Multifamily Apartment
For Sale
$5,000,000
30-32 High, Lynn, MA 01902
25-unit apartment building with tenant-paid heat and electric and hot water included in rent.
Property Size15,729 SF
Days on Market32
Property Features for 30-32 High
General Information
Standard status
Active
Size
15,729 SF
Total Parking Spaces
18
Property subtype
Multifamily
Additional Details
Multifamily Units
25
Taxes and HOA fees
Annual Taxes
$39,376
Building Details
Building Size
15,729 SF
Year Built
1890
Listing Agency:
Yannios R E Investment Sales
(781) 224-0081
Listed By:
James Yannios · License #9052901
Source:
Classifiedrealtygroup
Added: Jul 22
Changed: Aug 12
Last Checked: Aug 22 at 4:03AM
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 Yannios R E Investment Sales
Investment Insights
Based on property information with market context.
This for-sale apartment building includes 9 two-bedroom units, 12 one-bedroom units, and 4 studio units. Tenants are responsible for heat and electric, while hot water is included in the rent. Inside the units, sub-panels are present, and updates include newer ceramic tile and vinyl flooring, newer bathrooms and kitchens, along with other units featuring partial kitchen updates.
The building’s common areas have been improved with newer vinyl plank flooring and lighting. The common hallways also include newer flooring and lighting, and the property reports newer roofing, including a newer rubber roof.
The mix of unit types and the described interior and common-area updates support the building’s continued operation as a residential income property.
The building’s common areas have been improved with newer vinyl plank flooring and lighting. The common hallways also include newer flooring and lighting, and the property reports newer roofing, including a newer rubber roof.
The mix of unit types and the described interior and common-area updates support the building’s continued operation as a residential income property.
Key Highlights
- 25‑unit apartment building built in 1890 with tenant‑paid heat and electric
- Hot water included in the rent
- Unit mix: 9 two‑bedroom units, 12 one‑bedroom units, and 4 studios
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
$274,690
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
5.49%
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%
$5,493,800
$5.5M
Cap Rate 7%
$3,924,143
$3.9M
Cap Rate 9%
$3,052,111
$3.1M
Market Conditions
NOI Build-Up for 15,729 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
$534.2K $33.96/SF
− Vacancy
−$34.7K −$2.21/SF
EGI
$499.4K $31.75/SF
− OpEx
−$224.7K −$14.29/SF
NOI
$274.7K $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%
$5,493,800
Cap Rate 7%
$3,924,143
Cap Rate 9%
$3,052,111
Alternative Uses
Best Use
Apartment 5plus
$3.92M
$3.43M – $4.58M
NOI $274,690 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.57M
$4.87M – $6.49M
NOI $389,576 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25
Residential units
Location Intelligence
Trade Area within ½ mile
2,534
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 - 25-unit apartment building with tenant-paid heat and electric and hot water included in rent.
Where is this apartment building located?
The property is located at 30-32 High Lynn, MA.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 25‑unit apartment building built in 1890 with tenant‑paid heat and electric; Hot water included in the rent; Unit mix: 9 two‑bedroom units, 12 one‑bedroom units, and 4 studios
