24 Merrimack Street
- Attractive Assumable HUD Loan at 2.53%
- 47 Modern Loft-Style Apartments, 6 Commercial Spaces
- Fully Renovated in 2016
- Prime Storefront Retail
- Qualified Opportunity Zone
- Significant Value-Add Opportunity
- Downtown Lowell, Rail to Boston
Property Description
Northeast Private Client Group, Inc. is pleased to present The Merrimack, a 53-unit mixed-use property at 24 Merrimack Street in downtown Lowell, Massachusetts. The building holds 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. 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.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $15,000,000 |
| No. of Units: | 53 |
| Year Built: | 1906 |
| Lot Size: | 0.27 Acres |
| Opportunity Zone: | No |
| Price per unit: | $283,019 |
| Property Website | Click Here |
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