Three-Story Multifamily
For Sale
$929,000
3-5 Chatham Street, Lynn, MA 01902
Flexible residential layout with private outdoor areas, a basement, and multiple bedrooms and bathrooms.
Property Size4,080 SF
Price / SF$227.70
Days on Market13
Property Features for 3-5 Chatham Street
General Information
Standard status
Active
Size
4,080 SF
Property subtype
Multi-family
Amenities
private yard
outdoor dining area
patio
porch
basement
Building Details
Year Built
1900
Stories
3
Listing Agency:
Boston Realty Services and Partners,LLC
Listed By:
Elba Rojas
(617) 606-1593
Source:
Benoitrealestate
Added: Sep 3
Changed: Sep 11
Last Checked: Sep 15 at 7:34AM
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 Boston Realty Services and Partners,LLC
Investment Insights
Based on property information with market context.
This three-story multifamily property at 3-5 Chatham Street in Lynn, MA, contains 4,080 square feet and was built in 1900. The residence includes nine bedrooms and three full bathrooms, creating a substantial layout for multifamily occupancy. A basement adds storage and utility space.
Outdoor features include a private yard, patio, porch, and dedicated outdoor dining area. These spaces extend the usable area beyond the interior and provide options for outdoor meals or shared resident use. The property’s combination of bedroom count, full bathrooms, and multiple indoor and outdoor areas supports flexible residential arrangements.
Outdoor features include a private yard, patio, porch, and dedicated outdoor dining area. These spaces extend the usable area beyond the interior and provide options for outdoor meals or shared resident use. The property’s combination of bedroom count, full bathrooms, and multiple indoor and outdoor areas supports flexible residential arrangements.
Key Highlights
- 4,080‑square‑foot multifamily property built in 1900
- Three‑story layout with 9 bedrooms and 3 full bathrooms
- Private yard with patio, porch, and outdoor dining area
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
$71,253
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
7.67%
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%
$1,425,060
$1.4M
Cap Rate 7%
$1,017,900
$1.0M
Cap Rate 9%
$791,700
$791.7K
Market Conditions
NOI Build-Up for 4,080 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
$138.6K $33.96/SF
− Vacancy
−$9.0K −$2.21/SF
EGI
$129.6K $31.75/SF
− OpEx
−$58.3K −$14.29/SF
NOI
$71.3K $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%
$1,425,060
Cap Rate 7%
$1,017,900
Cap Rate 9%
$791,700
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$890.7K – $1.19M
NOI $71,253 @ 7.0% cap · market cap 7.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $101,053 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
994
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Flexible residential layout with private outdoor areas, a basement, and multiple bedrooms and bathrooms.
Where is this multifamily property located?
The property is located at 3-5 Chatham Street Lynn, MA.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: 4,080‑square‑foot multifamily property built in 1900; Three‑story layout with 9 bedrooms and 3 full bathrooms; Private yard with patio, porch, and outdoor dining area
