Three-Unit Residential
79-81 Phillips Street, Lawrence, MA 01843
For Sale
New
$799,900
Three apartments include two first-floor one-bedroom units and a five-bedroom upper unit with finished attic space.
Property Size3,388 SF
Price / SF$236.10
Days on Market5
Property Features for 79-81 Phillips Street
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Amenities
off-street parking
fenced-in yard
Building Details
Year Built
Listing Agency:
Realty ONE Group Nest
Listed By:
Jose Martinez · License MA #9586625
(978) 655-1385
Source:
Jmulkerinrealty
Added: Nov 9
Changed: Nov 12
Last Checked: Nov 12 at 2:25PM
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 Realty ONE Group Nest
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This three-unit residential property contains 3,388 square feet and dates to 1910. The layout includes two one-bedroom apartments on the first floor and a five-bedroom apartment on the second floor, which also incorporates finished attic space. A relatively recent heating system serves the building.
Off-street parking and a fenced yard are among the property's exterior features. The address is 79-81 Phillips Street in Lawrence, Massachusetts.
Off-street parking and a fenced yard are among the property's exterior features. The address is 79-81 Phillips Street in Lawrence, Massachusetts.
Key Highlights
- Three units: two one‑bedroom first‑floor apartments and one five‑bedroom second‑floor apartment
- Finished attic space included with the upper apartment
- 3,388 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,075
Cap Rate
7.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,141,500
$1.1M
Cap Rate 7%
$815,357
$815.4K
Cap Rate 9%
$634,167
$634.2K
Market Conditions
NOI Build-Up for 3,388 SF
Gross rent
$85.4K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$81.5K $24.07/SF
− OpEx
−$24.5K −$7.22/SF
NOI
$57.1K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,141,500
Cap Rate 7%
$815,357
Cap Rate 9%
$634,167
Alternative Uses
Best Use
Multifamily LT 5
$815.4K
$713.4K – $951.3K
NOI $57,075 @ 7.0% cap · market cap 7.14%
Second Best
Apartment 5plus
$736.0K
$644.0K – $858.7K
NOI $51,519 @ 7.0% cap · market cap 6.44%
Theoretical Best
Office A
$2.01M
$1.75M – $2.34M
NOI $140,398 @ 7.0% cap · market cap 17.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,432
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
$393,700
Median Home Value
Market
Average Price Trend$/SF for Triplexes in Essex County, MA
Properties on Market for Triplexes in Essex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include two first-floor one-bedroom units and a five-bedroom upper unit with finished attic space.
Where is this triplex located?
The property is located at 79-81 Phillips Street Lawrence, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Three units: two one‑bedroom first‑floor apartments and one five‑bedroom second‑floor apartment; Finished attic space included with the upper apartment; 3,388 square feet
