Three-Story Triplex with
New
For Sale
$960,000
29-31 Tracy Ave, Lynn, MA 01902
Updated mechanicals and electric support a flexible three-household residential configuration.
Property Size3,633 SF
Days on Market6
Property Features for 29-31 Tracy Ave
General Information
Standard status
Active
Size
3,633 SF
Property subtype
3 Family
Taxes and HOA fees
Annual Taxes
$9,211
Building Details
Building Size
3,633 SF
Year Built
1918
Listing Agency:
Skylimit Real Estate LLC
Listed By:
Hector Cocar
Source:
Jonathanradford
Added: Aug 27
Changed: Aug 29
Last Checked: Aug 30 at 11:46PM
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 Skylimit Real Estate LLC
Investment Insights
Based on property information with market context.
This three-story triplex at 29-31 Tracy Avenue contains 3,633 square feet of living area, arranged across 15 rooms with six bedrooms and three full bathrooms. A substantial basement adds storage capacity and is identified as offering potential for future development. The property was constructed in 1918 and has updated mechanicals and electric.
The residence is located across from Keaney Park and Lynn English High School in Lynn, Massachusetts. Access to Rt. 107 and Rt. 129 supports connections through the surrounding area. The three-story layout and multiple bedrooms provide separate accommodations within the property’s multifamily configuration.
The residence is located across from Keaney Park and Lynn English High School in Lynn, Massachusetts. Access to Rt. 107 and Rt. 129 supports connections through the surrounding area. The three-story layout and multiple bedrooms provide separate accommodations within the property’s multifamily configuration.
Key Highlights
- 3,633 square feet of living area across three stories
- 15 rooms, including six bedrooms and three full bathrooms
- Substantial basement with storage and potential for future development
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
$73,017
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
7.61%
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%
$1,460,340
$1.5M
Cap Rate 7%
$1,043,100
$1.0M
Cap Rate 9%
$811,300
$811.3K
Market Conditions
NOI Build-Up for 3,633 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
$111.2K $30.60/SF
− Vacancy
−$6.9K −$1.89/SF
EGI
$104.3K $28.71/SF
− OpEx
−$31.3K −$8.61/SF
NOI
$73.0K $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%
$1,460,340
Cap Rate 7%
$1,043,100
Cap Rate 9%
$811,300
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$912.7K – $1.22M
NOI $73,017 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$906.4K
$793.1K – $1.06M
NOI $63,446 @ 7.0% cap · market cap 6.61%
Theoretical Best
Office A
$1.29M
$1.12M – $1.50M
NOI $89,982 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
971
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?
Triplex - Updated mechanicals and electric support a flexible three-household residential configuration.
Where is this triplex located?
The property is located at 29-31 Tracy Ave Lynn, MA.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: 3,633 square feet of living area across three stories; 15 rooms, including six bedrooms and three full bathrooms; Substantial basement with storage and potential for future development
