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24 Merrimack Street 24 Merrimack St 47 Unit Apartment Building $20,768,400 CAD ($441,881 CAD/Unit) 5.55% Cap Rate Lowell, MA 01852
Investment Highlights
- Six ground-floor commercial spaces
Executive Summary
mixed-use property at 24 Merrimack Street in downtown Lowell, Massachusetts — 47
apartments above six ground-floor commercial spaces, set on the Merrimack River in
one of the Merrimack Valley’s largest cities and served by commuter rail to Boston’s
North Station.
The residential mix runs 12 one-bedroom, 34 two-bedroom, and one three-bedroom
apartments across an elevator-served, five-story brick-and-masonry building built in
1906. Central gas forced-air heating and cooling and a wet-sprinkler system serve the
property, and residents pay their own heat and electricity on individual meters, with
ownership covering water and sewer, trash, and common-area electric.
Six ground-floor commercial spaces line Merrimack Street, anchored by the U.S.
Navy and Global Boutique, alongside a fitness center and additional storefront
tenancy. Residential rents sit well below market today, and marking units to prevailing
rates as leases turn is the core of the value-add opportunity beneath a stable base of
income.
The Merrimack offers a value-add investment in a landmark downtown building,
durable commercial anchors, central building systems already in place, and residential
rents positioned well below market with clear room to grow as units turn. The rent roll
and financials that follow detail the in-place and pro forma picture. Please reach out to
the deal contacts for more information.
Property Facts
| Price | $20,768,400 CAD | Building Class | B |
| Price Per Unit | $441,881 CAD | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 34,320 SF |
| Cap Rate | 5.55% | Average Occupancy | 94% |
| No. Units | 47 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2016 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | DMU | ||
| Price | $20,768,400 CAD |
| Price Per Unit | $441,881 CAD |
| Sale Type | Investment |
| Cap Rate | 5.55% |
| No. Units | 47 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.26 AC |
| Building Size | 34,320 SF |
| Average Occupancy | 94% |
| No. Stories | 5 |
| Year Built | 2016 |
| Opportunity Zone |
Yes |
| Zoning | DMU |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 46 | - | 634 - 770 |
| 3+1 | 1 | - | 1,044 |
Sustainability
Sustainability
ENERGY STAR® Energy Star is a program run by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy (DOE) that promotes energy efficiency and provides simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations partner with the EPA to deliver cost-saving energy efficiency solutions that protect the climate while improving air quality and protecting public health. The Energy Star score compares a building’s energy performance to similar buildings nationwide and accounts for differences in operating conditions, regional weather data, and other important considerations. Certification is given on an annual basis, so a building must maintain its high performance to be certified year to year. To be eligible for Energy Star certification, a building must earn a score of 75 or higher on EPA’s 1 – 100 scale, indicating that it performs better than at least 75 percent of similar buildings nationwide. This 1 – 100 Energy Star score is based on the actual, measured energy use of a building and is calculated within EPA’s Energy Star Portfolio Manager tool.
Property Taxes
| Parcel Number | LOWE-000178-004060-000024 | Improvements Assessment | $11,364,468 CAD |
| Land Assessment | $382,535 CAD | Total Assessment | $11,747,002 CAD |
Property Taxes
Contacts
-
Francis Saenz -
Drew Kirkland -
James Casey -
Patrick Wheeler -
Anthony Rakauskas -
Northeast Private Client Group
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24 Merrimack Street | 24 Merrimack St
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