Turnkey Renovated Five-Unit Apartment
77-79 Chestnut Street Lynn, MA 01902
77-79 Chestnut Street, Lynn, MA, 01902
$1,690,000
For Sale
$1,690,000
Five-unit multifamily renovated in 2023 with updated building systems, off-street parking, and de-lead compliance certificates.
Property Size5,368 SF
Price / SF$314.83
Days on Market40
Property Features for 77-79 Chestnut Street
General Information
- Standard status
- Active
- Size
- 5,368 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Clements Realty Group
Listed by
Eugene L. Clements
(617) 420-9033
Source
Sredboston
Added: Jun 12 Updated: Jul 21 at 2:38AM Checked: Jul 21 at 9:15AM
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.
Turnkey five-unit multifamily property at 77–79 Chestnut Street in Lynn, MA, completely renovated in 2023. The building’s major improvements include a new roof and siding, updated electrical systems, new windows, and new heating systems and water heaters for each unit. Unit configuration consists of three three-bedroom apartments and two two-bedroom apartments, providing a straightforward mix for residential income.
Additional operational details include off-street parking and de-lead compliance certificates for all units.
With substantial capital work already completed, the property is positioned for low-maintenance ownership and ready occupancy as a renovated apartment investment.
Additional operational details include off-street parking and de-lead compliance certificates for all units.
With substantial capital work already completed, the property is positioned for low-maintenance ownership and ready occupancy as a renovated apartment investment.
Key Highlights
- Five‑unit multifamily property renovated in 2023 with updated building systems
- Major improvements include new roof, new siding, new windows, and updated electrical systems
- Five new heating systems and five new water heaters installed
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $182.3k | $33.96 |
| − Vacancy | −$11.8k | −$2.21 |
| EGI | $170.4k | $31.75 |
| − OpEx | −$76.7k | −$14.29 |
| NOI | $93.7k | $17.46 |
5,368 SF · lease $33.96/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,746 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.90M
$1.66M – $2.22M
NOI $132,955 @ 7.0% cap · market cap 7.87%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five-unit multifamily renovated in 2023 with updated building systems, off-street parking, and de-lead compliance certificates.
Where is this apartment building located?
The property is located at 77-79 Chestnut Street Lynn, MA.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Five‑unit multifamily property renovated in 2023 with updated building systems; Major improvements include new roof, new siding, new windows, and updated electrical systems; Five new heating systems and five new water heaters installed
