Lynn Multifamily Residence For
For Sale
$1,050,000
Pending
191-193 Washington St, Lynn, MA 01902
Three-story multi-family residence in Lynn, Massachusetts, built in 1900.
Property Size3,797 SF
Lot Size0.08 Acres
Days on Market267
Property Features for 191-193 Washington St
General Information
Standard status
Pending
Size
3,797 SF
Lot size
0.08 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$9,283
Building Details
Building Size
3,797 SF
Year Built
1900
Stories
3
Units
3
Listing Agency:
(508) 369-6462
Listed By:
Salustia Ortiz · License #449526727
(508) 369-6462
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 15
Last Checked: Aug 22 at 12:18PM
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 Salustia Ortiz
Investment Insights
Based on property information with market context.
Located at 191-193 Washington St in Lynn, Massachusetts, this multi-family residence presents an opportunity within Essex County. Constructed in 1900, the three-story building contains three full bathrooms. The living area totals 3797 square feet. The property includes eight bedrooms. The lot area encompasses 3520 square feet.
Key Highlights
- Spacious Living Area: Enjoy 3797 square feet of comfortable living space.
- Eight Bedrooms: Offers significant private space, ideal for large families or rental opportunities.
- Three Full Bathrooms: Thoughtfully positioned to serve the needs of all residents.
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
$66,311
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
6.32%
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%
$1,326,220
$1.3M
Cap Rate 7%
$947,300
$947.3K
Cap Rate 9%
$736,789
$736.8K
Market Conditions
NOI Build-Up for 3,797 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
$128.9K $33.96/SF
− Vacancy
−$8.4K −$2.21/SF
EGI
$120.6K $31.75/SF
− OpEx
−$54.3K −$14.29/SF
NOI
$66.3K $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%
$1,326,220
Cap Rate 7%
$947,300
Cap Rate 9%
$736,789
Alternative Uses
Best Use
Apartment 5plus
$947.3K
$828.9K – $1.11M
NOI $66,311 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,044 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,567
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 - Three-story multi-family residence in Lynn, Massachusetts, built in 1900.
Where is this apartment building located?
The property is located at 191-193 Washington St Lynn, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Spacious Living Area: Enjoy 3797 square feet of comfortable living space.; Eight Bedrooms: Offers significant private space, ideal for large families or rental opportunities.; Three Full Bathrooms: Thoughtfully positioned to serve the needs of all residents.
