Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    287 Essex St Lynn, MA 1902

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $825,000

    Commercial building with auto repair shop and parking lot.

    Type:Commercial
    Added:
    Apr 24, 2026
    Days on Market:
    8
    Last Refresh:
    Apr 24 at 5:43 pm

    Property Features for 287 Essex St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1940

    We can help!

    Listing Contact
    Paula Pickett

    Listing agent Paula Pickett

    Listing office Coldwell Banker Realty - Marblehead

    Listing date Apr 24, 2026

    Source Elliman

    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 Coldwell Banker Realty - Marblehead

    Overview

    Commercial Building in Downtown Lynn

    This commercial building is located on a high-traffic corner in downtown Lynn and offers multiple potential uses. The property currently houses an established auto repair shop with a tenant at will, featuring a two-bay garage with lifts. The other side of the building includes an office and restroom, providing access to a large, fenced parking lot with 17 spaces and a large gate for maneuvering vehicles. Previously, this area operated as a used car dealership. The auto repair shop is situated on the Essex Street side, while the dealership and parking are on the Chestnut Street side. The premises could be repurposed for other commercial uses, such as a base property for a contractor, light manufacturing, office, or retail establishment. The location has a bike score of 67, indicating it is bikeable, a walk score of 88, indicating it is very walkable, and a transit score of 46, indicating some transit options are available.
    Location Intelligence

    Current Use by Public Records

    Essex Auto Repair Auto Repair Shop

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Goodyear Auto Service — 205 Market St, Lynn, MA 01901
    • Caruso's Auto Repairs — 125 Pleasant St, Lynn, MA 01901
    • Suffolk St. Auto Repair — 35 Suffolk St, Lynn, MA 01901
    • Diamond Automotive — 35 Suffolk St, Lynn, MA 01901
    • Boston Auto painting — Pleasant St, Lynn, MA 01901

    Location Insight

    • Map
    • Local Demand
    City
    Lynn
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9378359
    Latitude
    42.4706233

    Nearby Similar for Sale

    • $800,000
      3,000 SF

      Turnkey Commercial Property in Lynn

      Turnkey commercial property with immediate income and long-term potential.
      52-56 Central Sq, Lynn, MA 01901
      View Details
    • $825,000
      4,000 SF

      Spacious Two-Family Home

      Two-family home with over 4000 sq ft of living space.
      128 Franklin St, Lynn, MA 01902
      View Details
    • $979,900

      Renovated Two-Family Home

      Meticulously renovated two-family home with modern updates throughout.
      55 Winthrop St, Lynn, MA 01904
      View Details
    • $889,000

      Spacious Move-In Ready Lynn Home

      Inviting, well-maintained home with spacious layout and modern kitchen.
      37 Howard St, Lynn, MA 01902
      View Details
    • $1,165,000
      4,000 SF

      Renovated Mixed-Use Property in Lynn

      Four-unit mixed-use property with commercial and residential spaces.
      431-433 Chatham, Lynn, MA 01902
      View Details
    • $1,300,000
      4,251 SF

      Pristine Multifamily Overlooking Goldfish Pond

      Well-maintained four-family house with pond views, close to amenities.
      11 Parker Ave, Lynn, MA 01902
      View Details
    • $1,500,000
      19,473 SF

      Summer Street Mixed Use Property

      Multi-tenant commercial building with vacant owner's suite in Lynn.
      723-727 Summer Street, Lynn, MA 01905
      View Details
    • $850,000
      2,844 SF

      Well-Maintained Two-Family Property

      Two-family property in Lynn with upside potential.
      48 Saratoga Street, Lynn, MA 01902
      View Details
    • $1,299,000
      3,473 SF

      Renovated Three-Family Home

      Completely renovated three-family home, ideal for investment or owner-occupancy.
      316 Essex St, Lynn, MA 01902
      View Details
    • $900,000
      2,504 SF

      Well-Maintained Multifamily Property in Lynn

      Updated multifamily property near Boston, schools, and amenities.
      215 Western Ave, Lynn, MA 01904
      View Details
    • $900,000
      2,504 SF

      Multifamily Property in Lynn, MA

      Well-maintained multifamily property with recent updates and convenient location.
      215 Western Avenue, Lynn, MA 01904
      View Details
    • $230,000

      Profitable Restaurant Business Opportunity

      Turnkey Greek-style pizza restaurant for sale in Lynn, MA.
      163 Lewis St, Lynn, MA 01902
      View Details

    FAQs

    What type of property is this?
    Auto shop - Commercial building with auto repair shop and parking lot.
    Where is this auto shop located?
    The property is located at 287 Essex St Lynn, MA.
    What is the asking price?
    The asking price for this property is $825,000.
    What are key features of this property?
    This property features: High‑traffic corner location in downtown Lynn.; Two‑bay garage with lifts, currently operating as an established auto repair shop.; Large, fenced parking lot with 17 spaces and a large gate.
    (781) 913-6663
    We can help!
    Listing Contact
    Paula Pickett
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!