Why Selling a Multifamily Is Different

Selling a two-, three- or four-family in Lowell has more moving parts than selling a single-family. Buyers study your rents, leases and expenses as closely as your kitchen, and your tenants live through the whole sale.

 

I'm Tim Desmarais, a Realtor with Keller Williams Success Realty in Dracut, and I've sold multifamily homes in both Lowell and Dracut. In December 2025 I sold 20 Dean Ave in Dracut, a 10-bedroom multifamily, for $940,000.

What paperwork do buyers ask for?

Gather these before you list. An accepted offer starts the clock on inspections and financing, and you don't want to hunt for leases while that clock runs.

 

- a rent roll: each unit, its rent, lease dates and deposits
- copies of current leases
- a year of expenses: taxes, insurance, water and sewer, and common-area utilities
- records of security deposits and last month's rent

In Massachusetts, leases stay in place when a building sells, and the tenants' security deposits move to the new owner. Your closing attorney handles the transfer, and clean records make that part quick.

How is a multifamily priced?

I price a multifamily two ways at once: against recent sales of similar buildings, and against the income it brings in.

 

Buyers will ask about:

- rents and lease terms for each unit
- who pays which utilities
- taxes, insurance, and the age of the heating systems, roof and porches
- how your rents compare with the market


Below-market rents can draw buyers who see room to raise them. Those buyers still pay for what the building earns today, so the price has to start there.

Who buys multifamily homes in Lowell?

Two groups, for the most part. Owner-occupants plan to live in one unit and rent out the rest. Investors care about the numbers.

 

The two groups read your building differently. An owner-occupant may want a unit delivered empty so they can move in. An investor goes straight to the rent roll and compares your rents with the market. Once we know which buyer fits your building, we can set the price, the marketing and the plan for each lease.

Selling with tenants in place

Most Lowell multifamilies sell with tenants living in them, and with some planning that works fine.

I schedule showings around your tenants and give them notice ahead of time. I'd rather run a few well-prepared showings than march a stream of strangers through someone's kitchen. Talk to your tenants early, too. A tenant who knows what's coming is far more likely to keep the place ready to show.

If a unit is about to turn over, we'll decide together whether to leave it empty for an owner-occupant or re-rent it for an investor.

Older buildings and lead paint

Many Lowell multifamilies went up long before 1978. For those buildings, Massachusetts requires you to give buyers a lead paint notification, and the state's lead law adds rules for rental units where young children live. If you've deleaded, have your Letter of Compliance ready.

 

Inspectors also flag old wiring, heating systems and porches. I'd rather we spot those on our own walk-through than hear about them from the buyer's inspector.

What sellers say

Real feedback from the people I'm proud to serve.

FAQ

Can I sell my multifamily with tenants living there?

Yes. Leases stay in place after the sale, and tenants' security deposits transfer to the buyer. Showings take more planning, but most Lowell multifamilies sell with tenants at home. I'll schedule showings around them and give them notice ahead of time.

Should I leave a unit vacant before selling?

How do I find out what my multifamily is worth?

Thinking about selling a multifamily in Lowell or Dracut?

Call or text me at 603-765-1965, or get your free home value estimate. My Lowell page has current market numbers, and my selling page explains how I work with sellers.

Merrimack River and mill smokestack, Belvidere