30-Unit Apartment
For Sale
$7,200,000
108 Franklin Street, Lynn, MA 01902
Separately metered electric service places that utility payment directly with tenants.
Property Size23,316 SF
Lot Size0.50 Acres
Price / SF$308.80
Days on Market139
Property Features for 108 Franklin Street
General Information
Standard status
Active
Size
23,316 SF
Total Parking Spaces
32
Lot size
0.50 Acres
Property subtype
Multi-family
Lease Term
[]
Units
Unit Mix
25 x 2BR/1BA, 4 x 1BR/1BA, 1 x Studio
Multifamily Units
30
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1960
Listing Agency:
Horvath & Tremblay
Listed By:
Stephen Girolamo
(207) 619-7571
Source:
Portsiderealestategroup
Added: Apr 18
Changed: Sep 3
Last Checked: Sep 2 at 8:03PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This 30-unit apartment property, built in 1960, occupies a 0.50-acre parcel and includes a mix of 25 two-bedroom/one-bath units, four one-bedroom/one-bath units, and one studio. A front parking lot provides 32 spaces. Electric service is separately metered, with tenants paying their own usage. Ownership responsibilities include gas-powered hot water and heat, common-area electricity, and city water and sewer.
The property is located near downtown Lynn at 108 Franklin Street, providing access to the city's central area. In-place rents are below current market rates, while unit interiors and common areas remain areas identified for continued upgrades.
The property is located near downtown Lynn at 108 Franklin Street, providing access to the city's central area. In-place rents are below current market rates, while unit interiors and common areas remain areas identified for continued upgrades.
Key Highlights
- 30 total units: 25 two‑bedroom, four one‑bedroom, and one studio
- 0.50‑acre parcel with 32 parking spaces in a front lot
- Built in 1960
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
$407,189
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
5.66%
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%
$8,143,780
$8.1M
Cap Rate 7%
$5,816,986
$5.8M
Cap Rate 9%
$4,524,322
$4.5M
Market Conditions
NOI Build-Up for 23,316 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
$791.8K $33.96/SF
− Vacancy
−$51.5K −$2.21/SF
EGI
$740.3K $31.75/SF
− OpEx
−$333.2K −$14.29/SF
NOI
$407.2K $17.46/SF
Area
Lynn, MA
Vacancy
6.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
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%
$8,143,780
Cap Rate 7%
$5,816,986
Cap Rate 9%
$4,524,322
Alternative Uses
Best Use
Apartment 5plus
$5.82M
$5.09M – $6.79M
NOI $407,189 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.25M
$7.22M – $9.62M
NOI $577,491 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
30
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,491
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?
Apartment building - Separately metered electric service places that utility payment directly with tenants.
Where is this apartment building located?
The property is located at 108 Franklin Street Lynn, MA.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: 30 total units: 25 two‑bedroom, four one‑bedroom, and one studio; 0.50‑acre parcel with 32 parking spaces in a front lot; Built in 1960
