Renovated 9-Unit Apartment
For Sale
$1,875,000
Pending
137 Franklin St, Lynn, MA 01902
Three-story multifamily property with updated building systems, renovated units, and separately metered tenant utilities.
Property Size7,565 SF
Days on Market57
Property Features for 137 Franklin St
General Information
Standard status
Pending
Size
7,565 SF
Property subtype
Residential Income
Units
Unit Mix
8 x 2BR, 1 x 3BR
Multifamily Units
9
Additional Details
Cap Rate
8.5%
Taxes and HOA fees
Annual Taxes
$18,413
Building Details
Buildings
1
Stories
3
Listing Agency:
North Shore Realty Advisors
(617) 548-7737
Listed By:
Dan Pouladian · License #423847
(617) 548-7737
Source:
Exprealty
Added: Jun 18
Changed: Aug 7
Last Checked: Aug 12 at 1:14PM
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.
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 = 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
$132,115
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
7.05%
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%
$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
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
$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 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%
$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 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,370 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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 $1,875,000.
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
