Renovated 9-Unit Apartment
137 Franklin St, Lynn, MA 01902
For Sale
$2,075,000
Three-story multifamily property with updated building systems, renovated units, and separately metered tenant utilities.
Property Size7,565 SF
Price / SF$274.29
Days on Market213
Property Features for 137 Franklin St
General Information
Standard status
Size
Property subtype
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Taxes and HOA fees
Annual Taxes
Amenities
false
Tile, Vinyl, Varies, Hardwood
No
Rubber
for Gas Range, for Electric Range
Building Details
Year Built
Buildings
Stories
Listing Agency:
North Shore Realty Advisors
Listed By:
Sara Pouladian · License MA #9063629
(617) 910-6646
Source:
Arborviewrealtyinc
Added: Apr 15
Changed: Oct 31
Last Checked: Aug 23 at 5:23AM
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
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Investment Insights
Based on property information with market context.
Located at 137 Franklin St in Lynn, MA, this three-story apartment building contains nine units: eight two-bedroom apartments and one three-bedroom apartment. The property provides approximately 7,565 square feet of living area and 10,262 square feet of total gross area.
Building improvements include updated electrical service with 400 amps, plumbing upgrades, and renovations within the units. Lead compliance letters are in hand for all apartments. Each tenant is responsible for separately metered heat and electric, while ownership pays hot water and common-area electric. The property is reported at an 8.5% cap rate.
Building improvements include updated electrical service with 400 amps, plumbing upgrades, and renovations within the units. Lead compliance letters are in hand for all apartments. Each tenant is responsible for separately metered heat and electric, while ownership pays hot water and common-area electric. The property is reported at an 8.5% cap rate.
Key Highlights
- 9‑unit apartment building with eight two‑bedroom units and one three‑bedroom unit
- 7,565± square feet of living area and 10,262± square feet of total gross area
- Three‑story building at 137 Franklin St, Lynn, MA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$132,115
Cap Rate
6.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,642,300
$2.6M
Cap Rate 7%
$1,887,357
$1.9M
Cap Rate 9%
$1,467,944
$1.5M
Market Conditions
NOI Build-Up for 7,565 SF
Gross rent
$256.9K $33.96/SF
− Vacancy
−$16.7K −$2.21/SF
EGI
$240.2K $31.75/SF
− OpEx
−$108.1K −$14.29/SF
NOI
$132.1K $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%
$2,642,300
Cap Rate 7%
$1,887,357
Cap Rate 9%
$1,467,944
Alternative Uses
Best Use
Apartment 5plus
$1.89M
$1.65M – $2.20M
NOI $132,115 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,370 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,763
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
$456,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Lynn, MA
Properties on Market for Apartment buildings in Lynn
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-story multifamily property with updated building systems, renovated units, and separately metered tenant utilities.
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 $2,075,000.
What are key features of this property?
This property features: 9‑unit apartment building with eight two‑bedroom units and one three‑bedroom unit; 7,565± square feet of living area and 10,262± square feet of total gross area; Three‑story building at 137 Franklin St, Lynn, MA
