Three-Family Property with Separate
For Sale
$989,900
Pending
8 Varnum St, Lynn, MA 01905
Well-maintained triplex with separate utilities, vinyl siding, and rubber roofing, plus rear decks and off-street parking.
Property Size2,640 SF
Days on Market69
Property Features for 8 Varnum St
General Information
Standard status
Pending
Size
2,640 SF
Total Parking Spaces
3
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$7,505
Building Details
Building Size
2,640 SF
Year Built
1920
Listing Agency:
Clements Realty Group
Listed By:
Eugene L. Clements
(781) 595-9600
Source:
Classifiedrealtygroup
Added: Jul 4
Changed: Sep 8
Last Checked: Sep 9 at 3:33PM
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 well-maintained three-family property includes separate utilities throughout, with three individual gas heating systems. The building’s exterior improvements include vinyl siding and a durable rubber roof. Each unit benefits from a large rear deck, providing meaningful outdoor space, and the property also offers off-street parking.
The property is located at 8 Varnum Street in Lynn, MA 01905.
As a triplex, the building provides multiple residential units under one ownership, supported by the practical separation of utilities and heating systems.
The property is located at 8 Varnum Street in Lynn, MA 01905.
As a triplex, the building provides multiple residential units under one ownership, supported by the practical separation of utilities and heating systems.
Key Highlights
- Three‑family property built in 1920
- Separate utilities throughout, including three individual gas heating systems
- Low‑maintenance exterior with vinyl siding and a durable rubber roof
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
$53,060
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
5.36%
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%
$1,061,200
$1.1M
Cap Rate 7%
$758,000
$758.0K
Cap Rate 9%
$589,556
$589.6K
Market Conditions
NOI Build-Up for 2,640 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
$80.8K $30.60/SF
− Vacancy
−$5.0K −$1.89/SF
EGI
$75.8K $28.71/SF
− OpEx
−$22.7K −$8.61/SF
NOI
$53.1K $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%
$1,061,200
Cap Rate 7%
$758,000
Cap Rate 9%
$589,556
Alternative Uses
Best Use
Multifamily LT 5
$758.0K
$663.3K – $884.3K
NOI $53,060 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$658.6K
$576.3K – $768.4K
NOI $46,105 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$934.1K
$817.4K – $1.09M
NOI $65,388 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
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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
Check the figures for this property
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 - Well-maintained triplex with separate utilities, vinyl siding, and rubber roofing, plus rear decks and off-street parking.
Where is this triplex located?
The property is located at 8 Varnum St Lynn, MA.
What is the asking price?
The asking price for this property is $989,900.
What are key features of this property?
This property features: Three‑family property built in 1920; Separate utilities throughout, including three individual gas heating systems; Low‑maintenance exterior with vinyl siding and a durable rubber roof
