Property Description

The Parker Street Rooms & Apartments contain thirty-two (32) residential units, comprised of twenty-nine (29) SRO's and three (3) apartments. 183 Parker Street contains twelve (12) SRO's and one (1) apartment and 198-200 Parker Street contains seventeen (17) SRO's and two (2) apartments. The two buildings are located in South Lawrence and are across the street from one another. The landlord is responsible for gas heat and all electricity in 183 Parker. 198-200 Parker Street features separately metered electricity for all the rooms and apartments, which is the heat source for the building. Passing the electric expense back on to the tenants would create a significant increase in the NOI of the properties. Current rents are also below market rate. The properties have a current cap rate of 9.22%.