Multifamily Asset in Diamond
For Sale
$5,850,000
145 Lewis St, Lynn, MA 01902
25-unit multifamily asset in Lynn, MA, rebuilt in 2015.
Property Size17,407 SF
Price / SF$336.07
Days on Market123
Property Features for 145 Lewis St
General Information
Standard status
Active
Size
17,407 SF
Property subtype
5+ Family - 5+ Units Up/Down
Building Details
Year Built
2015
Listing Agency:
North Shore Realty Advisors
(617) 548-7737
Listed By:
Dan Pouladian
(617) 548-7737
Source:
Lockandkeyre
Added: Apr 13
Changed: Aug 8
Last Checked: Aug 4 at 3:33AM
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 25-unit multifamily asset is located in the Diamond District of Lynn, MA. The property, held under the same ownership for over 25 years, was fully rebuilt in 2015. The building features twenty-five thoughtfully designed floor plans, including eighteen one-bedroom units, six two-bedroom units, and one three-bedroom/two-bathroom unit. Amenities include laundry facilities and on-site storage. The property offers a 6.8% CAP rate on current income, with strong in-place rents and the potential for future growth. No capital improvements are needed to achieve returns.
Key Highlights
- 25‑unit multifamily asset in Lynn's desirable Diamond District.
- Fully rebuilt in 2015, offering a relatively new construction.**
- 6.8% CAP rate on current income.
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
$303,995
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
5.20%
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%
$6,079,900
$6.1M
Cap Rate 7%
$4,342,786
$4.3M
Cap Rate 9%
$3,377,722
$3.4M
Market Conditions
NOI Build-Up for 17,407 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
$591.1K $33.96/SF
− Vacancy
−$38.4K −$2.21/SF
EGI
$552.7K $31.75/SF
− OpEx
−$248.7K −$14.29/SF
NOI
$304.0K $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%
$6,079,900
Cap Rate 7%
$4,342,786
Cap Rate 9%
$3,377,722
Alternative Uses
Best Use
Apartment 5plus
$4.34M
$3.80M – $5.07M
NOI $303,995 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.16M
$5.39M – $7.19M
NOI $431,137 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,447
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 - 25-unit multifamily asset in Lynn, MA, rebuilt in 2015.
Where is this apartment building located?
The property is located at 145 Lewis St Lynn, MA.
What is the asking price?
The asking price for this property is $5,850,000.
What are key features of this property?
This property features: 25‑unit multifamily asset in Lynn's desirable Diamond District.; Fully rebuilt in 2015, offering a relatively new construction.**; 6.8% CAP rate on current income.
