Two-Unit Duplex with Gas
New
For Sale
$649,900
81 Liberty St, Lowell, MA 01851
Each residence includes three bedrooms, with utility services separated between the units.
Property Size1,956 SF
Price / SF$332.26
Days on Market4
Property Features for 81 Liberty St
General Information
Standard status
Active
Size
1,956 SF
Property subtype
2 Family - 2 Units Up/Down
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Building Details
Building Size
1,956 SF
Year Built
1940
Listing Agency:
Lillian Montalto Signature Properties
Listed By:
Team Lillian Montalto
(978) 475-1400
Source:
Iverty
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 3 at 1:01AM
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 Lillian Montalto Signature Properties
Investment Insights
Based on property information with market context.
This 1,956-square-foot duplex, built in 1940, contains two residences with three bedrooms each. Separate utilities serve the units, and the property has gas heating. Interior updates include bathroom and flooring improvements; exterior work includes newer siding, fencing, and a deck. Off-street parking is also available.
The furnace serving Unit 2 was replaced in 2022. The water heaters were replaced in 2023 and 2021, respectively.
The furnace serving Unit 2 was replaced in 2022. The water heaters were replaced in 2023 and 2021, respectively.
Key Highlights
- Two residences, each with three bedrooms
- 1,956 square feet; built in 1940
- Separate utilities and gas heating
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
$38,755
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
5.96%
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%
$775,100
$775.1K
Cap Rate 7%
$553,643
$553.6K
Cap Rate 9%
$430,611
$430.6K
Market Conditions
NOI Build-Up for 1,956 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
$59.9K $30.60/SF
− Vacancy
−$4.5K −$2.30/SF
EGI
$55.4K $28.31/SF
− OpEx
−$16.6K −$8.49/SF
NOI
$38.8K $19.81/SF
Area
Lowell, MA
Vacancy
7.50%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$775,100
Cap Rate 7%
$553,643
Cap Rate 9%
$430,611
Alternative Uses
Best Use
Multifamily LT 5
$553.6K
$484.4K – $645.9K
NOI $38,755 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$498.5K
$436.2K – $581.5K
NOI $34,892 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$688.4K
$602.4K – $803.2K
NOI $48,191 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,395
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
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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?
Duplex - Each residence includes three bedrooms, with utility services separated between the units.
Where is this duplex located?
The property is located at 81 Liberty St Lowell, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Two residences, each with three bedrooms; 1,956 square feet; built in 1940; Separate utilities and gas heating
