Renovated Three-Unit
For Sale
$925,000
Pending
7 Ward Street, Lynn, MA 01902
R2-zoned multifamily property with updated interiors, private outdoor space, and off-street parking.
Property Size2,141 SF
Days on Market169
Property Features for 7 Ward Street
General Information
Standard status
Pending
Size
2,141 SF
Total Parking Spaces
2
Property subtype
Multi-family / 3 Family
Zoning
R2
Taxes and HOA fees
Annual Taxes
$8,498
Amenities
City/Town Sewer, Public, for Gas Range
No
Wood, Vinyl
Insulated Doors
3.0
Insulated Windows
Concrete Floor, Unfinished Basement
3
3.00
Frame
Shingle
Cleared, Level
Rain Gutters, Decorative Lighting, Porch, Deck
Ocean, Beach Ownership(Public)
Porch, Deck
Building Details
Year Built
1900
Listing Agency:
Serhant
(617) 250-0559
Listed By:
Vincent Rizzo · License #9555937
(617) 250-0559
Source:
Compass
Added: Mar 17
Changed: Aug 31
Last Checked: Aug 31 at 12:16AM
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 Serhant
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.
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 = 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
$43,031
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
4.65%
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%
$860,620
$860.6K
Cap Rate 7%
$614,729
$614.7K
Cap Rate 9%
$478,122
$478.1K
Market Conditions
NOI Build-Up for 2,141 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
$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 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%
$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
NOI $43,031 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$534.1K
$467.4K – $623.2K
NOI $37,390 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$757.5K
$662.9K – $883.8K
NOI $53,028 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 Street Lynn, MA.
What is the asking price?
The asking price for this property is $925,000.
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
