Multifamily Apartment
For Sale
$13,299,000
44 Estes Street Portfolio, Lynn, MA 01902
Five-property, 62-unit portfolio with mostly one-bedroom units and select on-site parking and laundry facilities.
Property Size42,486 SF
Days on Market57
Property Features for 44 Estes Street Portfolio
General Information
Standard status
Active
Size
42,486 SF
Total Parking Spaces
15
Property subtype
Multifamily
Additional Details
Multifamily Units
62
Taxes and HOA fees
Annual Taxes
$9
Building Details
Building Size
42,486 SF
Year Built
1926
Listing Agency:
Boston Realty Advisors
Listed By:
Daniel Alper · License #CN254381
(617) 768-7333
Source:
Classifiedrealtygroup
Added: Jul 16
Changed: Sep 4
Last Checked: Sep 9 at 3:16PM
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 Boston Realty Advisors
Investment Insights
Based on property information with market context.
This for-sale multifamily portfolio totals 62 units across five separate properties: 44 and 38 Estes Street, 8-10 and 12-14 Fortesque Street, and 32 Chestnut Street. The unit mix is primarily one-bedroom, with select two-bedroom and studio units. The properties are professionally maintained, with a history of capital improvements, and several of the buildings include on-site parking and laundry facilities.
The assets are concentrated within one of Lynn’s established residential neighborhoods, with close proximity that supports centralized leasing, management, and maintenance.
Current vacancy provides an opportunity to lease available units, while occupied units generate in-place income. An assumable financing option is available under a portfolio loan—ask the listing agent for details.
The assets are concentrated within one of Lynn’s established residential neighborhoods, with close proximity that supports centralized leasing, management, and maintenance.
Current vacancy provides an opportunity to lease available units, while occupied units generate in-place income. An assumable financing option is available under a portfolio loan—ask the listing agent for details.
Key Highlights
- Five‑property, 62‑unit multifamily portfolio in Lynn, built in 1926.
- Primarily one‑bedroom unit mix, with select two‑bedroom and studio units.
- Several properties include on‑site parking and laundry facilities.
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
$741,973
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
5.58%
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%
$14,839,460
$14.8M
Cap Rate 7%
$10,599,614
$10.6M
Cap Rate 9%
$8,244,144
$8.2M
Market Conditions
NOI Build-Up for 42,486 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
$1.44M $33.96/SF
− Vacancy
−$93.8K −$2.21/SF
EGI
$1.35M $31.75/SF
− OpEx
−$607.1K −$14.29/SF
NOI
$742.0K $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%
$14,839,460
Cap Rate 7%
$10,599,614
Cap Rate 9%
$8,244,144
Alternative Uses
Best Use
Apartment 5plus
$10.60M
$9.27M – $12.37M
NOI $741,973 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.03M
$13.15M – $17.54M
NOI $1,052,293 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
62
Residential units
Location Intelligence
Trade Area within ½ mile
1,760
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
Check the figures for this property
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 - Five-property, 62-unit portfolio with mostly one-bedroom units and select on-site parking and laundry facilities.
Where is this apartment building located?
The property is located at 44 Estes Street Portfolio Lynn, MA.
What is the asking price?
The asking price for this property is $13,299,000.
What are key features of this property?
This property features: Five‑property, 62‑unit multifamily portfolio in Lynn, built in 1926.; Primarily one‑bedroom unit mix, with select two‑bedroom and studio units.; Several properties include on‑site parking and laundry facilities.
