Two-Family Duplex with Separate
For Sale
$550,000
Pending
10 Essex Ct, Lynn, MA 01902
MULTI_FAMILY - Lynn, MA
Property Size1,776 SF
Lot Size0.05 Acres
Days on Market79
Property Features for 10 Essex Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 4
Parking
2
Directions
GPS
Standard status
Pending
APN
2004175
Size
1,776 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6650
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Listing Agency:
Keller Williams Gateway Realty · Keller Williams Realty
(603) 912-5470
Listed By:
Norm Aboshar
(603) 883-8400
Added: May 26
Changed: Aug 3
Last Checked: Aug 12 at 1:06PM
MLS# 73524293
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex offers two separate units, each with 2 bedrooms and 1 full bathroom. The property is set up with separate utilities, supporting independent occupancy for an owner-occupant or rental setup. The building is also described as having functional layouts and “solid bones,” making it a practical option for households or investors seeking a versatile residential income property.
Set on a 0.0515-acre lot, the duplex totals 1,776 SF. The property is located at 10 Essex Ct in Lynn, Massachusetts (01902) and is described as being convenient to shopping, restaurants, public transportation, and major routes.
Built in 1900, the duplex is zoned R3. Each unit’s bedroom and bathroom configuration is consistent, which may simplify planning for day-to-day management and future updates.
Set on a 0.0515-acre lot, the duplex totals 1,776 SF. The property is located at 10 Essex Ct in Lynn, Massachusetts (01902) and is described as being convenient to shopping, restaurants, public transportation, and major routes.
Built in 1900, the duplex is zoned R3. Each unit’s bedroom and bathroom configuration is consistent, which may simplify planning for day-to-day management and future updates.
Key Highlights
- Two‑family duplex with separate utilities for each unit
- Each unit includes 2 bedrooms and 1 full bathroom
- R3 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,695
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$713,900
$713.9K
Cap Rate 7%
$509,929
$509.9K
Cap Rate 9%
$396,611
$396.6K
Market Conditions
NOI Build-Up for 1,776 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$54.3K $30.60/SF
− Vacancy
−$3.4K −$1.89/SF
EGI
$51.0K $28.71/SF
− OpEx
−$15.3K −$8.61/SF
NOI
$35.7K $20.10/SF
Area
Lynn, MA
Vacancy
6.17%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$713,900
Cap Rate 7%
$509,929
Cap Rate 9%
$396,611
Alternative Uses
Best Use
Multifamily LT 5
$509.9K
$446.2K – $594.9K
NOI $35,695 @ 7.0% cap · market cap 6.49%
Second Best
Apartment 5plus
$443.1K
$387.7K – $516.9K
NOI $31,016 @ 7.0% cap · market cap 5.64%
Theoretical Best
Office A
$628.4K
$549.9K – $733.1K
NOI $43,988 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,534
Businesses Nearby
Explore this area
Business Placement
Demographics for 01902, MA
50,725
Population
19,655
Households
2.6
Avg Household Size
35
Median Age
20%
College-Educated
75%
High-School Grad
2.4 sq mi
ZIP Area
21,135
Density / Sq Mi
$66,755
Median Household Income
$39,506
Median Earnings
$1,571
Median Rent
$456,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two units each offer 2 bedrooms and 1 full bathroom with separate utilities in a R3-zoned Lynn duplex.
Where is this duplex located?
The property is located at 10 Essex Ct Lynn, MA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑family duplex with separate utilities for each unit; Each unit includes 2 bedrooms and 1 full bathroom; R3 zoning
