7 Forest Street

Lawrence, MA 01841

$875,000
Price
5
Beds
6
Baths
3,100 Sq. Ft.
$282 / Sq. Ft.
3,100
Sq. Ft.
$282
per Sq. Ft.

Description

7 Forest St contains a total of six (6) residential units comprised of three (3), 1-Bedroom/1-Bathroom units, two (2), 1+ Bedroom/1-Bathroom units, and one (1) Studio unit with 3,100 square feet of living area in 5,458 gross square feet on a 0.15-acre parcel of land. The property features separately metered heat, hot water, and electricity for 5 of the units. The units have below-market residential rents, the opportunity exists to increase the rents to market rates in an urban-infill, high demand,...7 Forest St contains a total of six (6) residential units comprised of three (3), 1-Bedroom/1-Bathroom units, two (2), 1+ Bedroom/1-Bathroom units, and one (1) Studio unit with 3,100 square feet of living area in 5,458 gross square feet on a 0.15-acre parcel of land. The property features separately metered heat, hot water, and electricity for 5 of the units. The units have below-market residential rents, the opportunity exists to increase the rents to market rates in an urban-infill, high demand, supply-constrained residential market increasing the income of the Property. The property has a current cap rate of 8.00%.
  1. Listed by Spencer Norton • Horvath & Tremblay

Property Details for 7 Forest Street

Town
Lawrence
Area
MA-Lawrence
Garage Spaces
0
Parking Spaces
1.00
Parking Spaces Total
1
LISTING UPDATED: 11/27/2024 03:08 AM

Property Details for 7 Forest Street

StatusActive
MLS #73315326
Days on Market33
Taxes$5,454 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5-9 Family
Year Built1865
CountyEssex County

Building Information for 7 Forest Street

Stories9Residences6Year Built1865Building Size-Lot Size0.15 AC / 6,725 SF

Property Information for 7 Forest Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Living Area: 3100.0
  • SqFt with Basement: No
  • Total Units: 6
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Num of Baths: 6.0
  • Num of Full Baths: 6
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 6.00
  • Bathrooms Total Integer: 6
  • FireplaceYN: No
  • Fireplaces: 0
  • SpaYN: No
Exterior Features
  • Lot Description: Other
Parking Features
  • Covered Spaces: .00
  • Garage: No
Utilities
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
Tax Information
  • Tax ID: M:0188 B:0000 L:0020,4210163
  • Assessments: $589,600
  • Book: 0
  • Tax Year: 2024
  • Zoning: 14
Building / Association Information
Living Characteristics
  • Beds Total: 5
  • Total Living Levels: 9
Other Building Characteristics
  • Foundation: Other
Income / Expenses
  • Electricity: $1,887.00
  • GOI: $93,300.00
  • GRE: $23,270
  • NOI: $70,030.00
  • Operating Expense: $23,270.00
  • WSE: $2,449.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: Y
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: Y
  • Levels U2: 1
Unit 3 Description
  • Floor U3: 2
  • Lease U3: N
  • Levels U3: 1
Unit 4 Description
  • Floor U4: 2
  • Lease U4: N
  • Levels U4: 1
Rental Info
Rental Info
  • Total Actual Rent: $7,775.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2.5

Property History for 7 Forest Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 7 Forest Street

Taxable ValueLand$129,000Additions$460,600Total$589,600
Tax Record2024$5,454 ($454 / month)
Home Facts
Baths5Total Finished SqFt3,100 SqFtAbove Grade Finished SqFt3,100 SqFtStories3Lot Size6,725 SqFtStyleMulti-Family Res (5+ Units)Year Built1865CountyESSEXAPNLAWR M:0188 B:0000 L:0020

Schools near 7 Forest Street

This home is within Lawrence School District.
Rating
School
Type
Grades
Distance
Public - PK to 12
Public - 3 to 8
Public - 5 to 8
Public - 6 to 12
Rating
School
Distance
School For Exceptional Studies
PublicPK to 12

Alexander B Bruce
Public3 to 8

Guilmette Middle School
Public5 to 8

Rise Academy
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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7 Forest Street is a multi-family home for sale in Lawrence, MA 01841. This property was listed for sale on November 23, 2024 by Horvath & Tremblay, it's currently listed at $875,000. It has been on the market for a total of 33 days and was last sold on May 11, 2005. This listing's school district is Lawrence School District. Nearby schools include School For Exceptional Studies, Alexander B Bruce and Guilmette Middle School. 7 Forest Street is a 5-bed, 6-bath, 3,100 sqft multi-family home built in 1865.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Horvath & Tremblay, Spencer Norton

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.