Turnkey Five-Unit
77-79 Chestnut Street Lynn, MA 01902
For Sale
$1,850,000
Completely renovated five-unit property with three three-bedroom and two two-bedroom apartments and off-street parking.
Property Size3,384 SF
Price / SF$546.69
Days on Market55
Property Features for 77-79 Chestnut Street
General Information
- Standard status
- Active
- Size
- 3,384 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1873
Listing Agency:
Clements Realty Group
Listed By:
Eugene L. Clements
(617) 750-6378
Source:
Benoitrealestate
Added: Jun 2
Changed: Jul 21
Last Checked: Jul 24 at 9:50PM
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.
This turnkey five-unit multifamily property was completely renovated in 2023 and is designed for low-maintenance ownership. The unit mix includes three three-bedroom apartments and two two-bedroom apartments. Documented major upgrades include a new roof, new siding, updated electrical systems, new windows, five new heating systems, five new water heaters, and additional improvements throughout the building.
Off-street parking is available, and the property includes de-lead compliance certificates for all units. The overall package reflects a fully updated residential income asset with capital improvements already completed.
Off-street parking is available, and the property includes de-lead compliance certificates for all units. The overall package reflects a fully updated residential income asset with capital improvements already completed.
Key Highlights
- Completely renovated five‑unit multifamily (built 1873) with a unit mix of three 3‑bedroom apartments and two 2‑bedroom apartments
- Renovations completed in 2023 include new roof and new siding
- Major systems updates: updated electrical, five new heating systems, and five new water heaters
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 | $114.9k | $33.96 |
| − Vacancy | −$7.5k | −$2.21 |
| EGI | $107.5k | $31.75 |
| − OpEx | −$48.4k | −$14.29 |
| NOI | $59.1k | $17.46 |
3,384 SF · lease $33.96/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$844.3K
$738.7K – $985.0K
NOI $59,098 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,815 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Completely renovated five-unit property with three three-bedroom and two two-bedroom apartments and off-street parking.
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 $1,850,000.
What are key features of this property?
This property features: Completely renovated five‑unit multifamily (built 1873) with a unit mix of three 3‑bedroom apartments and two 2‑bedroom apartments; Renovations completed in 2023 include new roof and new siding; Major systems updates: updated electrical, five new heating systems, and five new water heaters
