Historic Townhouse-Style
For Sale
$725,000
73 Gray Street, Billerica, MA 01821
Renovated residence with three bedrooms, 2.5 bathrooms, hardwood floors, and a private fenced outdoor area.
Property Size2,200 SF
Lot Size5.00 Acres
Price / SF$329.55
Days on Market10
Property Features for 73 Gray Street
General Information
Standard status
Active
Size
2,200 SF
Lot size
5.00 Acres
Property subtype
Apartment
Units
Unit Mix
3BR/2.5BA
Multifamily Units
1
Amenities
fireplace
private enclosed patio
fenced yard
Range
Dishwasher
Microwave
Refrigerator
Freezer
Washer
Dryer
Central Air
1 Fireplace
Tile
Carpet
Laminate
Hardwood
Baseboard, Natural Gas
2.0 Stories
$7,519 Taxes
Public
Built in 1843
Building Details
Year Built
1843
Year Renovated
2006
Construction
townhouse-style
Listing Agency:
Keller Williams Realty-Merrimack
(978) 692-3280
Listed By:
Samuel Harding
Source:
Donahuere
Added: Jul 31
Changed: Aug 5
Last Checked: Aug 8 at 2:41AM
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 Keller Williams Realty-Merrimack
Investment Insights
Based on property information with market context.
This townhouse-style condominium occupies part of a c.1843 home renovated in 2006. The residence offers over 2,200 square feet with three bedrooms and 2.5 bathrooms. Its main level combines an open floor plan with hardwood flooring, 9-foot ceilings, a fireplace, and a kitchen finished with granite countertops and ample cabinetry. French doors open to an enclosed patio and fenced yard. The property is set within approximately five acres of conservation land and includes a primary suite on the upper level.
Key Highlights
- Townhouse‑style condominium in a c.1843 home renovated in 2006
- Over 2,200 square feet with 3 bedrooms and 2.5 bathrooms
- Approximately five acres of conservation land
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
$43,773
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
6.04%
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%
$875,460
$875.5K
Cap Rate 7%
$625,329
$625.3K
Cap Rate 9%
$486,367
$486.4K
Market Conditions
NOI Build-Up for 2,200 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
$84.0K $38.16/SF
− Vacancy
−$4.4K −$1.98/SF
EGI
$79.6K $36.18/SF
− OpEx
−$35.8K −$16.28/SF
NOI
$43.8K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$875,460
Cap Rate 7%
$625,329
Cap Rate 9%
$486,367
Alternative Uses
Best Use
Apartment 5plus
$625.3K
$547.2K – $729.6K
NOI $43,773 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,167 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
55
Businesses Nearby
Explore this area
Business Placement
Demographics for 01821, MA
30,909
Population
11,666
Households
2.6
Avg Household Size
43
Median Age
42%
College-Educated
95%
High-School Grad
16.6 sq mi
ZIP Area
1,862
Density / Sq Mi
$142,564
Median Household Income
$65,056
Median Earnings
$2,211
Median Rent
$581,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated residence with three bedrooms, 2.5 bathrooms, hardwood floors, and a private fenced outdoor area.
Where is this residential income property located?
The property is located at 73 Gray Street Billerica, MA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Townhouse‑style condominium in a c.1843 home renovated in 2006; Over 2,200 square feet with 3 bedrooms and 2.5 bathrooms; Approximately five acres of conservation land
