1,376,114
Cap Rate 9%
$1,070,311
Alternative Uses
Best Use
Apartment 5plus
$1.38M
$1.20M – $1.61M
NOI $96,328 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $133,042 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
545
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?
Apartment building - Four 2-bedroom and three 1-bedroom units totaling 5,400 square feet across five tandem parking sets.
Where is this apartment building located?
The property is located at 655 Westford St Lowell, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 1910‑built multifamily with 7 total units: four 2BR/1BA and three 1BR/1BA; 5,400 sq ft gross living area across 8,449 sq ft gross area on a 0.18‑acre parcel; Tenant‑paid utilities: tenants pay for gas heating; electric is separately metered and paid directly by tenants
