Remodeled Two-Family
For Sale
$639,000
14 Union Court, Lynn, MA 01902
Two-family house with complete 2022 interior remodeling, including new electrical wiring, insulation, and bathrooms.
Property Size1,289 SF
Price / SF$495.73
Days on Market59
Property Features for 14 Union Court
General Information
Standard status
Active
Size
1,289 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Re-yes Real Estate
(781) 883-8300
Listed By:
Jose Reyes
(774) 280-2745
Source:
Broadboutique
Added: Jun 26
Changed: Aug 23
Last Checked: Aug 22 at 2:03PM
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 Re-yes Real Estate
Investment Insights
Based on property information with market context.
This two-family home was fully renovated in 2022. According to the seller, walls and ceilings were gutted and the home was completely insulated, with new electric wiring throughout and new bathrooms installed. The property’s interior improvements provide a refreshed layout for owner-occupants seeking additional space, as well as for buyers looking to offset housing costs with rental income.
The home is described as very conveniently located close to amenities in the city. For buyers considering a dual-use residential income property in Lynn, this recently remodeled two-family configuration is designed to support modern, straightforward occupancy.
If you’re evaluating residential income opportunities, the key takeaway here is the level of interior work completed in 2022, including insulation, electrical upgrades, and bathroom replacements.
The home is described as very conveniently located close to amenities in the city. For buyers considering a dual-use residential income property in Lynn, this recently remodeled two-family configuration is designed to support modern, straightforward occupancy.
If you’re evaluating residential income opportunities, the key takeaway here is the level of interior work completed in 2022, including insulation, electrical upgrades, and bathroom replacements.
Key Highlights
- Two‑family house built in 1910
- Complete interior remodeling completed in 2022, including gutted walls and ceilings
- 2022 upgrades include complete insulation and new electric wiring
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
$25,907
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
4.05%
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%
$518,140
$518.1K
Cap Rate 7%
$370,100
$370.1K
Cap Rate 9%
$287,856
$287.9K
Market Conditions
NOI Build-Up for 1,289 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
$39.4K $30.60/SF
− Vacancy
−$2.4K −$1.89/SF
EGI
$37.0K $28.71/SF
− OpEx
−$11.1K −$8.61/SF
NOI
$25.9K $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%
$518,140
Cap Rate 7%
$370,100
Cap Rate 9%
$287,856
Alternative Uses
Best Use
Multifamily LT 5
$370.1K
$323.8K – $431.8K
NOI $25,907 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$321.6K
$281.4K – $375.2K
NOI $22,511 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$456.1K
$399.1K – $532.1K
NOI $31,926 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,462
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?
Duplex - Two-family house with complete 2022 interior remodeling, including new electrical wiring, insulation, and bathrooms.
Where is this duplex located?
The property is located at 14 Union Court Lynn, MA.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Two‑family house built in 1910; Complete interior remodeling completed in 2022, including gutted walls and ceilings; 2022 upgrades include complete insulation and new electric wiring
