Three-Unit Residential Income
504 Summer Street Lynn, MA 01905
504 Summer Street, Lynn, MA, 01905
$1,050,000
For Sale
$1,050,000
Three 2-bedroom units each include a kitchen and living area, with fire alarm and sprinkler system in place.
Property Size2,939 SF
Price / SF$357.26
Days on Market73
Property Features for 504 Summer Street
General Information
- Standard status
- Active
- Size
- 2,939 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Martinez Realty Group
Listed by
Erika Orellana
(617) 993-4639
Source
Flowrealty
Added: May 10 Updated: Jul 21 at 4:42PM Checked: Jul 21 at 4:42PM
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 Martinez Realty Group
Investment Insights
Based on property information with market context.
This three-unit residential income property offers three separate apartments, each with two bedrooms, a full bathroom, a kitchen, and an open-concept living area. The 3rd-floor unit is vacant, while the 1st and 2nd units are rented on a tenant-at-will basis. The building is equipped with a fire alarm and a sprinkler system.
The property is located at 504 Summer Street in Lynn, Massachusetts. Open house hours are scheduled for Saturday, May 16 from 1:00 PM to 3:00 PM, and Sunday, May 17 from 11:00 AM to 1:00 PM.
The property is located at 504 Summer Street in Lynn, Massachusetts. Open house hours are scheduled for Saturday, May 16 from 1:00 PM to 3:00 PM, and Sunday, May 17 from 11:00 AM to 1:00 PM.
Key Highlights
- 3‑family property built in 1900 with three 2‑bedroom units
- Each unit has a full bathroom, kitchen, and living room with an open‑concept layout
- Fire alarm and sprinkler system are in place
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.9k | $30.60 |
| − Vacancy | −$5.5k | −$1.89 |
| EGI | $84.4k | $28.71 |
| − OpEx | −$25.3k | −$8.61 |
| NOI | $59.1k | $20.10 |
2,939 SF · lease $30.60/SF/yr · vacancy 6.17% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$843.8K
$738.4K – $984.5K
NOI $59,069 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$733.2K
$641.6K – $855.4K
NOI $51,326 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.04M
$909.9K – $1.21M
NOI $72,793 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three 2-bedroom units each include a kitchen and living area, with fire alarm and sprinkler system in place.
Where is this triplex located?
The property is located at 504 Summer Street Lynn, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 3‑family property built in 1900 with three 2‑bedroom units; Each unit has a full bathroom, kitchen, and living room with an open‑concept layout; Fire alarm and sprinkler system are in place
