Four-Unit Multifamily Property with
For Sale
$849,900
923-925 Essex Street, Lawrence, MA 01841
Quadplex with varied unit layouts, gas heating, attic expansion potential, and off-street parking in Lawrence.
Property Size3,936 SF
Price / SF$215.93
Days on Market132
Property Features for 923-925 Essex Street
General Information
Standard status
Active
Size
3,936 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 1BR, 3 x 2BR
Multifamily Units
4
Building Details
Year Built
1910
Listing Agency:
Keller Williams Realty
Listed By:
Heidy Gisler
(617) 846-8000
Source:
Highlandre
Added: Apr 21
Changed: Aug 29
Last Checked: Apr 23 at 5:04PM
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
Investment Insights
Based on property information with market context.
Constructed in 1910, this four-unit property at 923-925 Essex Street includes one 1-bedroom residence and three 2-bedroom residences. The building offers 3,936 square feet, gas heating throughout, high-efficiency hot water systems serving the first-floor units, and gas steam boilers for the second-floor units. One section of the attic is partially finished, with additional living-area expansion possible. The property is offered as-is and can be delivered vacant.
A one-car garage and driveway provide off-street parking. The garage may be removed to create rear access and support additional parking capacity. Located in Lawrence, MA, the property presents a mix of existing residential improvements and adaptable space within a four-unit configuration.
A one-car garage and driveway provide off-street parking. The garage may be removed to create rear access and support additional parking capacity. Located in Lawrence, MA, the property presents a mix of existing residential improvements and adaptable space within a four-unit configuration.
Key Highlights
- Four‑unit property with one 1‑bedroom unit and three 2‑bedroom units
- 3,936 square feet on 923‑925 Essex Street, Lawrence, MA 01841
- Built in 1910 with gas heating systems throughout
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
$66,307
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
7.80%
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%
$1,326,140
$1.3M
Cap Rate 7%
$947,243
$947.2K
Cap Rate 9%
$736,744
$736.7K
Market Conditions
NOI Build-Up for 3,936 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
$99.2K $25.20/SF
− Vacancy
−$4.5K −$1.13/SF
EGI
$94.7K $24.07/SF
− OpEx
−$28.4K −$7.22/SF
NOI
$66.3K $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 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%
$1,326,140
Cap Rate 7%
$947,243
Cap Rate 9%
$736,744
Alternative Uses
Best Use
Multifamily LT 5
$947.2K
$828.8K – $1.11M
NOI $66,307 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$855.0K
$748.2K – $997.5K
NOI $59,852 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,107 @ 7.0% cap · market cap 19.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,644
Businesses Nearby
Explore this area
Business Placement
Demographics for 01841, MA
53,654
Population
17,546
Households
3.1
Avg Household Size
33
Median Age
15%
College-Educated
70%
High-School Grad
3.0 sq mi
ZIP Area
17,885
Density / Sq Mi
$54,525
Median Household Income
$34,741
Median Earnings
$1,565
Median Rent
$393,800
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?
Quadplex - Quadplex with varied unit layouts, gas heating, attic expansion potential, and off-street parking in Lawrence.
Where is this quadplex located?
The property is located at 923-925 Essex Street Lawrence, MA.
What is the asking price?
The asking price for this property is $849,900.
What are key features of this property?
This property features: Four‑unit property with one 1‑bedroom unit and three 2‑bedroom units; 3,936 square feet on 923‑925 Essex Street, Lawrence, MA 01841; Built in 1910 with gas heating systems throughout
