Renovated 3-Family Income
For Sale
$1,349,999
204 Eastern Avenue, Lynn, MA 01902
Turnkey legal three-family home with updated kitchens, modern finishes, and a finished attic with additional living space.
Property Size3,567 SF
Price / SF$378.47
Days on Market146
Property Features for 204 Eastern Avenue
General Information
Standard status
Active
Size
3,567 SF
Total Parking Spaces
7
Property subtype
Multi-family
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
3
Building Details
Year Built
1880
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Nikki Martin Team
(617) 206-3333
Source:
Highlandre
Added: May 29
Changed: Oct 21
Last Checked: Oct 20 at 10:58PM
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 Compass
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Investment Insights
Based on property information with market context.
This fully renovated legal 3-family property offers a turnkey setup with updated, bright interiors and modern finishes. The home includes 7 bedrooms and 5 full baths, along with eat-in kitchens featuring white cabinetry, quartz countertops, and stainless steel appliances. Bathrooms feature oversized showers and a gray-and-white design. Additional space is provided by a finished attic with a bedroom, flex room, full bath, and kitchenette.
Outside, the property is equipped with five maintenance-free composite decks, a fenced yard, updated windows, newly redone walkways, and low-maintenance vinyl siding with stone accents. Ample parking includes a 2-car garage plus additional off-street spaces for up to 5 vehicles.
The layout and improvements are designed for flexible occupancy and straightforward operation, with the three units complemented by the attic’s added room and kitchenette.
Outside, the property is equipped with five maintenance-free composite decks, a fenced yard, updated windows, newly redone walkways, and low-maintenance vinyl siding with stone accents. Ample parking includes a 2-car garage plus additional off-street spaces for up to 5 vehicles.
The layout and improvements are designed for flexible occupancy and straightforward operation, with the three units complemented by the attic’s added room and kitchenette.
Key Highlights
- Fully renovated legal 3‑family home, built in 1880, on the Lynn/Swampscott line.
- 7 bedrooms and 5 full baths with updated units featuring eat‑in kitchens, white cabinetry, quartz countertops, and stainless steel appliances.
- Finished attic adds extra living space with a bedroom, flex room, full bath, and kitchenette.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,691
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,433,820
$1.4M
Cap Rate 7%
$1,024,157
$1.0M
Cap Rate 9%
$796,567
$796.6K
Market Conditions
NOI Build-Up for 3,567 SF
Gross rent
$109.2K $30.60/SF
− Vacancy
−$6.7K −$1.89/SF
EGI
$102.4K $28.71/SF
− OpEx
−$30.7K −$8.61/SF
NOI
$71.7K $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 Rate 5%
$1,433,820
Cap Rate 7%
$1,024,157
Cap Rate 9%
$796,567
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$896.1K – $1.19M
NOI $71,691 @ 7.0% cap · market cap 5.31%
Second Best
Apartment 5plus
$889.9K
$778.7K – $1.04M
NOI $62,294 @ 7.0% cap · market cap 4.61%
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,347 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,056
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Turnkey legal three-family home with updated kitchens, modern finishes, and a finished attic with additional living space.
Where is this triplex located?
The property is located at 204 Eastern Avenue Lynn, MA.
What is the asking price?
The asking price for this property is $1,349,999.
What are key features of this property?
This property features: Fully renovated legal 3‑family home, built in 1880, on the Lynn/Swampscott line.; 7 bedrooms and 5 full baths with updated units featuring eat‑in kitchens, white cabinetry, quartz countertops, and stainless steel appliances.; Finished attic adds extra living space with a bedroom, flex room, full bath, and kitchenette.
