Nine-Unit Mixed-Use
For Sale
$2,200,000
694 Merrimack Street, Lowell, MA 01854
Residential Income, Lowell, MA
Property Size8,664 SF
Lot Size0.08 Acres
Price / SF$253.92
Days on Market50
Property Features for 694 Merrimack Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
UMU
Bedrooms
14
Bathrooms
8
Full bathrooms
7
Half bathrooms
2
Rooms
Bedroom 10, Bathroom 9, Bathroom 8, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 9, Bedroom 3, Bathroom 2, Bedroom 6, Bathroom 4, Bedroom 14, Bedroom 5, Bathroom 5, Bedroom 12, Bathroom 1, Bathroom 6, Bathroom 7, Bedroom 7, Bedroom 4, Bedroom 13, Bedroom 8, Bedroom 11
Parking
2
Directions
Pawtucket to Merrimack Street
Subdivision
Downtown
Standard status
Active
APN
M:137 B:4060 L:694,3185092
Size
8,664 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8131
Building Details
Year built
1890
Floors in Building
6
Number of units
9
Listing Agency:
Keller Williams Realty-Merrimack
(978) 692-3280
Listed By:
Claire Ryan
(978) 996-8287
Added: Aug 19
Changed: Oct 5
Last Checked: Oct 7 at 6:06PM
MLS# 73565693
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.
Located at 694 Merrimack Street in Lowell, Massachusetts, this mixed-use property contains 8,664 square feet on a 0.08-acre lot. The building includes nine total units, configured as two retail storefronts and seven residential units, creating both commercial and residential components within one asset. Constructed in 1890, the property reflects a long-standing urban building format suited to its mixed-use classification.
The property is zoned UMU, and Letters of Compliance are on file. Its Lowell location and combination of storefront and residential space provide a clearly defined mixed-use layout for review by purchasers seeking a property with multiple occupancy components.
The property is zoned UMU, and Letters of Compliance are on file. Its Lowell location and combination of storefront and residential space provide a clearly defined mixed-use layout for review by purchasers seeking a property with multiple occupancy components.
Key Highlights
- Nine total units: two retail storefronts and seven residential units
- 8,664 square feet of building area
- 0.08‑acre lot in Lowell, MA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$154,553
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,091,060
$3.1M
Cap Rate 7%
$2,207,900
$2.2M
Cap Rate 9%
$1,717,256
$1.7M
Market Conditions
NOI Build-Up for 8,664 SF
Gross rent
$301.5K $34.80/SF
− Vacancy
−$20.5K −$2.37/SF
EGI
$281.0K $32.43/SF
− OpEx
−$126.5K −$14.60/SF
NOI
$154.6K $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 Rate 5%
$3,091,060
Cap Rate 7%
$2,207,900
Cap Rate 9%
$1,717,256
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,553 @ 7.0% cap · market cap 7.03%
Second Best
Mixed Use
$2.05M
$1.79M – $2.39M
NOI $143,476 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,459 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,727
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - UMU-zoned building combines two retail storefronts with seven residential units in a mixed-use configuration.
Where is this mixed-use property located?
The property is located at 694 Merrimack Street Lowell, MA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Nine total units: two retail storefronts and seven residential units; 8,664 square feet of building area; 0.08‑acre lot in Lowell, MA
