Well-Maintained Three-Family
For Sale
$989,900
32 Morris Street, Lynn, MA 01905
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 Market120
Property Features for 32 Morris Street
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1923
Tenancy
Multi
Listing Agency:
Clements Realty Group
Listed By:
Eugene L. Clements
(781) 595-9600
Source:
Hgjohnsonrealestate
Added: Jun 10
Changed: Oct 6
Last Checked: Oct 4 at 7:40AM
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
Estimated NOI and Cap Rate
NOI / Yr
$69,460
Cap Rate
7.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,389,200
$1.4M
Cap Rate 7%
$992,286
$992.3K
Cap Rate 9%
$771,778
$771.8K
Market Conditions
NOI Build-Up for 3,456 SF
Gross rent
$105.8K $30.60/SF
− Vacancy
−$6.5K −$1.89/SF
EGI
$99.2K $28.71/SF
− OpEx
−$29.8K −$8.61/SF
NOI
$69.5K $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 Rate 5%
$1,389,200
Cap Rate 7%
$992,286
Cap Rate 9%
$771,778
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
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 01905, MA
27,761
Population
9,583
Households
2.9
Avg Household Size
34
Median Age
21%
College-Educated
79%
High-School Grad
3.1 sq mi
ZIP Area
8,955
Density / Sq Mi
$84,341
Median Household Income
$42,983
Median Earnings
$1,749
Median Rent
$443,200
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?
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
