Two-Family Residential Income
For Sale
$650,000
Pending
10 Richard Street, Lynn, MA 01905
Two-unit duplex with separate electric meters, updated porches, private deck, detached garage, and off-street driveway parking.
Property Size2,038 SF
Days on Market105
Property Features for 10 Richard Street
General Information
Standard status
Pending
Size
2,038 SF
Total Parking Spaces
5
Property subtype
Multi Family Home
Zoning
R4
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,682
Building Details
Building Size
2,038 SF
Year Built
1909
Year Renovated
2025
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Toner Real Estate, LLC
(781) 780-9054
Listed By:
Colleen Toner
(617) 438-7878
Source:
Janicemitchellre
Added: May 27
Changed: Sep 6
Last Checked: Jul 21 at 3:04AM
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 Toner Real Estate, LLC
Investment Insights
Based on property information with market context.
Welcome to 10 Richard Street, a well-maintained two-family duplex with identical layouts across both units. The property totals 8 rooms with 4 bedrooms and 2 full bathrooms, with each unit featuring a spacious living room, eat-in kitchen, two generously sized bedrooms, and a full bath. The first-floor bedrooms have hardwood flooring, and the second-floor unit includes carpeting and a brand-new gas line with gas cooking.
Additional improvements include two updated porches, a private deck, a detached garage, and off-street driveway parking. The yard is level and fenced. The property also features separate electric meters and a new rubber roof installed in 2025.
Conveniently located close to highway access, restaurants, shopping, and public transportation, the duplex offers straightforward two-family configuration with both units set up for comfortable day-to-day living.
Additional improvements include two updated porches, a private deck, a detached garage, and off-street driveway parking. The yard is level and fenced. The property also features separate electric meters and a new rubber roof installed in 2025.
Conveniently located close to highway access, restaurants, shopping, and public transportation, the duplex offers straightforward two-family configuration with both units set up for comfortable day-to-day living.
Key Highlights
- Well‑maintained 2‑family duplex built in 1909 with identical unit layouts
- Each unit features a spacious living room, eat‑in kitchen, 2 bedrooms, and 1 full bath (total: 4 bedrooms, 2 full baths)
- Separate electric meters for both 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
$40,961
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
6.30%
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%
$819,220
$819.2K
Cap Rate 7%
$585,157
$585.2K
Cap Rate 9%
$455,122
$455.1K
Market Conditions
NOI Build-Up for 2,038 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
$62.4K $30.60/SF
− Vacancy
−$3.8K −$1.89/SF
EGI
$58.5K $28.71/SF
− OpEx
−$17.6K −$8.61/SF
NOI
$41.0K $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%
$819,220
Cap Rate 7%
$585,157
Cap Rate 9%
$455,122
Alternative Uses
Best Use
Multifamily LT 5
$585.2K
$512.0K – $682.7K
NOI $40,961 @ 7.0% cap · market cap 6.30%
Second Best
Apartment 5plus
$508.4K
$444.9K – $593.2K
NOI $35,591 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$721.1K
$631.0K – $841.3K
NOI $50,477 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,026
Businesses Nearby
Explore this area
Business Placement
Demographics for 01905, MA
27,761
Population
9,583
Households
2.9
Avg Household Size
34
Median Age
21%
College-Educated
79%
High-School Grad
3.1 sq mi
ZIP Area
8,955
Density / Sq Mi
$84,341
Median Household Income
$42,983
Median Earnings
$1,749
Median Rent
$443,200
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?
Duplex - Two-unit duplex with separate electric meters, updated porches, private deck, detached garage, and off-street driveway parking.
Where is this duplex located?
The property is located at 10 Richard Street Lynn, MA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Well‑maintained 2‑family duplex built in 1909 with identical unit layouts; Each unit features a spacious living room, eat‑in kitchen, 2 bedrooms, and 1 full bath (total: 4 bedrooms, 2 full baths); Separate electric meters for both units
