Turnkey Residential Income
90 Essex St, Lynn, MA 01902
For Sale
$1,795,000
Extensively renovated income property with modern systems and three well-appointed residences featuring in-unit laundry.
Property Size8,672 SF
Days on Market118
Property Features for 90 Essex St
General Information
Standard status
Size
Property subtype
Additional Details
Heavy Power
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Keller Williams Realty Evolution
Listed By:
Alvarenga & Son's Team
(978) 907-8869
Source:
Allisonmazer
Added: Jul 19
Changed: Nov 11
Last Checked: Nov 12 at 4:12PM
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 Keller Williams Realty Evolution
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Investment Insights
Based on property information with market context.
This extensively reimagined, turnkey residential income property has undergone a comprehensive renovation, including a new roof, electrical system, plumbing, heating and cooling systems, windows, insulation, siding, and an upgraded 440-volt electrical service. The residences feature bright, open-concept layouts with hardwood flooring, quartz countertops, stainless steel appliances, and in-unit laundry for day-to-day convenience.
The property includes two 4-bedroom, 2-bath residences and one 3-bedroom, 2-bath unit, giving it a flexible mix of larger and mid-sized floorplans. It is positioned about one mile from the beach and moments from the Swampscott line, with nearby access to shopping, dining, transportation, and local amenities.
Renovation scope is designed to deliver lasting value, with updates throughout the building’s core systems and exterior components. All details reflect a fully executed upgrade approach suitable for an investor seeking a stabilized, ready-to-own asset.
The property includes two 4-bedroom, 2-bath residences and one 3-bedroom, 2-bath unit, giving it a flexible mix of larger and mid-sized floorplans. It is positioned about one mile from the beach and moments from the Swampscott line, with nearby access to shopping, dining, transportation, and local amenities.
Renovation scope is designed to deliver lasting value, with updates throughout the building’s core systems and exterior components. All details reflect a fully executed upgrade approach suitable for an investor seeking a stabilized, ready-to-own asset.
Key Highlights
- 1910‑built income property extensively renovated with new roof, electrical, plumbing, heating & cooling, windows, insulation, and siding
- Upgraded 440‑volt electrical service plus modernized systems throughout
- Mixed residential configuration: two 4‑bedroom/2‑bath residences and one 3‑bedroom/2‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$151,447
Cap Rate
8.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,028,940
$3.0M
Cap Rate 7%
$2,163,529
$2.2M
Cap Rate 9%
$1,682,744
$1.7M
Market Conditions
NOI Build-Up for 8,672 SF
Gross rent
$294.5K $33.96/SF
− Vacancy
−$19.1K −$2.21/SF
EGI
$275.4K $31.75/SF
− OpEx
−$123.9K −$14.29/SF
NOI
$151.4K $17.46/SF
Area
Lynn, MA
Vacancy
6.50%
Lease Rate
$33.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,028,940
Cap Rate 7%
$2,163,529
Cap Rate 9%
$1,682,744
Alternative Uses
Best Use
Multifamily LT 5
$2.49M
$2.18M – $2.90M
NOI $174,293 @ 7.0% cap · market cap 9.71%
Second Best
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $151,447 @ 7.0% cap · market cap 8.44%
Theoretical Best
Office A
$3.07M
$2.68M – $3.58M
NOI $214,788 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
3
Residential units
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 01902, MA
50,725
Population
19,655
Households
2.6
Avg Household Size
35
Median Age
20%
College-Educated
75%
High-School Grad
2.4 sq mi
ZIP Area
21,135
Density / Sq Mi
$66,755
Median Household Income
$39,506
Median Earnings
$1,571
Median Rent
$456,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Extensively renovated income property with modern systems and three well-appointed residences featuring in-unit laundry.
Where is this quadplex located?
The property is located at 90 Essex St Lynn, MA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 1910‑built income property extensively renovated with new roof, electrical, plumbing, heating & cooling, windows, insulation, and siding; Upgraded 440‑volt electrical service plus modernized systems throughout; Mixed residential configuration: two 4‑bedroom/2‑bath residences and one 3‑bedroom/2‑bath unit
