Duplex with Separate
For Sale
$780,000
Pending
65-67 Phillips Ave, Lynn, MA 01902
Two residential units offer hardwood floors, private porches, off-street parking, and convenient access to transit and downtown amenities.
Property Size2,616 SF
Days on Market98
Property Features for 65-67 Phillips Ave
General Information
Standard status
Pending
Size
2,616 SF
Property subtype
2 Family - 2 Units Up/Down
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Amenities
off-street parking
large front porches
mature trees
hardwood flooring
original architectural details
Building Details
Year Built
1880
Buildings
1
Listing Agency:
117 Realty
(978) 539-0009
Listed By:
Brittany Bator
(617) 694-6349
Source:
Lockandkeyre
Added: Jun 23
Changed: Sep 26
Last Checked: Sep 26 at 9:38AM
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 117 Realty
Investment Insights
Based on property information with market context.
Built in 1880, this duplex contains two residential units with three bedrooms apiece. Both units feature generous living areas, hardwood flooring, abundant natural light, and original architectural elements. The upper residence occupies the second and third floors, adding flexibility within the layout. Separate utilities serve the units, and off-street parking is provided.
The property is located at 65-67 Phillips Avenue in Lynn, Massachusetts, at the end of a dead-end street with limited through traffic. Large front porches and mature trees contribute to the setting. Public transportation, major routes, shopping, restaurants, schools, parks, and downtown Lynn amenities are nearby.
The property is located at 65-67 Phillips Avenue in Lynn, Massachusetts, at the end of a dead-end street with limited through traffic. Large front porches and mature trees contribute to the setting. Public transportation, major routes, shopping, restaurants, schools, parks, and downtown Lynn amenities are nearby.
Key Highlights
- Two‑unit duplex with 3 bedrooms in each residence
- Upper unit extends across the second and third floors
- Separate utilities for the two units
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
$52,577
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
6.74%
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%
$1,051,540
$1.1M
Cap Rate 7%
$751,100
$751.1K
Cap Rate 9%
$584,189
$584.2K
Market Conditions
NOI Build-Up for 2,616 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
$80.0K $30.60/SF
− Vacancy
−$4.9K −$1.89/SF
EGI
$75.1K $28.71/SF
− OpEx
−$22.5K −$8.61/SF
NOI
$52.6K $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%
$1,051,540
Cap Rate 7%
$751,100
Cap Rate 9%
$584,189
Alternative Uses
Best Use
Multifamily LT 5
$751.1K
$657.2K – $876.3K
NOI $52,577 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$652.7K
$571.1K – $761.4K
NOI $45,686 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$925.6K
$809.9K – $1.08M
NOI $64,793 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,083
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 residential units offer hardwood floors, private porches, off-street parking, and convenient access to transit and downtown amenities.
Where is this duplex located?
The property is located at 65-67 Phillips Ave Lynn, MA.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Two‑unit duplex with 3 bedrooms in each residence; Upper unit extends across the second and third floors; Separate utilities for the two units
