Renovated Triplex with
New
For Sale
$1,299,047
47 Broad St, Lynn, MA 01902
Three updated apartments offer open layouts, hardwood flooring, and designer kitchens with granite islands.
Property Size4,671 SF
Price / SF$278.11
Days on Market4
Property Features for 47 Broad St
General Information
Standard status
Active
Size
4,671 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Multifamily Units
3
Parking per Unit
2
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$11,741
Building Details
Building Size
4,671 SF
Year Built
1835
Stories
3
Units
3
Listing Agency:
(781) 910-8826
Listed By:
Gustavo Veloz
(781) 910-8826
Source:
Elliman
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 11 at 10:53AM
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 Gustavo Veloz
Investment Insights
Based on property information with market context.
This triplex contains three apartments totaling 4,671± square feet of living space. Each unit has an open-concept layout with living and dining areas, recessed lighting, generously sized bedrooms, hardwood flooring, and a modern bathroom. Designer kitchens include extensive cabinetry, granite countertops, center islands, and stainless steel appliances. The building was renovated within the last five years and includes two off-street parking spaces per unit.
Built in 1835, the property is located in Lynn’s Diamond Historic District at 47 Broad St. Safety improvements include a sprinkler system and centrally monitored fire alarm. Shopping, restaurants, beaches, parks, public transportation, and major highways are minutes away. The property has a Walk Score of 96, a Bike Score of 61, and a Transit Score of 48.
Built in 1835, the property is located in Lynn’s Diamond Historic District at 47 Broad St. Safety improvements include a sprinkler system and centrally monitored fire alarm. Shopping, restaurants, beaches, parks, public transportation, and major highways are minutes away. The property has a Walk Score of 96, a Bike Score of 61, and a Transit Score of 48.
Key Highlights
- Three apartments with 4,671± square feet of living space
- Renovated within the last five years
- Two off‑street parking spaces per unit
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
$93,880
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
7.23%
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%
$1,877,600
$1.9M
Cap Rate 7%
$1,341,143
$1.3M
Cap Rate 9%
$1,043,111
$1.0M
Market Conditions
NOI Build-Up for 4,671 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
$142.9K $30.60/SF
− Vacancy
−$8.8K −$1.89/SF
EGI
$134.1K $28.71/SF
− OpEx
−$40.2K −$8.61/SF
NOI
$93.9K $20.10/SF
Area
Lynn, MA
Vacancy
6.17%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,877,600
Cap Rate 7%
$1,341,143
Cap Rate 9%
$1,043,111
Alternative Uses
Best Use
Multifamily LT 5
$1.34M
$1.17M – $1.56M
NOI $93,880 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$1.17M
$1.02M – $1.36M
NOI $81,574 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,691 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,065
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?
Triplex - Three updated apartments offer open layouts, hardwood flooring, and designer kitchens with granite islands.
Where is this triplex located?
The property is located at 47 Broad St Lynn, MA.
What is the asking price?
The asking price for this property is $1,299,047.
What are key features of this property?
This property features: Three apartments with 4,671± square feet of living space; Renovated within the last five years; Two off‑street parking spaces per unit
