Two-Family Duplex with Bonus
For Sale
$850,000
78 Western Ave, Lynn, MA 01904
Well-maintained two-family duplex with separate entrances, hardwood floors, and a bonus room in the second unit.
Property Size2,432 SF
Price / SF$349.51
Days on Market169
Property Features for 78 Western Ave
General Information
Standard status
Active
Size
2,432 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
R1
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
Window Unit(s)
Tile, Hardwood
Range, Disposal, Refrigerator, Freezer, Washer, Dryer, Microwave
Pantry, Bathroom With Tub & Shower, Walk-Up Attic, Living Room, Dining Room, Kitchen, Sunroom, Office/Den
Yes
Shingle
2.0
Balcony/Deck, Professional Landscaping
Public Transportation, Shopping, Park, Walk/Jog Trails, Medical Facility, Laundromat, Conservation Area, Highway Access, House of Worship, Private School, Public School, T-Station
for Gas Range
8
Building Details
Building Size
2,432 SF
Year Built
1920
Stories
3
Listing Agency:
Reference Real Estate
Listed By:
Eric Bourgea
(781) 864-7474
Source:
Reishomesearch
Added: Apr 13
Changed: Sep 4
Last Checked: Jul 22 at 5:08AM
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 Reference Real Estate
Investment Insights
Based on property information with market context.
This well-cared-for two-family duplex offers spacious layouts in both units and hardwood floors throughout. The second unit includes a bonus room, an enclosed porch, and a walk-up partially finished third level, providing flexibility for additional finished space. Separate entrances support privacy and independent access, while a full basement offers ample storage.
The property includes a two-car garage and plenty of off-street parking. It is conveniently located with easy access to major highways, public transportation, shopping, and dining, and is described as minutes to Boston, the MBTA, and local beaches.
Set up for flexible living arrangements, the home’s configuration includes multiple levels that can accommodate more space within the second unit, along with a basement for day-to-day storage needs.
The property includes a two-car garage and plenty of off-street parking. It is conveniently located with easy access to major highways, public transportation, shopping, and dining, and is described as minutes to Boston, the MBTA, and local beaches.
Set up for flexible living arrangements, the home’s configuration includes multiple levels that can accommodate more space within the second unit, along with a basement for day-to-day storage needs.
Key Highlights
- Two‑family home built in 1920 with over 2,400 SF of living space across both units
- Hardwood floors throughout both units with spacious layouts and a comfortable flow
- Second unit includes a bonus room, an enclosed porch, and a walk‑up partially finished third level
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
$48,879
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
5.75%
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%
$977,580
$977.6K
Cap Rate 7%
$698,271
$698.3K
Cap Rate 9%
$543,100
$543.1K
Market Conditions
NOI Build-Up for 2,432 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
$74.4K $30.60/SF
− Vacancy
−$4.6K −$1.89/SF
EGI
$69.8K $28.71/SF
− OpEx
−$20.9K −$8.61/SF
NOI
$48.9K $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%
$977,580
Cap Rate 7%
$698,271
Cap Rate 9%
$543,100
Alternative Uses
Best Use
Multifamily LT 5
$698.3K
$611.0K – $814.7K
NOI $48,879 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$606.7K
$530.9K – $707.9K
NOI $42,472 @ 7.0% cap · market cap 5.00%
Theoretical Best
Office A
$860.5K
$753.0K – $1.00M
NOI $60,236 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
620
Businesses Nearby
Explore this area
Business Placement
Demographics for 01904, MA
19,944
Population
7,322
Households
2.7
Avg Household Size
40
Median Age
32%
College-Educated
85%
High-School Grad
4.2 sq mi
ZIP Area
4,749
Density / Sq Mi
$100,597
Median Household Income
$49,561
Median Earnings
$1,742
Median Rent
$515,100
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?
Duplex - Well-maintained two-family duplex with separate entrances, hardwood floors, and a bonus room in the second unit.
Where is this duplex located?
The property is located at 78 Western Ave Lynn, MA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two‑family home built in 1920 with over 2,400 SF of living space across both units; Hardwood floors throughout both units with spacious layouts and a comfortable flow; Second unit includes a bonus room, an enclosed porch, and a walk‑up partially finished third level
