145 Lewis St · Lynn, MA 01902

$6,100,000

33 bd · 26.0 ba · 17,407 sqft · MultiFamily public records · 66 Days on market

Built 2015 8,377 sqft lot $350/sqft · 28% above area Est $4757k · 28% over

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.7/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 25 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

We are pleased to present a rare opportunity to acquire 145 Lewis Street, a 25-unit multifamily asset located in the highly desirable Diamond District of Lynn, MA. Held by the same ownership for more than 25 years and fully rebuilt in 2015. The property offers investors a 6.8% CAP rate on current income on this 10-year-young asset with strong in-place rents and ability to improve for future growth and no capital improvements needed to achieve returns. The building consists of twenty-five (25) thoughtfully designed floor plans, including eighteen (18) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom/two-bathroom unit. This desirable unit-mix along with amenities such as laundry facilities and on-site storage create long term revenue stream and tenant retention.

Key facts

• Fully rebuilt
• Laundry facilities
• Multifamily asset

Tags

• MULTIFAMILY ASSET
• FULLY REBUILT
• LAUNDRY FACILITIES
• ON-SITE STORAGE

What this means for you Summary

Snapshot

• This is a 25 × 33-bed/26.0-bath units multifamily listed at $6.10M.

Deal economics

• At list price, monthly cash flow is $27k ($318k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($83k rent vs $6.10M).
• Recommended offer: $5.73M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.5% vs local median 3.6% in Lynn — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#74 in MA, #4,077 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing B+; Watch: amenities C-, schools D+, crime D-.
• Lynn (suburban): math 14% / reading 25% proficiency, ranked #293 of 302 in MA (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 51 active listings in the ZIP; 1,032 units permitted in Essex County in 2024 (590 in 5+ unit buildings).
• At $83,360/mo this rent would consume 1492% of the median local household income ($67k/yr) (locally 3883% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $42k of loan paydown is wiped out by about $183k of value loss. Plan a longer hold.
• Essex County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $1.71M cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($5.73M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $975k; list at $6.10M implies a 526% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $5,734,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.37% ✓
• Cap rate: 11.51%
• Cash-on-cash: 18.64%
• DSCR: 1.83
• GRM: 6.1

CMA / ARV

• ARV (median comp): $4,757,074
• List price: $6,100,000
• Delta: 28.23%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.67% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.30×
• Total profit: $509,863
• Equity at exit: $909,530

10-year hold

• IRR: 15.1%
• Equity multiple: 2.09×
• Total profit: $1,869,952
• Equity at exit: $527,417

Cash invested: $1,708,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 01902

• Rents YoY: 0.7%
• Active inventory: 51
• Price-to-rent: 152.5×

Monthly cashflow live

• Estimated rent: $83,360 medium
• Mortgage (P&I): −$31,989
• Tax from tax record: −$4,792 /mo · $57,507/yr
• Insurance: −$2,542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$17,506
• Net cashflow: $26,531

Break-even live

Break-even rent $49,776

Max offer price $6,100,000

Occupancy floor 63%

25-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 25× units	33	26	$83,350
Total (25 units)			$83,360

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,525,000
• Closing costs: $183,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $6,100,000 Active 66 DOM
2. 2026-06-17
   days on market $6,100,000 Active 65 DOM
3. 2026-06-16
   days on market $6,100,000 Active 64 DOM
4. 2026-06-15
   statusdays on market $6,100,000 Active 63 DOM
5. 2026-06-13
   days on market $6,100,000 Price Changed 61 DOM
6. 2026-06-13
   pricestatusdays on market $6,100,000 Price Changed 60 DOM
7. 2026-06-09
   days on market $6,000,000 Active 57 DOM
8. 2026-06-08
   days on market $6,000,000 Active 56 DOM
9. 2026-06-07
   statusdays on market $6,000,000 Active 55 DOM
10. 2026-06-04
    days on market $6,000,000 Price Changed 52 DOM
11. 2026-06-03
    days on market $6,000,000 Price Changed 51 DOM
12. 2026-06-02
    pricestatusdays on market $6,000,000 Price Changed 50 DOM
13. 2026-06-01
    days on market $6,100,000 Active 49 DOM
14. 2026-05-31
    days on market $6,100,000 Active 48 DOM
15. 2026-05-15
    price $6,100,000 794-char remark

    Show marketing remark (794 chars)

    We are pleased to present a rare opportunity to acquire 145 Lewis Street, a 25-unit multifamily asset located in the highly desirable Diamond District of Lynn, MA. Held by the same ownership for more than 25 years and fully rebuilt in 2015. The property offers investors a 6.8% CAP rate on current income on this 10-year-young asset with strong in-place rents and ability to improve for future growth and no capital improvements needed to achieve returns. The building consists of twenty-five (25) thoughtfully designed floor plans, including eighteen (18) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom/two-bathroom unit. This desirable unit-mix along with amenities such as laundry facilities and on-site storage create long term revenue stream and tenant retention.

16. 2026-04-13
    listed $6,250,000 New 794-char remark

    Show marketing remark (794 chars)

    We are pleased to present a rare opportunity to acquire 145 Lewis Street, a 25-unit multifamily asset located in the highly desirable Diamond District of Lynn, MA. Held by the same ownership for more than 25 years and fully rebuilt in 2015. The property offers investors a 6.8% CAP rate on current income on this 10-year-young asset with strong in-place rents and ability to improve for future growth and no capital improvements needed to achieve returns. The building consists of twenty-five (25) thoughtfully designed floor plans, including eighteen (18) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom/two-bathroom unit. This desirable unit-mix along with amenities such as laundry facilities and on-site storage create long term revenue stream and tenant retention.

17. 2001-09-26
    soldstatus $975,000
18. 1992-01-10
    soldstatus $495,000
19. 1988-12-30
    soldstatus $875,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $57,507 · $4,792/mo
• Projected year-2 tax: $66,268 · $5,522/mo
• Expected delta: +$8,762/yr (+$730/mo · 15.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,000,320
• − Mortgage interest: −$341,695
• − Property taxes: −$57,507
• − Insurance: −$30,500
• − Repairs & maintenance: −$80,026
• − Management: −$80,026
• − Depreciation: −$177,455
• Taxable income: $233,112
• Est. tax owed @ 24.0%: −$55,947
• After-tax cash flow: $262,430/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lynn
• NCES district ID: 2507110
• Math proficiency: 14% ▼ -24.00%
• Reading proficiency: 25% ▼ -13.00%
• Median HH income: $46,781
• Composite: 17.15/100
• National rank: #9112
• State rank: #293 of 302 in MA

Livability — Lynn

• Score: 75/100
• State rank: #74
• US rank: #4077

Category grades

Amenities C- Commute A+ Cost of living F Crime D- Employment B Housing B+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynn, MA
• County: Essex County · 632,995 people
• City population: 80,706
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 50,066
• Household income: $67,046
• Rent vs Own: 63.1% rent · 36.9% own
• Severe rent burden: 3883.0

Population outlook (Essex County) Hauer SSP2

• Today (2025): 840,920 people
• By 2030: 872,201 · +3.7%
• By 2040: 927,918 · +10.3%
• By 2050: 970,206 · +15.4%
• By 2075: 1,077,993 · +28.2%
• By 2100: 1,103,053 · +31.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 50% White 27% Two or more races 16% Black 12% Asian 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 5% Dominican 18%
• Common ancestry: Lithuanian 1% Scotch-Irish 1% Hispanic 1%
• Foreign-born: 42% · Canada, China, Vietnam
• Languages at home: 40% English-only · Spanish 44% Other Indo-European 5% Other Asian/Pacific 4%

Political lean MEDSL · Essex

• 2024 margin: Strong D (+20.3) · D 59.2% · R 38.9% · Other 1.9%
• 2008→2024 swing: 0.0pp no change · 2008: 20.3pp · 2024: 20.3pp
• All cycles: 2024: D+20.3 2020: D+29.1 2016: D+22.5 2012: D+16.2 2008: D+20.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -317.68%
• Current HPI: 405.3049
• Rent YoY: ▲ 0.67%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+597.1% since first listed

5 events — show timeline

• 2026-05-15 Price Changed $6,100,000 MLS PIN
• 2026-04-13 Listed $6,250,000 MLS PIN
• 2001-09-26 Sold (Public Records) $975,000 Public Records
• 1992-01-10 Sold (Public Records) $495,000 Public Records
• 1988-12-30 Sold (Public Records) $875,000 Public Records

Property tax history

+8.8%/yr

Latest (2023): $57,507 · +11.2% YoY. Source: county tax records.