Three-Story Multifamily
24 Cherry St, Lynn, MA 01902
For Sale
$1,200,000
The property offers five bedrooms and three full bathrooms across its multiple levels.
Property Size4,300 SF
Lot Size0.14 Acres
Price / SF$279.07
Days on Market166
Property Features for 24 Cherry St
General Information
Standard status
Size
Lot size
Property subtype
Amenities
1 Fireplace
3.0 Stories
$10,351 Taxes
Public
Built in 1900
Building Details
Year Built
Stories
Listing Agency:
Benoit Real Estate Group ,LLC
(617) 764-5590
Listed By:
John LaPlaca · License #9014026
(617) 201-1800
Source:
Donahuere
Added: May 28
Changed: Nov 7
Last Checked: Nov 8 at 2:06AM
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 Benoit Real Estate Group ,LLC
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Investment Insights
Based on property information with market context.
At 24 Cherry St in Lynn, this three-story multifamily residence has more than 4,300 square feet of living space. The property includes five bedrooms and three full bathrooms, with the rooms distributed across its levels. It was built in 1900.
Key Highlights
- More than 4,300 square feet of living space
- Three‑story configuration
- Five bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,095
Cap Rate
6.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,501,900
$1.5M
Cap Rate 7%
$1,072,786
$1.1M
Cap Rate 9%
$834,389
$834.4K
Market Conditions
NOI Build-Up for 4,300 SF
Gross rent
$146.0K $33.96/SF
− Vacancy
−$9.5K −$2.21/SF
EGI
$136.5K $31.75/SF
− OpEx
−$61.4K −$14.29/SF
NOI
$75.1K $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%
$1,501,900
Cap Rate 7%
$1,072,786
Cap Rate 9%
$834,389
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$938.7K – $1.25M
NOI $75,095 @ 7.0% cap · market cap 6.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,502 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
1,250
Businesses Nearby
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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
$456,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Multifamily properties in Lynn, MA
Properties on Market for Multifamily properties in Lynn
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - The property offers five bedrooms and three full bathrooms across its multiple levels.
Where is this multifamily property located?
The property is located at 24 Cherry St Lynn, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: More than 4,300 square feet of living space; Three‑story configuration; Five bedrooms
