18-Unit Brick Apartment
For Sale
Contact for pricing
203 LEWIS ST, Lynn, MA 01902
Multifamily property offering studio and one-bedroom residences near commuter rail access.
Property Size12,076 SF
Price / SF$349.87
Days on Market113
Property Features for 203 LEWIS ST
General Information
Standard status
Active
Size
12,076 SF
Property subtype
Multifamily
Zoning
b
Occupancy
100%
Net Operating Income
$259,733
Units
Unit Mix
12 x 1BR, 6 x studio
Multifamily Units
18
Additional Details
Public Transit
Yes
Building Details
Year Built
1920
Year Renovated
2020
Buildings
1
Stories
3
Construction
brick
Listing Agency:
North Shore Realty Advisors
Listed By:
Dan Pouladian · License #MA 423847
(617) 548-7737
Source:
Crexi
Added: May 14
Changed: Aug 30
Last Checked: Aug 31 at 1:06PM
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 12,076-square-foot brick apartment building, constructed in 1920, contains 18 residential units: twelve one-bedroom apartments and six studios. The property is identified with zoning designation b and provides a diversified unit mix within a single multifamily asset.
Located in Lynn, Massachusetts, the building is within walking distance of the beach and Lynn Shore Drive, also designated Route 1A. The MBTA commuter rail station is approximately 0.5 miles away, connecting the property with Downtown Boston and the North Shore. A Walk Score of 84 reflects convenient access to restaurants, retail, public transportation, and the waterfront.
Located in Lynn, Massachusetts, the building is within walking distance of the beach and Lynn Shore Drive, also designated Route 1A. The MBTA commuter rail station is approximately 0.5 miles away, connecting the property with Downtown Boston and the North Shore. A Walk Score of 84 reflects convenient access to restaurants, retail, public transportation, and the waterfront.
Key Highlights
- 18 residential units comprising twelve one‑bedroom apartments and six studio units
- 12,076‑square‑foot brick multifamily building constructed in 1920
- Approximately 0.5 miles from the MBTA commuter rail
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
$210,894
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
4.99%
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%
$4,217,880
$4.2M
Cap Rate 7%
$3,012,771
$3.0M
Cap Rate 9%
$2,343,267
$2.3M
Market Conditions
NOI Build-Up for 12,076 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
$410.1K $33.96/SF
− Vacancy
−$26.7K −$2.21/SF
EGI
$383.4K $31.75/SF
− OpEx
−$172.5K −$14.29/SF
NOI
$210.9K $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%
$4,217,880
Cap Rate 7%
$3,012,771
Cap Rate 9%
$2,343,267
Alternative Uses
Best Use
Apartment 5plus
$3.01M
$2.64M – $3.51M
NOI $210,894 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.27M
$3.74M – $4.98M
NOI $299,098 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
1,760
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 - Multifamily property offering studio and one-bedroom residences near commuter rail access.
Where is this apartment building located?
The property is located at 203 LEWIS ST Lynn, MA.
What is the asking price?
The asking price for this property is $4,225,000.
What are key features of this property?
This property features: 18 residential units comprising twelve one‑bedroom apartments and six studio units; 12,076‑square‑foot brick multifamily building constructed in 1920; Approximately 0.5 miles from the MBTA commuter rail
