Six-Unit Apartment
For Sale
$1,800,000
55 Rock Ave, Lynn, MA 01902
Six oversized three-bedroom residences feature separate utilities, with recent upgrades to shared areas and building systems.
Property Size7,785 SF
Price / SF$231.21
Days on Market8
Property Features for 55 Rock Ave
General Information
Standard status
Active
Size
7,785 SF
Property subtype
Multi-Family
Units
Unit Mix
6 x 3BR
Multifamily Units
6
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Clements Realty Group
Listed By:
Eugene L. Clements
(781) 595-9600
Source:
Gooddeedsrealtypartners
Added: Sep 28
Changed: Oct 5
Last Checked: Oct 4 at 9:43AM
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 Clements Realty Group
Investment Insights
Based on property information with market context.
This 7,785-square-foot apartment building contains six oversized three-bedroom units, each served by separate utilities. Improvements include replacement of all six gas-fired heating systems and hot water tanks, along with work in the common areas. Three apartments have received extensive updates, including renovated bathrooms, refinished hardwood floors, fresh paint, and other improvements. All units have Letters of Deleading Compliance. The building dates to 1900 and includes off-street parking.
Key Highlights
- Six oversized three‑bedroom units, each with separate utilities
- All six gas‑fired heating systems and hot water tanks replaced
- Three units updated with new bathrooms, refinished hardwood floors, and fresh paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$135,957
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,719,140
$2.7M
Cap Rate 7%
$1,942,243
$1.9M
Cap Rate 9%
$1,510,633
$1.5M
Market Conditions
NOI Build-Up for 7,785 SF
Gross rent
$264.4K $33.96/SF
− Vacancy
−$17.2K −$2.21/SF
EGI
$247.2K $31.75/SF
− OpEx
−$111.2K −$14.29/SF
NOI
$136.0K $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 Rate 5%
$2,719,140
Cap Rate 7%
$1,942,243
Cap Rate 9%
$1,510,633
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.70M – $2.27M
NOI $135,957 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.75M
$2.41M – $3.21M
NOI $192,819 @ 7.0% cap · market cap 10.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,467
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
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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 - Six oversized three-bedroom residences feature separate utilities, with recent upgrades to shared areas and building systems.
Where is this apartment building located?
The property is located at 55 Rock Ave Lynn, MA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Six oversized three‑bedroom units, each with separate utilities; All six gas‑fired heating systems and hot water tanks replaced; Three units updated with new bathrooms, refinished hardwood floors, and fresh paint
