Building Details

Building Size 42,486 SF

Year Built 1926

Listing Agency: Boston Realty Advisors

Listed By: Daniel Alper · License #CN254381 Show Phone

Source: Classifiedrealtygroup

Added: Jul 16 Changed: Oct 3 Last Checked: Oct 5 at 3:51PM

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Investment Insights

Based on property information with market context.

This for-sale multifamily portfolio totals 62 units across five separate properties: 44 and 38 Estes Street, 8-10 and 12-14 Fortesque Street, and 32 Chestnut Street. The unit mix is primarily one-bedroom, with select two-bedroom and studio units. The properties are professionally maintained, with a history of capital improvements, and several of the buildings include on-site parking and laundry facilities.

The assets are concentrated within one of Lynn’s established residential neighborhoods, with close proximity that supports centralized leasing, management, and maintenance.

Current vacancy provides an opportunity to lease available units, while occupied units generate in-place income. An assumable financing option is available under a portfolio loan—ask the listing agent for details.

Key Highlights

• Five‑property, 62‑unit multifamily portfolio in Lynn, built in 1926.
• Primarily one‑bedroom unit mix, with select two‑bedroom and studio units.
• Several properties include on‑site parking and laundry facilities.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$741,973

Cap Rate

5.58%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$14,839,460 $14.8M

Cap Rate 7%

$10,599,614 $10.6M

Cap Rate 9%

$8,244,144 $8.2M

Market Conditions

NOI Build-Up for 42,486 SF

Gross rent

$1.44M $33.96/SF

− Vacancy

−$93.8K −$2.21/SF

EGI

$1.35M $31.75/SF

− OpEx

−$607.1K −$14.29/SF

NOI

$742.0K $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 Rate 5%

$14,839,460

Cap Rate 7%

$10,599,614

Cap Rate 9%

$8,244,144

Alternative Uses

Best Use

Apartment 5plus

$10.60M

$9.27M – $12.37M (±1% cap)

NOI $741,973 @ 7.0% cap · market cap 5.58%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$15.03M

$13.15M – $17.54M (±1% cap)

NOI $1,052,293 @ 7.0% cap · market cap 7.91%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Tech Support Center Acupuncture Computer & Electronic Repair Catering Service Parking Lot & Garage (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

62

Residential units

Location Intelligence

Trade Area within ½ mile

1,760

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Five-property, 62-unit portfolio with mostly one-bedroom units and select on-site parking and laundry facilities.

Where is this apartment building located?

The property is located at 44 Estes Street Portfolio Lynn, MA.

What is the asking price?

The asking price for this property is $13,299,000.

What are key features of this property?

This property features: Five‑property, 62‑unit multifamily portfolio in Lynn, built in 1926.; Primarily one‑bedroom unit mix, with select two‑bedroom and studio units.; Several properties include on‑site parking and laundry facilities.