Two-Family Residential Income
For Sale
$889,900
51 High Rock Street, Lynn, MA 01902
Two separate units offer flexible bedroom layouts, a walk-out basement, and newer water tanks.
Property Size3,245 SF
Price / SF$274.24
Days on Market146
Property Features for 51 High Rock Street
General Information
Standard status
Active
Size
3,245 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1880
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty - Andovers/Readings Regional
Listed By:
Miguel Feliz
(617) 420-9033
Source:
Sredboston
Added: Mar 21
Changed: Aug 12
Last Checked: Aug 12 at 3:33AM
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 Coldwell Banker Realty - Andovers/Readings Regional
Investment Insights
Based on property information with market context.
This two-family residence at 51 High Rock Street offers a versatile setup for owner-occupants or investors. The first unit includes 2 bedrooms and 1 full bath, with high ceilings. The second unit is spread across two levels and provides 4 bedrooms plus 2 bonus rooms, with 1 full bath on the second floor and an additional full bath on the third level. A basement with high ceilings and walk-out access adds further functional space, and the home includes newer water tanks.
The property is located near High Rock Park & Tower Observatory, which is described as offering views of the ocean, city, and the Boston skyline. The home can be delivered vacant.
With two distinct living areas and additional basement access, the layout supports a range of occupancy and rental configurations while maintaining clear separation between the units.
The property is located near High Rock Park & Tower Observatory, which is described as offering views of the ocean, city, and the Boston skyline. The home can be delivered vacant.
With two distinct living areas and additional basement access, the layout supports a range of occupancy and rental configurations while maintaining clear separation between the units.
Key Highlights
- Built in 1880, two‑family home with 3,245 sq ft of living space at 51 High Rock St, Lynn
- First unit: 2 bedrooms and 1 full bath with high ceilings
- Second unit spans two levels with 4 bedrooms plus 2 bonus rooms (flexible layout for up to 6 bedrooms)
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
$65,219
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
7.33%
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%
$1,304,380
$1.3M
Cap Rate 7%
$931,700
$931.7K
Cap Rate 9%
$724,656
$724.7K
Market Conditions
NOI Build-Up for 3,245 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
$99.3K $30.60/SF
− Vacancy
−$6.1K −$1.89/SF
EGI
$93.2K $28.71/SF
− OpEx
−$28.0K −$8.61/SF
NOI
$65.2K $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%
$1,304,380
Cap Rate 7%
$931,700
Cap Rate 9%
$724,656
Alternative Uses
Best Use
Multifamily LT 5
$931.7K
$815.2K – $1.09M
NOI $65,219 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$809.6K
$708.4K – $944.5K
NOI $56,670 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,372 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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?
Duplex - Two separate units offer flexible bedroom layouts, a walk-out basement, and newer water tanks.
Where is this duplex located?
The property is located at 51 High Rock Street Lynn, MA.
What is the asking price?
The asking price for this property is $889,900.
What are key features of this property?
This property features: Built in 1880, two‑family home with 3,245 sq ft of living space at 51 High Rock St, Lynn; First unit: 2 bedrooms and 1 full bath with high ceilings; Second unit spans two levels with 4 bedrooms plus 2 bonus rooms (flexible layout for up to 6 bedrooms)
