Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    516 Essex St Lynn, MA 01902-3980

    • Residential income homes
    • 5,305 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Nov 10, 2021
    Value Estimations
    $1,110,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1482046
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Residential income homes

    Property Details for 516 Essex St

    Year built
    1852
    Construction
    FRAME
    Lot size
    0.13 lot acres
    Property size
    5,305 SF
    Zone code
    CBD
    Property type
    Residential income homes
    Property subtype
    Serviced apartments
    APN
    LYNN M:069 B:640 L:008
    APU
    LYNNM069B640L008

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,545,000
      6.5%
      $1,425,000
      7%
      $1,325,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $781,000
      Market price range: $179k - $1.25M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,695,000
      Current use
      RESTAURANT
      $1,830,000
      Change: +8% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,435,000
      Change: -15% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lynn
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.948
    Latitude
    42.4667
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $13,448
    $240,000
    $1,037,100
    $1,277,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,690,000
      10,980 SF

      69 Cmn St

      BOARDING/ROOMING HOUSE • 10,980 SF
      69 Cmn St, Lynn, MA 01902-4312
      View Details
    • Value Estimation
      $550,000
      6,000 SF

      42 Whiting St

      BOARDING/ROOMING HOUSE • 6,000 SF
      42 Whiting St, Lynn, MA 01902-4218
      View Details
    • Value Estimation
      $1,000,000
      4,457 SF

      188 Washington St

      BOARDING/ROOMING HOUSE • 4,457 SF
      188 Washington St, Lynn, MA 01902-4741
      View Details
    • Value Estimation
      $2,070,000
      2,887 SF

      46 Newhall St

      BOARDING/ROOMING HOUSE • 2,887 SF
      46 Newhall St, Lynn, MA 01902-3426
      View Details
    • Value Estimation
      $1,565,000
      8,841 SF

      52 Friend St

      BOARDING/ROOMING HOUSE • 8,841 SF
      52 Friend St, Lynn, MA 01902-3060
      View Details
    • Value Estimation
      $940,000
      4,039 SF

      62 Nahant St

      BOARDING/ROOMING HOUSE • 4,039 SF
      62 Nahant St, Lynn, MA 01902-3305
      View Details

    Similar Nearby for Sale

    • $2,999,000

      Renovated Multifamily Building Near Transportation

      Newly renovated nine-unit building near transportation and local amenities.
      207 Chestnut St, Lynn, MA 01902
      View Details
    • $785,000

      Lynn Three-Family Investment Opportunity

      Three-family property in Lynn, MA, ideal for owner-occupancy or investment.
      140 S Common St, Lynn, MA 01902
      View Details
    • $790,000

      Well-Maintained Two-Family Home in Lynn

      Spacious 2-family home with strong rental potential near amenities.
      175 Essex St, Lynn, MA 01902
      View Details
    • $770,000

      Two-Family Home with Recent Upgrades

      Two-unit property with new roof, siding, and solar panels.
      129 Williams Ave, Lynn, MA 01902
      View Details
    • $869,000

      Remodeled Multifamily Property with Garage

      Fully remodeled multifamily property with luxury finishes and oversized garage.
      12 Chestnut Ave, Lynn, MA 01902
      View Details
    • $779,900

      Well-Maintained Two-Family Home

      Two-family home in Goldfish Pond neighborhood, ideal for investment.
      24 Parrott St, Lynn, MA 01902
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      548 SF

      New Retail & Restaurant Space

      New construction retail and restaurant spaces available for immediate occupancy.
      75 Baldwin St, Lynn, MA 01902
      View Details
    • $2,995 /Mo

      Corner Retail Space in Lynn

      Bright corner retail space with parking at busy intersection.
      184 Lewis St, Lynn, MA 01902
      View Details
    • $1,800 /Mo

      Renovated Commercial Space For Rent

      Newly renovated commercial space suitable for retail, office, or salon.
      431-433 Chatham 1, Lynn, MA 01902
      View Details
    • Contact for pricing
      8,000 SF

      Retail Property in Lynn, MA

      8,000 sqft retail space available for lease.
      15 Joyce St, Lynn, MA 01902
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    516 Essex St
    Lynn, MA 01902-3980
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.