Vacant Two-Family Residential
For Sale
$789,900
Pending
55 Lovers Leap Ave, Lynn, MA 01904
Well-maintained 2-family with hardwood floors, updated windows and roof, and a walk-out basement on a fenced corner lot.
Property Size2,285 SF
Days on Market160
Property Features for 55 Lovers Leap Ave
General Information
Standard status
Pending
Size
2,285 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R2
Additional Details
Fenced Yard
Yes
Multifamily Units
2
Building Details
Building Size
2,285 SF
Year Built
1910
Stories
2
Tenancy
Multi
Listing Agency:
RE/MAX 360
Listed By:
Katie DiVirgilio · License #9516912
(617) 285-9847
Source:
Cjbarrett
Added: Apr 1
Changed: Sep 3
Last Checked: May 28 at 5:47AM
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 RE/MAX 360
Investment Insights
Based on property information with market context.
This well-maintained two-family residence is larger than it appears and is offered vacant and ready for a new owner. The property features a mansard roof and hardwood flooring, with updates that include replacement windows, a newer roof, CB electric panels, and a repaved driveway. Interior highlights include first-floor living with a large bow window, wall AC units, ceiling fans, an eat-in kitchen, and flexible dining/den space, along with bedrooms that offer large, lighted double closets.
The second-floor unit offers bright living with hardwood floors, wall AC, ceiling fans, and a sunny kitchen, with 2–3 bedrooms. A huge, clean, well-lit basement provides substantial additional storage, including separate utilities and laundry, and includes walk-out access to the yard.
Outside, the home sits on a large, level fenced corner lot with sprinklers. The driveway provides parking for approximately 3–4 cars.
The second-floor unit offers bright living with hardwood floors, wall AC, ceiling fans, and a sunny kitchen, with 2–3 bedrooms. A huge, clean, well-lit basement provides substantial additional storage, including separate utilities and laundry, and includes walk-out access to the yard.
Outside, the home sits on a large, level fenced corner lot with sprinklers. The driveway provides parking for approximately 3–4 cars.
Key Highlights
- Well‑maintained 2‑family built in 1910 with hardwood floors throughout and a corner lot
- Updates include replacement windows, newer roof, and CB electric panels
- Vacant property with driveway repaved and parking for 3–4 cars
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
$45,925
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
5.81%
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%
$918,500
$918.5K
Cap Rate 7%
$656,071
$656.1K
Cap Rate 9%
$510,278
$510.3K
Market Conditions
NOI Build-Up for 2,285 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
$69.9K $30.60/SF
− Vacancy
−$4.3K −$1.89/SF
EGI
$65.6K $28.71/SF
− OpEx
−$19.7K −$8.61/SF
NOI
$45.9K $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%
$918,500
Cap Rate 7%
$656,071
Cap Rate 9%
$510,278
Alternative Uses
Best Use
Multifamily LT 5
$656.1K
$574.1K – $765.4K
NOI $45,925 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$570.1K
$498.8K – $665.1K
NOI $39,905 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$808.5K
$707.4K – $943.3K
NOI $56,595 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
814
Businesses Nearby
Explore this area
Business Placement
Demographics for 01904, MA
19,944
Population
7,322
Households
2.7
Avg Household Size
40
Median Age
32%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
4,749
Density / Sq Mi
$100,597
Median Household Income
$49,561
Median Earnings
$1,742
Median Rent
$515,100
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 - Well-maintained 2-family with hardwood floors, updated windows and roof, and a walk-out basement on a fenced corner lot.
Where is this duplex located?
The property is located at 55 Lovers Leap Ave Lynn, MA.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Well‑maintained 2‑family built in 1910 with hardwood floors throughout and a corner lot; Updates include replacement windows, newer roof, and CB electric panels; Vacant property with driveway repaved and parking for 3–4 cars
