Summer Street Condos Multifamily
For Sale
Contact for pricing
386 Summer St, Lynn, MA 01905
20-unit multifamily asset in Lynn, MA with upside potential.
Property Size14,800 SF
Price / SF$337.50
Days on Market188
Property Features for 386 Summer St
General Information
Standard status
Active
Size
14,800 SF
Property subtype
Multifamily
Building Details
Year Built
1988
Units
20
Listing Agency:
NorthEast Private Client Group Shelton
Listed By:
Anthony Rakuskas · License #9588289
Source:
Crexi
Added: Feb 5
Changed: Aug 8
Last Checked: Aug 8 at 2:57PM
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 NorthEast Private Client Group Shelton
Investment Insights
Based on property information with market context.
The Summer Street Condos, located at 386 Summer Street in Lynn, MA, represent a multifamily asset comprising 20 units within a 14,000 square foot complex. Constructed in 1988, the property consists entirely of two-bedroom, one-bathroom condominium units, with current ownership controlling 100 percent of the complex. The property benefits from tenant-paid utilities and off-street parking. The location provides accessibility, proximity to amenities, and exposure to an improving urban environment. The property is positioned in the heart of Lynn, Massachusetts. The area has seen local population and household growth, combined with rising income levels within one-, three-, and five-mile radius.
Key Highlights
- 100% ownership of a 20‑unit condominium complex.
- Located in the high‑growth Lynn market, part of the rapidly improving Greater Boston urban environment.
- Strong tenant demand and consistent occupancy.
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
$258,466
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
5.17%
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%
$5,169,320
$5.2M
Cap Rate 7%
$3,692,371
$3.7M
Cap Rate 9%
$2,871,844
$2.9M
Market Conditions
NOI Build-Up for 14,800 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
$502.6K $33.96/SF
− Vacancy
−$32.7K −$2.21/SF
EGI
$469.9K $31.75/SF
− OpEx
−$211.5K −$14.29/SF
NOI
$258.5K $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%
$5,169,320
Cap Rate 7%
$3,692,371
Cap Rate 9%
$2,871,844
Alternative Uses
Best Use
Apartment 5plus
$3.69M
$3.23M – $4.31M
NOI $258,466 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.24M
$4.58M – $6.11M
NOI $366,566 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,530
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
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 - 20-unit multifamily asset in Lynn, MA with upside potential.
Where is this apartment building located?
The property is located at 386 Summer St Lynn, MA.
What is the asking price?
The asking price for this property is $4,995,000.
What are key features of this property?
This property features: 100% ownership of a 20‑unit condominium complex.; Located in the high‑growth Lynn market, part of the rapidly improving Greater Boston urban environment.; Strong tenant demand and consistent occupancy.
