Nine-Unit Apartment
137 Franklin St Lynn, MA 01902
137 Franklin St, Lynn, MA, 01902
$1,950,000
For Sale
$1,950,000
Nine-unit, three-story apartment building with updated electrical, plumbing upgrades, and renovated units, including eight two-bedrooms and one three-bedroom.
Property Size10,262 SF
Price / SF$190.02
Days on Market30
Property Features for 137 Franklin St
General Information
- Standard status
- Active
- Size
- 10,262 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1900
Listing agency
North Shore Realty Advisors
(617) 548-7737
Listed by
Dan Pouladian · License #423847
(617) 548-7737
Source
Elliman
Added: Jun 22 Updated: Jul 21 at 12:23AM Checked: Jul 21 at 6:47AM
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 North Shore Realty Advisors
Investment Insights
Based on property information with market context.
This clean nine-unit, three-story apartment building includes eight two-bedroom units and one three-bedroom unit. The property features updated electrical with 400-amp service, plumbing upgrades, and unit renovations. Hot water and common electric are paid by the landlord, while heat and electric are handled through tenant responsibility via separately metered services.
The building’s layout and current configuration support straightforward income-producing operations within a residential income asset. Overall gross area is listed at 10,262± square feet, with 7,565± square feet of living area.
For investors seeking a stabilized multifamily format, this property is presented with lead compliance letters “in hand,” and includes relevant utility and improvement updates intended to reduce near-term capital concerns.
The building’s layout and current configuration support straightforward income-producing operations within a residential income asset. Overall gross area is listed at 10,262± square feet, with 7,565± square feet of living area.
For investors seeking a stabilized multifamily format, this property is presented with lead compliance letters “in hand,” and includes relevant utility and improvement updates intended to reduce near-term capital concerns.
Key Highlights
- 9‑unit, three‑story multi‑family building with 7,565± SF living area and 10,262± SF total gross area
- Unit mix: eight 2‑bedroom units and one 3‑bedroom unit
- Updated electrical with 400‑amp service; plumbing upgrades completed
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $348.5k | $33.96 |
| − Vacancy | −$22.7k | −$2.21 |
| EGI | $325.8k | $31.75 |
| − OpEx | −$146.6k | −$14.29 |
| NOI | $179.2k | $17.46 |
10,262 SF · lease $33.96/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.56M
$2.24M – $2.99M
NOI $179,215 @ 7.0% cap · market cap 9.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.63M
$3.18M – $4.24M
NOI $254,169 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Nine-unit, three-story apartment building with updated electrical, plumbing upgrades, and renovated units, including eight two-bedrooms and one three-bedroom.
Where is this apartment building located?
The property is located at 137 Franklin St Lynn, MA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 9‑unit, three‑story multi‑family building with 7,565± SF living area and 10,262± SF total gross area; Unit mix: eight 2‑bedroom units and one 3‑bedroom unit; Updated electrical with 400‑amp service; plumbing upgrades completed
