Historic Three-Unit
New
For Sale
$700,000
Pending
9 Bourne St, Lowell, MA 01852
Vacant three-unit property with individual basement storage and laundry hookups.
Property Size3,253 SF
Days on Market2
Property Features for 9 Bourne St
General Information
Standard status
Pending
Size
3,253 SF
Property subtype
Residential Income
Zoning
TTF
Taxes and HOA fees
Annual Taxes
$3,975
Building Details
Building Size
3,253 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
RE/MAX Innovative Properties
(978) 502-8352
Listed By:
Raymond Boutin
(978) 502-8352
Source:
Liongatere
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 6:11AM
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 RE/MAX Innovative Properties
Investment Insights
Based on property information with market context.
Located at 9 Bourne Street in Lowell, Massachusetts, this triplex contains three residential units, each currently arranged with three bedrooms. With additional work, each layout could accommodate four bedrooms, creating a possible 12-bedroom configuration. The property will be delivered vacant and carries TTF zoning.
Built in 1900, the building retains original architectural elements, including hardwood flooring, decorative woodwork, built-in cabinetry, and kitchen butler’s pantries. The basement includes roughed-in storage areas assigned separately to each apartment, along with individual laundry hookups for every unit. The combination of unit count, bedroom configurations, basement amenities, and preserved period details supports both multifamily ownership and an owner-occupant arrangement.
Built in 1900, the building retains original architectural elements, including hardwood flooring, decorative woodwork, built-in cabinetry, and kitchen butler’s pantries. The basement includes roughed-in storage areas assigned separately to each apartment, along with individual laundry hookups for every unit. The combination of unit count, bedroom configurations, basement amenities, and preserved period details supports both multifamily ownership and an owner-occupant arrangement.
Key Highlights
- Three residential units, each currently configured with 3 bedrooms
- Layouts could be adapted to 4 bedrooms per unit, for a possible 12‑bedroom configuration
- Basement storage areas roughed in separately for each apartment
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
$58,029
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
8.29%
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%
$1,160,580
$1.2M
Cap Rate 7%
$828,986
$829.0K
Cap Rate 9%
$644,767
$644.8K
Market Conditions
NOI Build-Up for 3,253 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
$113.2K $34.80/SF
− Vacancy
−$7.7K −$2.37/SF
EGI
$105.5K $32.43/SF
− OpEx
−$47.5K −$14.60/SF
NOI
$58.0K $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%
$1,160,580
Cap Rate 7%
$828,986
Cap Rate 9%
$644,767
Alternative Uses
Best Use
Multifamily LT 5
$920.8K
$805.7K – $1.07M
NOI $64,453 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$829.0K
$725.4K – $967.2K
NOI $58,029 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$1.14M
$1.00M – $1.34M
NOI $80,146 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
560
Businesses Nearby
Explore this area
Business Placement
Demographics for 01852, MA
36,708
Population
15,363
Households
2.4
Avg Household Size
37
Median Age
33%
College-Educated
86%
High-School Grad
5.0 sq mi
ZIP Area
7,342
Density / Sq Mi
$77,058
Median Household Income
$48,976
Median Earnings
$1,567
Median Rent
$397,200
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?
Triplex - Vacant three-unit property with individual basement storage and laundry hookups.
Where is this triplex located?
The property is located at 9 Bourne St Lowell, MA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Three residential units, each currently configured with 3 bedrooms; Layouts could be adapted to 4 bedrooms per unit, for a possible 12‑bedroom configuration; Basement storage areas roughed in separately for each apartment
