Multifamily Home with Large
New
For Sale
$629,000
35 Ridgeway St, Lynn, MA 01902
Two-and-a-half-family property with a spacious owner’s residence, updated exterior components, and outdoor area on a sizable parcel.
Property Size1,916 SF
Lot Size0.18 Acres
Days on Market5
Property Features for 35 Ridgeway St
General Information
Standard status
Active
Size
1,916 SF
Lot size
0.18 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$7,142
Building Details
Building Size
1,916 SF
Year Built
1915
Stories
3
Units
2
Listing Agency:
Clements Realty Group
(978) 998-9600
Listed By:
Eugene L. Clements
(978) 998-9600
Source:
Elliman
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 29 at 1:18PM
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.
Built in 1915, this 2.5-family property includes a substantial owner’s unit arranged with six rooms and three bedrooms. The building has newer vinyl siding and a newer roof, while the parcel measures nearly 8,000 square feet. The sale is offered in as-is condition.
The property is located at 35 Ridgeway St in Lynn, Massachusetts. Walk Score is 79, classified as Very Walkable; Bike Score is 75, classified as Very Bikeable; and Transit Score is 42, classified as Some Transit. These measures provide context for the property’s pedestrian, bicycle, and transit accessibility.
The property is located at 35 Ridgeway St in Lynn, Massachusetts. Walk Score is 79, classified as Very Walkable; Bike Score is 75, classified as Very Bikeable; and Transit Score is 42, classified as Some Transit. These measures provide context for the property’s pedestrian, bicycle, and transit accessibility.
Key Highlights
- 2.5‑family property with a six‑room, three‑bedroom owner’s unit
- Nearly 8,000‑square‑foot lot
- Newer vinyl siding and roof
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
$33,461
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
5.32%
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%
$669,220
$669.2K
Cap Rate 7%
$478,014
$478.0K
Cap Rate 9%
$371,789
$371.8K
Market Conditions
NOI Build-Up for 1,916 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
$65.1K $33.96/SF
− Vacancy
−$4.2K −$2.21/SF
EGI
$60.8K $31.75/SF
− OpEx
−$27.4K −$14.29/SF
NOI
$33.5K $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%
$669,220
Cap Rate 7%
$478,014
Cap Rate 9%
$371,789
Alternative Uses
Best Use
Apartment 5plus
$478.0K
$418.3K – $557.7K
NOI $33,461 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$677.9K
$593.2K – $790.9K
NOI $47,455 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,331
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?
Multifamily property - Two-and-a-half-family property with a spacious owner’s residence, updated exterior components, and outdoor area on a sizable parcel.
Where is this multifamily property located?
The property is located at 35 Ridgeway St Lynn, MA.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: 2.5‑family property with a six‑room, three‑bedroom owner’s unit; Nearly 8,000‑square‑foot lot; Newer vinyl siding and roof
