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 Show Phone

Source: Crexi

Added: May 14 Changed: Oct 12 Last Checked: Oct 16 at 6:39AM

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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.

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 / Yr

$210,894

Cap Rate

4.99%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,217,880 $4.2M

Cap Rate 7%

$3,012,771 $3.0M

Cap Rate 9%

$2,343,267 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,076 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $299,098 @ 7.0% cap · market cap 7.08%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Lewis street appartments Hotel & Motel

Suggested Use

Top Pick Tech Support Center Acupuncture Computer & Electronic Repair Catering Service Travel Agency Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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