Six-Unit Apartment
For Sale
$1,700,000
43 Highrock Street, Lynn, MA 01902
Well-maintained six-unit apartment building with spacious three-bedroom units and recently renovated apartments.
Property Size4,230 SF
Price / SF$401.89
Days on Market86
Property Features for 43 Highrock Street
General Information
Standard status
Active
Size
4,230 SF
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$134,857
Financials
Cap Rate
7.1%
Business Included
Yes
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$15,914
Building Details
Building Size
4,230 SF
Year Built
1900
Stories
5
Tenancy
Multi
Listing Agency:
Conway - West Roxbury
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 17
Changed: Sep 9
Last Checked: Sep 9 at 6:35AM
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 Conway - West Roxbury
Investment Insights
Based on property information with market context.
This six-unit apartment building offers a consistent unit mix with spacious three-bedroom homes. The property has been professionally maintained and includes three-year-old heating system infrastructure. Recent updates include extensive renovations to three of the units, featuring new bathrooms, refinished hardwood floors, fresh paint, and additional improvements.
Per the available records, all units have Letters of Deleading Compliance. The building is presented as a stabilized, income-producing asset with an established rent roll.
With multiple units receiving capital upgrades, the current configuration supports ongoing rental operations across the six homes.
Per the available records, all units have Letters of Deleading Compliance. The building is presented as a stabilized, income-producing asset with an established rent roll.
With multiple units receiving capital upgrades, the current configuration supports ongoing rental operations across the six homes.
Key Highlights
- Well‑maintained six‑unit apartment building built in 1900
- Unit mix features spacious three‑bedroom units throughout
- Three units have extensive recent renovations: brand‑new bathrooms, refinished hardwood floors, and fresh paint
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
$73,872
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
4.35%
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%
$1,477,440
$1.5M
Cap Rate 7%
$1,055,314
$1.1M
Cap Rate 9%
$820,800
$820.8K
Market Conditions
NOI Build-Up for 4,230 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
$143.7K $33.96/SF
− Vacancy
−$9.3K −$2.21/SF
EGI
$134.3K $31.75/SF
− OpEx
−$60.4K −$14.29/SF
NOI
$73.9K $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%
$1,477,440
Cap Rate 7%
$1,055,314
Cap Rate 9%
$820,800
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$923.4K – $1.23M
NOI $73,872 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,769 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,618
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Apartment building - Well-maintained six-unit apartment building with spacious three-bedroom units and recently renovated apartments.
Where is this apartment building located?
The property is located at 43 Highrock Street Lynn, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Well‑maintained six‑unit apartment building built in 1900; Unit mix features spacious three‑bedroom units throughout; Three units have extensive recent renovations: brand‑new bathrooms, refinished hardwood floors, and fresh paint
