6-Unit Apartment
For Sale
$1,100,000
Pending
145 N Common, Lynn, MA 01905
Three-story condominium property with five leased residences and one available unit.
Property Size3,938 SF
Days on Market81
Property Features for 145 N Common
General Information
Standard status
Pending
Size
3,938 SF
Total Parking Spaces
6
Property subtype
Contingent
Zoning
B3
Net Operating Income
$93,501
Units
Unit Mix
6 x 1BR
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,705
Building Details
Building Size
3,938 SF
Year Built
1880
Buildings
1
Stories
5
Listing Agency:
Rooney Real Estate, LLC
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 16
Changed: Sep 2
Last Checked: Sep 1 at 4:03PM
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 Rooney Real Estate, LLC
Investment Insights
Based on property information with market context.
This three-story apartment property contains six individually deeded condominium units, each configured as a one-bedroom residence. Five units are leased and one is vacant, providing an existing income component alongside near-term occupancy flexibility. The building was constructed in 1880 and contains 3,938 square feet.
The property is positioned across from Lynn Common and near bus stops, with downtown Lynn and commuter rail access nearby. The ocean and Lynn/Nahant beaches are just over one mile away. All six units are held by one owner and offered together, while separate deeds provide flexibility for future ownership structuring or individual disposition. The property is zoned B3.
The property is positioned across from Lynn Common and near bus stops, with downtown Lynn and commuter rail access nearby. The ocean and Lynn/Nahant beaches are just over one mile away. All six units are held by one owner and offered together, while separate deeds provide flexibility for future ownership structuring or individual disposition. The property is zoned B3.
Key Highlights
- Six individually deeded condominium units offered under one ownership
- Six 1‑bed units; five leased and one vacant
- 3,938 SF three‑story building constructed in 1880
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
$68,773
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
6.25%
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%
$1,375,460
$1.4M
Cap Rate 7%
$982,471
$982.5K
Cap Rate 9%
$764,144
$764.1K
Market Conditions
NOI Build-Up for 3,938 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
$133.7K $33.96/SF
− Vacancy
−$8.7K −$2.21/SF
EGI
$125.0K $31.75/SF
− OpEx
−$56.3K −$14.29/SF
NOI
$68.8K $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%
$1,375,460
Cap Rate 7%
$982,471
Cap Rate 9%
$764,144
Alternative Uses
Best Use
Apartment 5plus
$982.5K
$859.7K – $1.15M
NOI $68,773 @ 7.0% cap · market cap 6.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.39M
$1.22M – $1.63M
NOI $97,536 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,772
Businesses Nearby
Explore this area
Business Placement
Demographics for 01905, MA
27,761
Population
9,583
Households
2.9
Avg Household Size
34
Median Age
21%
College-Educated
79%
High-School Grad
3.1 sq mi
ZIP Area
8,955
Density / Sq Mi
$84,341
Median Household Income
$42,983
Median Earnings
$1,749
Median Rent
$443,200
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 condominium property with five leased residences and one available unit.
Where is this apartment building located?
The property is located at 145 N Common Lynn, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Six individually deeded condominium units offered under one ownership; Six 1‑bed units; five leased and one vacant; 3,938 SF three‑story building constructed in 1880
