Sell or Buy Multifamily & Investment Property on the North Shore
For investors who want to sell or buy investment properties or portfolios, Herrick Lutts Realty Partners offers thorough, research-driven transaction services. We handle everything from a two-family in Peabody or a triple-decker in Salem to mixed-use, office, retail and industrial buildings across the North Shore. We pair local market expertise with a plan built for each client.
Or call 978-927-1959
HOW CAN WE HELP?
We are a leader in local investment sales, which puts Herrick Lutts Realty Partners at the front of investment transactions on the North Shore. Both our buyers and our sellers benefit: sellers reach an active network of investors, and buyers hear about opportunities early. We’re here to put our collective power to work for you.
Selling a Multifamily or Investment Property
Investment buyers decide with numbers, so we price your building the way they will underwrite it. We use three views of value: recent sales of comparable buildings, price per unit and gross rent multiplier, and an income review that compares your current rents with market rents. For buildings with five or more units and for mixed-use properties, net operating income and cap rate carry the most weight. If your rents are below market, we document the gap with comparable rentals instead of promising numbers we can’t support.
Clean, verifiable records are the fastest path to a strong price. Before listing, we help you put together:
- A current rent roll: units, bedrooms, rents, lease terms, security deposits, last month’s rent and utility responsibilities
- Leases or written tenancy-at-will terms
- 12 to 24 months of operating expenses: taxes, insurance, water and sewer, owner-paid utilities, repairs and management
- Capital improvements with dates, plus the age of roofs, heating systems and electrical service
- Lead paint Letters of Compliance. The Massachusetts Lead Law applies to rentals where children under six live.
- Security deposit records. Massachusetts requires deposits to be held in a separate, interest-bearing account, and they transfer to the buyer at closing.
Most multifamilies sell with tenants in place. We give proper notice and group showings into a few windows so tenants aren’t disrupted all week.
Who Buys North Shore Income Property
- Owner-occupants using owner-occupied financing, including FHA, on two- to four-unit properties. For three- and four-unit FHA purchases, the rents generally must pass FHA’s self-sufficiency test, so an accurate rent roll matters.
- Local and regional investors looking for steady rental income and long-term appreciation.
- 1031 exchange buyers working against federal deadlines who need a replacement property that closes on time.
- Commercial buyers for 5+ unit and mixed-use buildings, who underwrite NOI and cap rate and finance with commercial loans.
1031 Exchanges
If you plan to reinvest, a 1031 exchange may let you defer capital gains tax. A qualified intermediary holds the proceeds, you identify replacement property within 45 days of closing, and you complete the purchase within 180 days. We plan your sale and your replacement search together. See our 1031 Exchange page, and confirm tax treatment with your CPA or attorney.
Expertise
Local Multifamily Markets We Know
- Salem: triple-deckers, two-families and converted Victorians, with rental demand from Salem State University, Salem Hospital and commuter rail riders.
- Peabody: two-families and mixed-use buildings around Peabody Square and Main Street, with quick access to Route 1, I-95/128 and Route 114.
- Danvers: a mostly single-family town where multifamilies are scarce. We recently sold 39 Needham Rd, a Danvers multifamily, for $1,200,000.
- Beverly: two- and three-families and mixed-use buildings downtown and along Rantoul Street near the Beverly Depot station, with tenants drawn by the colleges, Beverly Hospital and the Cummings Center.
Selling a single-family home or condo instead? See our Selling page.
COMMITMENT
Our commitment to excellence is one of the reasons clients choose to work with us. Year after year we’re part of some of the biggest deals on the North Shore. That lets us create real financial returns and spot opportunities for all of our investors.
What is your building worth? Get in touch or call 978-927-1959 for a valuation and rent review.
