Three-Unit Residential
For Sale
$865,000
96-98 Elm Street, Methuen, MA 01844
Three apartments provide a mix of layouts, with two residences currently occupied by long-term tenants.
Property Size3,384 SF
Lot Size0.50 Acres
Price / SF$255.61
Days on Market8
Property Features for 96-98 Elm Street
General Information
Standard status
Active
Size
3,384 SF
Total Parking Spaces
6
Lot size
0.50 Acres
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1911
Listing Agency:
J. Barrett & Company
Listed By:
Kristopher Gergler
(781) 870-7046
Source:
Jbarrettrealty
Added: Oct 18
Changed: Oct 25
Last Checked: Oct 24 at 10:24PM
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 J. Barrett & Company
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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 property contains 3,384 square feet of living area on a half-acre lot. The first-floor apartment has six rooms and two bedrooms, while the two upper-level units have four rooms and two bedrooms, and three rooms and one bedroom, respectively. In total, the building has five bedrooms and three full baths. A full basement provides storage, and the unfinished attic may offer future development options subject to substantial construction and required approvals.
Improvements include 34 replacement windows in 2025, a new roof in Spring 2026, and rear entry stairs and a deck completed in Summer 2026. The front second-floor unit received a renovated bathroom, new flooring and appliances, and a front deck approximately four years ago. That unit and the rear apartment are occupied by long-term tenants. The property also has a three-season porch, hardwood floors and original woodwork in the first-floor residence, a paved driveway, and parking for six vehicles.
Improvements include 34 replacement windows in 2025, a new roof in Spring 2026, and rear entry stairs and a deck completed in Summer 2026. The front second-floor unit received a renovated bathroom, new flooring and appliances, and a front deck approximately four years ago. That unit and the rear apartment are occupied by long-term tenants. The property also has a three-season porch, hardwood floors and original woodwork in the first-floor residence, a paved driveway, and parking for six vehicles.
Key Highlights
- Three apartments with 5 bedrooms and 3 full baths
- 3,384 square feet of living area on a half‑acre lot
- Parking for 6 vehicles and a paved driveway
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,008
Cap Rate
6.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,140,160
$1.1M
Cap Rate 7%
$814,400
$814.4K
Cap Rate 9%
$633,422
$633.4K
Market Conditions
NOI Build-Up for 3,384 SF
Gross rent
$85.3K $25.20/SF
− Vacancy
−$3.8K −$1.13/SF
EGI
$81.4K $24.07/SF
− OpEx
−$24.4K −$7.22/SF
NOI
$57.0K $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%
$1,140,160
Cap Rate 7%
$814,400
Cap Rate 9%
$633,422
Alternative Uses
Best Use
Multifamily LT 5
$814.4K
$712.6K – $950.1K
NOI $57,008 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$735.1K
$643.2K – $857.6K
NOI $51,458 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$2.00M
$1.75M – $2.34M
NOI $140,232 @ 7.0% cap · market cap 16.21%
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
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 01844, MA
52,970
Population
19,496
Households
2.7
Avg Household Size
42
Median Age
30%
College-Educated
89%
High-School Grad
22.1 sq mi
ZIP Area
2,397
Density / Sq Mi
$103,292
Median Household Income
$52,176
Median Earnings
$1,610
Median Rent
$471,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments provide a mix of layouts, with two residences currently occupied by long-term tenants.
Where is this triplex located?
The property is located at 96-98 Elm Street Methuen, MA.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Three apartments with 5 bedrooms and 3 full baths; 3,384 square feet of living area on a half‑acre lot; Parking for 6 vehicles and a paved driveway
