Fully Renovated 6-Unit Apartment
For Sale
$1,499,999
99 West 6th Street, Lowell, MA 01850
Fully renovated 6-unit brick building with updated kitchens, bathrooms, and new flooring plus a paved parking lot for up to 12 vehicles.
Property Size5,233 SF
Price / SF$286.64
Days on Market158
Property Features for 99 West 6th Street
General Information
Standard status
Active
Size
5,233 SF
Total Parking Spaces
12
Property subtype
Multi-family / 5-9 Family
Zoning
TMF
Occupancy
50%
Net Operating Income
$70,200
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$12,449
Amenities
laundry
No
Wood
Range, Dishwasher, Refrigerator, Freezer, ENERGY STAR Qualified Refrigerator, ENERGY STAR Qualified Dishwasher
6.0
Insulated Windows
Partial
Living Room, Kitchen
6
6.00
Building Details
Year Built
1970
Tenancy
Multi
Listing Agency:
Black Jack Real Estate
(978) 457-9090
Listed By:
Patrick Bull · License #147811
(978) 457-9090
Source:
Compass
Added: Mar 7
Changed: Aug 8
Last Checked: Jul 21 at 1:26PM
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 Black Jack Real Estate
Investment Insights
Based on property information with market context.
This fully renovated 6-unit apartment building features a well-maintained brick exterior and substantial interior upgrades throughout. Renovations include modernized kitchens, updated bathrooms, and new flooring, supporting a turnkey setup with minimized near-term capital expenses. The property also includes a paved parking lot with capacity for up to 12 vehicles.
The building is located at 99 West 6th Street in Lowell’s Centralville neighborhood, near the University of Massachusetts Lowell and the MBTA Commuter Rail, providing direct connectivity to Boston. Laundry is in the basement, with pay laundry.
At the time of listing, 3 units are currently empty, presenting leasing opportunity within the existing 6-unit configuration.
The building is located at 99 West 6th Street in Lowell’s Centralville neighborhood, near the University of Massachusetts Lowell and the MBTA Commuter Rail, providing direct connectivity to Boston. Laundry is in the basement, with pay laundry.
At the time of listing, 3 units are currently empty, presenting leasing opportunity within the existing 6-unit configuration.
Key Highlights
- Fully renovated 6‑unit brick apartment building with updated kitchens, updated bathrooms, and new flooring throughout
- Paved parking lot with capacity for up to 12 vehicles
- 3 units are currently empty
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
$93,349
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
6.22%
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%
$1,866,980
$1.9M
Cap Rate 7%
$1,333,557
$1.3M
Cap Rate 9%
$1,037,211
$1.0M
Market Conditions
NOI Build-Up for 5,233 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
$182.1K $34.80/SF
− Vacancy
−$12.4K −$2.37/SF
EGI
$169.7K $32.43/SF
− OpEx
−$76.4K −$14.60/SF
NOI
$93.3K $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%
$1,866,980
Cap Rate 7%
$1,333,557
Cap Rate 9%
$1,037,211
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.56M
NOI $93,349 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,928 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 01850, MA
16,670
Population
6,028
Households
2.8
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
1.4 sq mi
ZIP Area
11,907
Density / Sq Mi
$67,581
Median Household Income
$42,096
Median Earnings
$1,666
Median Rent
$367,200
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?
Apartment building - Fully renovated 6-unit brick building with updated kitchens, bathrooms, and new flooring plus a paved parking lot for up to 12 vehicles.
Where is this apartment building located?
The property is located at 99 West 6th Street Lowell, MA.
What is the asking price?
The asking price for this property is $1,499,999.
What are key features of this property?
This property features: Fully renovated 6‑unit brick apartment building with updated kitchens, updated bathrooms, and new flooring throughout; Paved parking lot with capacity for up to 12 vehicles; 3 units are currently empty
