Well-Maintained Two-Family
For Sale
$550,000
Pending
10 Essex Court, Lynn, MA 01902
Two-family property in Lynn with strong potential.
Property Size1,776 SF
Days on Market80
Property Features for 10 Essex Court
General Information
Standard status
Pending
Size
1,776 SF
Total Parking Spaces
2
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
R3
Taxes and HOA fees
Annual Taxes
$6,650
Amenities
No
Varies
2.0
Full, Interior Access, Bulkhead, Concrete Floor
2
2.00
Frame
Shingle
Easements
Rain Gutters, Porch
1 to 2 Mile To Beach
Porch
Building Details
Year Built
1900
Listing Agency:
Keller Williams Gateway Realty
(603) 912-5470
Listed By:
Jillian Aziz · License #9582350
(603) 912-5470
Source:
Compass
Added: May 26
Changed: Aug 8
Last Checked: Aug 8 at 7:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Gateway Realty
Investment Insights
Based on property information with market context.
Located in Lynn, this well-maintained two-family property offers an opportunity for investors, owner-occupants, or those seeking a versatile multi-family home. Each unit includes 2 bedrooms and 1 full bathroom. The property has separate utilities. The building offers functional layouts. The property is located near shopping, restaurants, public transportation, and major routes. The property size is 1776 square feet.
Key Highlights
- Two‑family property ideal for investors or owner‑occupants.
- Each unit has 2 bedrooms and 1 full bathroom.
- Separate utilities for each unit.
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property in Lynn with strong potential.
Where is this duplex located?
The property is located at 10 Essex Court 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 property ideal for investors or owner‑occupants.; Each unit has **2 bedrooms and 1 full bathroom**.; Separate utilities for each unit.
