Building Details

Building Size 2,141 SF

Year Built 1900

Listing Agency: Serhant Show Phone

Listed By: Vincent Rizzo · License #9555937 Show Phone

Source: Iverty

Added: Mar 17 Changed: Oct 16 Last Checked: Oct 16 at 8:14AM

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Investment Insights

Based on property information with market context.

This 2,141-square-foot triplex at 7 Ward Street contains three residential units: two with two bedrooms and one bathroom, plus a one-bedroom, one-bath unit. The property underwent a gut renovation in 2017 and includes modern kitchens and bathrooms, hardwood flooring, open living and dining areas, and a fully sprinklered building. Frame construction, shingle siding, a porch, and a level cleared lot further define the improvements.

The property includes a large backyard and off-street parking. It is approximately 1.5 miles from Kings Beach, with access to the MBTA Commuter Rail station in Lynn and nearby Swampscott and North Shore destinations. R2 zoning supports its multifamily classification.

Key Highlights

• Three‑unit layout: two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
• 2,141 SF triplex renovated in 2017
• Fully sprinklered building with modern kitchens and bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$43,031

Cap Rate

4.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$860,620 $860.6K

Cap Rate 7%

$614,729 $614.7K

Cap Rate 9%

$478,122 $478.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,141 SF

Gross rent

$65.5K $30.60/SF

− Vacancy

−$4.0K −$1.89/SF

EGI

$61.5K $28.71/SF

− OpEx

−$18.4K −$8.61/SF

NOI

$43.0K $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 Rate 5%

$860,620

Cap Rate 7%

$614,729

Cap Rate 9%

$478,122

Alternative Uses

Best Use

Multifamily LT 5

$614.7K

$537.9K – $717.2K (±1% cap)

NOI $43,031 @ 7.0% cap · market cap 4.78%

Second Best

Apartment 5plus

$534.1K

$467.4K – $623.2K (±1% cap)

NOI $37,390 @ 7.0% cap · market cap 4.15%

Theoretical Best

Office A

$757.5K

$662.9K – $883.8K (±1% cap)

NOI $53,028 @ 7.0% cap · market cap 5.89%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick Parking Lot & Garage Acupuncture Tech Support Center Travel Agency Skin Care Clinic Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,299

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - R2-zoned multifamily property with updated interiors, private outdoor space, and off-street parking.

Where is this triplex located?

The property is located at 7 Ward St. Lynn, MA.

What is the asking price?

The asking price for this property is $899,999.

What are key features of this property?

This property features: Three‑unit layout: two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; 2,141 SF triplex renovated in 2017; Fully sprinklered building with modern kitchens and bathrooms