Two Adjacent 6-Unit Multifamily
For Sale
$2,649,000
29-35 Sagamore Street, Lynn, MA 01902
Two fully occupied adjacent multifamily buildings total twelve apartments plus on-site laundry and 12+ off-street parking spaces.
Property Size8,694 SF
Price / SF$304.69
Days on Market100
Property Features for 29-35 Sagamore Street
General Information
Standard status
Active
Size
8,694 SF
Total Parking Spaces
12
Property subtype
Multi-Family
Zoning
9
Occupancy
100%
Net Operating Income
$310,543
Additional Details
Business Included
Yes
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$9
Building Details
Building Size
8,694 SF
Year Built
1900
Stories
5
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 28
Changed: Sep 4
Last Checked: Sep 4 at 3:54AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
29-35 Sagamore Street offers two adjacent, fully occupied 6-unit multifamily buildings totaling 12 apartments. The mix includes six 2-bedroom/1-bath units and six 1-bedroom/1-bath units. The property also includes an on-site laundry facility and 12+ off-street parking spaces.
The buildings are located in Lynn’s coastal neighborhood, just moments from the beach. The asset is described as benefiting from access to public transportation and convenient connectivity to Boston and the North Shore.
With all units occupied, the offering provides immediate in-place rental income.
The buildings are located in Lynn’s coastal neighborhood, just moments from the beach. The asset is described as benefiting from access to public transportation and convenient connectivity to Boston and the North Shore.
With all units occupied, the offering provides immediate in-place rental income.
Key Highlights
- Two adjacent multifamily buildings (29–35 Sagamore Street) totaling 12 apartments, all fully occupied
- Unit mix includes six 2‑bedroom/1‑bath units and six 1‑bedroom/1‑bath units
- On‑site laundry facility
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
$151,831
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
5.73%
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%
$3,036,620
$3.0M
Cap Rate 7%
$2,169,014
$2.2M
Cap Rate 9%
$1,687,011
$1.7M
Market Conditions
NOI Build-Up for 8,694 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
$295.2K $33.96/SF
− Vacancy
−$19.2K −$2.21/SF
EGI
$276.1K $31.75/SF
− OpEx
−$124.2K −$14.29/SF
NOI
$151.8K $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 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%
$3,036,620
Cap Rate 7%
$2,169,014
Cap Rate 9%
$1,687,011
Alternative Uses
Best Use
Apartment 5plus
$2.17M
$1.90M – $2.53M
NOI $151,831 @ 7.0% cap · market cap 5.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.69M – $3.59M
NOI $215,333 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,878
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?
Apartment building - Two fully occupied adjacent multifamily buildings total twelve apartments plus on-site laundry and 12+ off-street parking spaces.
Where is this apartment building located?
The property is located at 29-35 Sagamore Street Lynn, MA.
What is the asking price?
The asking price for this property is $2,649,000.
What are key features of this property?
This property features: Two adjacent multifamily buildings (29–35 Sagamore Street) totaling 12 apartments, all fully occupied; Unit mix includes six 2‑bedroom/1‑bath units and six 1‑bedroom/1‑bath units; On‑site laundry facility
