Well-Maintained Three-Family
32 Morris Street Lynn, MA 01905
For Sale
$989,900
Turnkey three-family with three separately metered units, gas heat, and a low-maintenance vinyl and rubber exterior.
Property Size3,456 SF
Price / SF$286.43
Days on Market50
Property Features for 32 Morris Street
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Multi-family
Building Details
Year Built
1923
Listing Agency:
Clements Realty Group
Listed By:
Eugene L. Clements
(617) 750-6378
Source:
Benoitrealestate
Added: Jun 10
Changed: Jul 21
Last Checked: Jul 28 at 11:36PM
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 Clements Realty Group
Investment Insights
Based on property information with market context.
This well-cared-for three-family property offers three separate units, each with five rooms and three bedrooms. The apartments are separately metered and equipped with gas heat. The property has letters of de-leaded compliance, and all three units are currently occupied, providing immediate rental income.
Set on a quiet side street in West Lynn, the building includes ample parking for residents. The exterior is designed for low maintenance, featuring vinyl siding and a rubber roof.
The property presents a practical layout for an owner-occupant or investor, with each unit functioning independently through separate metering and individual heating systems.
Set on a quiet side street in West Lynn, the building includes ample parking for residents. The exterior is designed for low maintenance, featuring vinyl siding and a rubber roof.
The property presents a practical layout for an owner-occupant or investor, with each unit functioning independently through separate metering and individual heating systems.
Key Highlights
- Three‑family property built in 1923 with three spacious units in West Lynn
- All three units are separately metered and equipped with gas heat
- Each unit features five rooms and three bedrooms
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $105.8k | $30.60 |
| − Vacancy | −$6.5k | −$1.89 |
| EGI | $99.2k | $28.71 |
| − OpEx | −$29.8k | −$8.61 |
| NOI | $69.5k | $20.10 |
3,456 SF · lease $30.60/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$992.3K
$868.3K – $1.16M
NOI $69,460 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$862.2K
$754.4K – $1.01M
NOI $60,355 @ 7.0% cap · market cap 6.10%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,598 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Triplex - Turnkey three-family with three separately metered units, gas heat, and a low-maintenance vinyl and rubber exterior.
Where is this triplex located?
The property is located at 32 Morris Street Lynn, MA.
What is the asking price?
The asking price for this property is $989,900.
What are key features of this property?
This property features: Three‑family property built in 1923 with three spacious units in West Lynn; All three units are separately metered and equipped with gas heat; Each unit features five rooms and three bedrooms
