Classic Triplex with Vacant
For Sale
$799,000
22 Elm St, Lynn, MA 01905
Three-level multifamily property with separate utilities, replacement windows, and two vacant floors suitable for an owner occupant.
Property Size3,267 SF
Days on Market144
Property Features for 22 Elm St
General Information
Standard status
Active
Size
3,267 SF
Property subtype
3 Family
Taxes and HOA fees
Annual Taxes
$7,291
Building Details
Building Size
3,267 SF
Year Built
1900
Listing Agency:
Citylight Realty
Listed By:
Steven Belesis · License #9510338
(978) 977-0050
Source:
Jonathanradford
Added: Apr 14
Changed: Sep 4
Last Checked: Sep 4 at 11:44AM
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 Citylight Realty
Investment Insights
Based on property information with market context.
This 1900-built triplex contains three residential units, each arranged with five rooms, including a living room, dining room, eat-in kitchen, and two bedrooms. The 3,267-square-foot property has vinyl siding, replacement windows, and a rubber roof. Gas heat, hot water tanks, and electric service are separately metered for each unit.
The first and second floors are vacant, providing immediate occupancy options for an owner occupant. The property is located just off Lynn Commons, with access to public transit and Market Basket within a short walk.
The first and second floors are vacant, providing immediate occupancy options for an owner occupant. The property is located just off Lynn Commons, with access to public transit and Market Basket within a short walk.
Key Highlights
- Three‑unit multifamily property totaling 3,267 square feet
- Each unit includes 5 rooms, 2 bedrooms, living room, dining room, and eat‑in kitchen
- Separate gas heat, hot water tanks, and individually metered electric
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
$65,661
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
8.22%
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%
$1,313,220
$1.3M
Cap Rate 7%
$938,014
$938.0K
Cap Rate 9%
$729,567
$729.6K
Market Conditions
NOI Build-Up for 3,267 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
$100.0K $30.60/SF
− Vacancy
−$6.2K −$1.89/SF
EGI
$93.8K $28.71/SF
− OpEx
−$28.1K −$8.61/SF
NOI
$65.7K $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 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%
$1,313,220
Cap Rate 7%
$938,014
Cap Rate 9%
$729,567
Alternative Uses
Best Use
Multifamily LT 5
$938.0K
$820.8K – $1.09M
NOI $65,661 @ 7.0% cap · market cap 8.22%
Second Best
Apartment 5plus
$815.1K
$713.2K – $950.9K
NOI $57,055 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,917 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,269
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?
Triplex - Three-level multifamily property with separate utilities, replacement windows, and two vacant floors suitable for an owner occupant.
Where is this triplex located?
The property is located at 22 Elm St Lynn, MA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Three‑unit multifamily property totaling 3,267 square feet; Each unit includes 5 rooms, 2 bedrooms, living room, dining room, and eat‑in kitchen; Separate gas heat, hot water tanks, and individually metered electric
