Six-Unit Apartment
For Sale
$1,800,000
43 Highrock Street, Lynn, MA 01902
Three-bedroom residences include recent renovations and a three-year-old heating system.
Property Size4,230 SF
Days on Market56
Property Features for 43 Highrock Street
General Information
Standard status
Active
Size
4,230 SF
Property subtype
5-9 Family
Additional Details
Cap Rate
7.1%
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$15,914
Building Details
Building Size
4,230 SF
Year Built
1900
Buildings
1
Listing Agency:
Clements Realty Group
(781) 595-9600
Listed By:
Eugene L. Clements
Source:
Donnellyandco
Added: Jun 19
Changed: Aug 9
Last Checked: Aug 12 at 3:17PM
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.
Located at 43 Highrock Street in Lynn, Massachusetts, this six-unit apartment property contains three-bedroom residences throughout. The building dates to 1900 and has been professionally maintained, with a heating system installed three years ago.
Three apartments have received substantial updates, including new bathrooms, refinished hardwood flooring, fresh paint, and additional improvements. Each unit has a Letter of Deleading Compliance. The property also carries a 7.1% cap rate and an established rent roll, providing documented operating characteristics for review.
Three apartments have received substantial updates, including new bathrooms, refinished hardwood flooring, fresh paint, and additional improvements. Each unit has a Letter of Deleading Compliance. The property also carries a 7.1% cap rate and an established rent roll, providing documented operating characteristics for review.
Key Highlights
- Six‑unit apartment building with three‑bedroom units throughout
- 7.1% cap rate and established rent roll
- Three units updated with new bathrooms, refinished hardwood floors, fresh paint, and additional improvements
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
4.10%
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 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $104,769 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
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
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 - Three-bedroom residences include recent renovations and a three-year-old heating system.
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 $1,800,000.
What are key features of this property?
This property features: Six‑unit apartment building with three‑bedroom units throughout; 7.1% cap rate and established rent roll; Three units updated with new bathrooms, refinished hardwood floors, fresh paint, and additional improvements
