Turnkey Townhome-Style
For Sale
$2,100,000
99-103 Westford Street, Lowell, MA 01851
Six renovated, townhome-style units offer in-unit washers and dryers with separate utilities.
Property Size8,382 SF
Price / SF$250.54
Days on Market73
Property Features for 99-103 Westford Street
General Information
Standard status
Active
Size
8,382 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
6
Building Details
Year Built
1900
Listing Agency:
eXp Realty LLC - Corporate Office
Listed By:
The Denman Group
(508) 823-9400
Source:
Ballowhutchinsonrealestate
Added: Jun 25
Changed: Sep 4
Last Checked: Sep 5 at 8:26AM
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 eXp Realty LLC - Corporate Office
Investment Insights
Based on property information with market context.
This turnkey multifamily property features six extensively renovated residential units arranged as townhome-style layouts across two levels. The mix includes three 2+ bedroom, 2.5-bath units and three 3-bedroom, 1.5-bath units. Renovations include modern kitchens with quartz countertops, custom cabinetry, and stainless steel appliances, along with updated bathrooms. Each unit is equipped with an in-unit washer and dryer and has separate utilities, with tenants responsible for propane for heat and cooking, as well as central air conditioning, hot water, and electricity.
The property is located approximately 0.2 miles from the commuter rail station, providing convenient access to Boston and surrounding employment hubs.
Upgraded building systems and the fully renovated unit interiors support a low-maintenance ownership profile.
The property is located approximately 0.2 miles from the commuter rail station, providing convenient access to Boston and surrounding employment hubs.
Upgraded building systems and the fully renovated unit interiors support a low-maintenance ownership profile.
Key Highlights
- Six‑unit turnkey multifamily: (3) 2+ bed/2.5 bath and (3) 3‑bed/1.5 bath townhome‑style apartments, each with two levels
- Recent renovations include modern kitchens with quartz countertops, custom cabinetry, and stainless steel appliances
- Updated bathrooms across the property plus in‑unit washers and dryers in every unit
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
$149,522
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
7.12%
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%
$2,990,440
$3.0M
Cap Rate 7%
$2,136,029
$2.1M
Cap Rate 9%
$1,661,356
$1.7M
Market Conditions
NOI Build-Up for 8,382 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
$291.7K $34.80/SF
− Vacancy
−$19.8K −$2.37/SF
EGI
$271.9K $32.43/SF
− OpEx
−$122.3K −$14.60/SF
NOI
$149.5K $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%
$2,990,440
Cap Rate 7%
$2,136,029
Cap Rate 9%
$1,661,356
Alternative Uses
Best Use
Apartment 5plus
$2.14M
$1.87M – $2.49M
NOI $149,522 @ 7.0% cap · market cap 7.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,511 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,713
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six renovated, townhome-style units offer in-unit washers and dryers with separate utilities.
Where is this apartment building located?
The property is located at 99-103 Westford Street Lowell, MA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Six‑unit turnkey multifamily: (3) 2+ bed/2.5 bath and (3) 3‑bed/1.5 bath townhome‑style apartments, each with two levels; Recent renovations include modern kitchens with quartz countertops, custom cabinetry, and stainless steel appliances; Updated bathrooms across the property plus in‑unit washers and dryers in every unit
