Well-Maintained Three-Unit Residential
For Sale
$979,000
73 Woodman Street, Lynn, MA 01905
Three residential units each offer three-bedroom layouts with hardwood flooring and a lead certificate.
Property Size3,594 SF
Price / SF$272.40
Days on Market78
Property Features for 73 Woodman Street
General Information
Standard status
Active
Size
3,594 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
R4
Occupancy
100%
Net Operating Income
$45,600
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,811
Building Details
Building Size
3,594 SF
Year Built
1900
Stories
3
Listing Agency:
Conway - West Roxbury
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 25
Changed: Sep 9
Last Checked: Sep 9 at 6:47AM
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 Conway - West Roxbury
Investment Insights
Based on property information with market context.
This well-maintained three-family property features three separate residential units. Each unit includes three bedrooms and one full bathroom, with hardwood flooring and a functional layout. The property also benefits from a Lead Certificate for each unit.
Major exterior and system updates include a roof and siding, along with some electrical upgrades and one newer boiler. Parking is supported by a two-car garage and off-street parking.
The offering is structured as a 3-unit income property with all three units accounted for, and the current rents are described as below market.
Major exterior and system updates include a roof and siding, along with some electrical upgrades and one newer boiler. Parking is supported by a two-car garage and off-street parking.
The offering is structured as a 3-unit income property with all three units accounted for, and the current rents are described as below market.
Key Highlights
- Well‑maintained 3‑family home (built 1900) with three residential units.
- Each unit offers a 3‑bedroom layout with 1 full bath and hardwood flooring.
- Each unit has a Lead Certificate (3 TAW).
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
$72,234
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
7.38%
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%
$1,444,680
$1.4M
Cap Rate 7%
$1,031,914
$1.0M
Cap Rate 9%
$802,600
$802.6K
Market Conditions
NOI Build-Up for 3,594 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
$110.0K $30.60/SF
− Vacancy
−$6.8K −$1.89/SF
EGI
$103.2K $28.71/SF
− OpEx
−$31.0K −$8.61/SF
NOI
$72.2K $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%
$1,444,680
Cap Rate 7%
$1,031,914
Cap Rate 9%
$802,600
Alternative Uses
Best Use
Multifamily LT 5
$1.03M
$902.9K – $1.20M
NOI $72,234 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$896.6K
$784.6K – $1.05M
NOI $62,765 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $89,016 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
878
Businesses Nearby
Explore this area
Business Placement
Demographics for 01905, MA
27,761
Population
9,583
Households
2.9
Avg Household Size
34
Median Age
21%
College-Educated
79%
High-School Grad
3.1 sq mi
ZIP Area
8,955
Density / Sq Mi
$84,341
Median Household Income
$42,983
Median Earnings
$1,749
Median Rent
$443,200
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?
Triplex - Three residential units each offer three-bedroom layouts with hardwood flooring and a lead certificate.
Where is this triplex located?
The property is located at 73 Woodman Street Lynn, MA.
What is the asking price?
The asking price for this property is $979,000.
What are key features of this property?
This property features: Well‑maintained 3‑family home (built 1900) with three residential units.; Each unit offers a 3‑bedroom layout with 1 full bath and hardwood flooring.; Each unit has a Lead Certificate (3 TAW).
