Turnkey 3-Unit Multifamily
For Sale
$975,000
Pending
11 Fernwood Ave, Lynn, MA 01904
Three residential units each offer two bedrooms and in-unit laundry, presented as move-in ready.
Property Size2,619 SF
Days on Market96
Property Features for 11 Fernwood Ave
General Information
Standard status
Pending
Size
2,619 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Multifamily Units
3
Amenities
in-unit laundry
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
High Quality Real Estate LLC
Listed By:
Ranjan Thapa
(857) 373-9607
Source:
Lockandkeyre
Added: Jun 2
Changed: Sep 4
Last Checked: Aug 8 at 9:28AM
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 High Quality Real Estate LLC
Investment Insights
Based on property information with market context.
This turnkey 3-unit multifamily property features three residential units, each with two bedrooms and in-unit laundry. The building is described as well-maintained and move-in ready, offering a practical setup for both investors and owner-occupants.
The property is located at 11 Fernwood Avenue in Lynn, Massachusetts, near Flax Pond and approximately 2 to 2.5 miles from Lynn Shore & Nahant Beach Reservation. The listing notes convenient access to beaches, parks, shopping, dining, public transportation, and major commuter routes.
With three separate units configured for two-bedroom living and private laundry within each home, the property provides a straightforward multi-family layout within an established residential setting.
The property is located at 11 Fernwood Avenue in Lynn, Massachusetts, near Flax Pond and approximately 2 to 2.5 miles from Lynn Shore & Nahant Beach Reservation. The listing notes convenient access to beaches, parks, shopping, dining, public transportation, and major commuter routes.
With three separate units configured for two-bedroom living and private laundry within each home, the property provides a straightforward multi-family layout within an established residential setting.
Key Highlights
- Turnkey 3‑family home built in 1920
- Each unit has 2 bedrooms
- In‑unit laundry in all three units
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
$52,638
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
5.40%
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%
$1,052,760
$1.1M
Cap Rate 7%
$751,971
$752.0K
Cap Rate 9%
$584,867
$584.9K
Market Conditions
NOI Build-Up for 2,619 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
$80.1K $30.60/SF
− Vacancy
−$4.9K −$1.89/SF
EGI
$75.2K $28.71/SF
− OpEx
−$22.6K −$8.61/SF
NOI
$52.6K $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%
$1,052,760
Cap Rate 7%
$751,971
Cap Rate 9%
$584,867
Alternative Uses
Best Use
Multifamily LT 5
$752.0K
$658.0K – $877.3K
NOI $52,638 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$653.4K
$571.7K – $762.3K
NOI $45,738 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$926.7K
$810.8K – $1.08M
NOI $64,867 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
508
Businesses Nearby
Explore this area
Business Placement
Demographics for 01904, MA
19,944
Population
7,322
Households
2.7
Avg Household Size
40
Median Age
32%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
4,749
Density / Sq Mi
$100,597
Median Household Income
$49,561
Median Earnings
$1,742
Median Rent
$515,100
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?
Triplex - Three residential units each offer two bedrooms and in-unit laundry, presented as move-in ready.
Where is this triplex located?
The property is located at 11 Fernwood Ave Lynn, MA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Turnkey 3‑family home built in 1920; Each unit has 2 bedrooms; In‑unit laundry in all three units
