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$315,000

For Sale - Active
1508 Gorham St Apt 101, Lowell, MA 01852
2 Beds
2 Baths
1,019 Square Feet
0.00 Acres Lot
Built in 1986
For Sale - Active
54 Units
Checked: 4 hours ago
Updated: Aug 28, 2025 at 06:30PM

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
For Sale - Active
54 Units

This move in ready unit is a commuters dream providing quick access to Route 495 & Route 3! Located at desirable Concord Meadows, away from downtown on the Billerica/Tewksbury border, the exterior has professional maintained grounds, ample guest parking, and access to a private under garage with elevator access. The interior features recent interior painting, new flooring outside the bedrooms, in-unit laundry, a good sized kitchen with plenty of storage, an open-concept living area for entertaining and dining, with a slider providing access to the exterior deck. In addition, the unit has a full-bathroom with tub and shower, a master suite with it's own half bathroom and closet, and a great sized second bedroom with closet. Don't miss your chance for the perfect combination of commuter convenience and on-site conveniences!

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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