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$315,000

Sale Pending
1508 Gorham St Apt 101, Lowell, MA 01852
2 Beds
2 Baths
1,019 Square Feet
0.00 Acres Lot
Built in 1986
Sale Pending
54 Units
Checked: 13 hours ago
Updated: Sep 18, 2025 at 10:16AM

Investment Summary


Monthly Cash Flow
-$714
Cap Rate
3.0%
Cash-on-Cash Return
-11.8%
Debt Coverage Ratio
0.52
Internal Rate of Return (5 years)
-7.5%

Property Description


0.00 Acres Lot
Built in 1986
Sale Pending
54 Units

Move-in ready 2-bedroom, 1.5-bath condo in the desirable Concord Meadows, away from downtown on the Tewksbury border. This home is a commuter’s dream with quick access to Route 495, Route 3, and the Lowell Commuter Rail, while close to shopping, dining, UMass Lowell, and the Merrimack River. The professionally maintained grounds provide an attractive exterior, ample guest parking, and a secure under-building garage with convenient elevator access. Inside, recent updates include fresh interior paint and new flooring in the main living areas. The kitchen provides plenty of storage, while the open-concept living and dining room features a slider to your private deck—perfect for morning coffee or evening relaxation. The primary bedroom includes a private half bath and closet, complemented by a second bedroom and full bathroom with tub/shower combo. Additional highlights include in-unit laundry and low-maintenance living, ideal for first-time buyers, downsizers, or busy professionals.

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Location


Property Details


Parking

  • Description: Under, Assigned, Off Street, Deeded
  • Details: Common, Off Street, Deeded
  • Garage Spaces: 1
  • Spaces Total: 2

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Partial): 1
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 4
  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Brick
  • Roof Type: Gable

HOA

  • Has HOA: Yes
  • HOA Fee: $485/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: LOWEM:210B:2675L:1508U:101
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1986

Tax Information

  • Annual Tax: $3,069

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Forced Air
  • Cooling: Central Air

Location

  • County: Middlesex

Investment Summary


Monthly Cash Flow
-$714
Cap Rate
3.0%
Cash-on-Cash Return
-11.8%
Debt Coverage Ratio
0.52
Internal Rate of Return (5 years)
-7.5%

Purchase Details

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Purchase price:
$315,000
Amount financed:
-$252,000
Down payment:
$63,000
Closing costs:
$9,450
Rehab costs:
$0
Initial cash invested:
$72,450
Square feet:
1,019
Cost per square foot:
$309
Monthly rent per square foot:
$2.16

Financing Details

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Loan amount:
$252,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,491
Property tax:
$256
Insurance:
$154
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,901

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,200 $26,400
Vacancy loss: (6%)
6% -$132 -$1,584
Operating income:
$2,068 $24,816

Operating Expenses


% Rent Monthly Yearly
Property taxes: (12%)
12%-$256-$3,069
Insurance: (7%)
7%-$154-$1,848
Property management: (8%)
8%-$176-$2,112
Repairs & maintenance: (5%)
5%-$110-$1,320
Capital expenditures: (5%)
5%-$110-$1,320
HOA fees: (22%)
22%-$485-$5,820
Total operating expenses: (59%)
59%-$1,291-$15,489

Cash Flow


Monthly Yearly
Net operating income:
$777 $9,324
Mortgage payments:
-$1,491 -$17,892
Cash flow:
-$714 -$8,568