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505-509 Chatham, Lynn MA 01902

$3,200,000

Estimated $49,902.78/month Calculator

Multi Family

Total Units: 12

Price Per Unit: $266,666.67

Total Rent: 47400/year

Estimated CAP Rate: 0.54%

22 Bedrooms

12 Full Baths

12 Parking Spots

0.32 acres

505 Chatham Street, Lynn, MA is a solid investment opportunity featuring a 12-unit brick building on a large lot with 12 parking spaces. The apartments consist mostly of spacious 2-bedroom units, with a couple of 1-bedroom units, all fully deleaded. Many windows have been recently replaced, and the property includes coin-operated laundry in the basement, adding extra income potential. This well-maintained property offers strong rental income and excellent cash flow, making it a standout in Lynn's rental market.

This home has been viewed 93 times

Last Updated: March 4th, 2025 at 7:08am

Gross Income: $47,400

Gross Expenses: $30,185

Net Income Calc: $17,215

CAP Rate: 0.54%

Annual Expenses for 505-509 Chatham, Lynn MA 01902

Total Gross Expenses (Calculated)$30,185/year

APOD AvailableYes

Heating$0

Electricity$0

Water$0

Gas$0

Insurance$0

Sewer$0

Trash Removal$0

Repair & Maintenance$0

Management$0

Miscellaneous$0

Real Estate Tax$30,185.40

Annual Income & Unit Breakdown for 505-509 Chatham, Lynn MA 01902

Total Gross Income (Calculated)$47,400

Unit 1

Rental Income2150

LeaseY

Bedrooms2

Bathrooms1 Full

Floor2

Levels in Unit1

HeatingNo

Rent Includes

Unit 2

Rental Income1800

LeaseY

Bedrooms2

Bathrooms1 Full

Floor1

Levels in Unit1

HeatingNo

Rent Includes

Unit 3

Rental Income

Lease

Bedrooms

Bathrooms

Floor

Levels in Unit

HeatingNo

Rent Includes

Unit 4

Rental Income

Lease

Bedrooms

Bathrooms

Floor

Levels in Unit

HeatingNo

Rent Includes

General Information for 505-509 Chatham, Lynn MA 01902

Listing ID73319791

Property TypeMulti Family

Price$3,200,000 ($231.72/SqFt)

Style

CityLynn

CountyEssex

MLS Area

Neighborhood(s)

Approximate Living Area Total13,810 SqFt

Approximate Lot Size (Acres)0.32 acres

Total Parking12

Garage Parking

Year Built1910

Year Built SourcePublic Records

Year RenovatedN/A

Year Built DetailsActual

Water

Sewer

Electric

Hot Water

Roof Material

Basement

Construction Materials

Lot FeaturesLevel

Foundation Area

Foundation DescriptionBlock

Accessible Features

Outdoor Space

ZoningR4

Zoning Details

Water Views

Water Views Features

WaterfrontNo

Waterfront Features

Energy Features

Terms

Interior Features for 505-509 Chatham, Lynn MA 01902

Disclosures for 505-509 Chatham, Lynn MA 01902

Lead PaintYes

UFFI

Living Area Includes BasementNo

Living Area Disclosure

Building Area SourceOwner

Title 5

Exclusions

Disclosures

Financial Data Source

Total Gross Expenses By Broker$85,209

Total Gross Income By Broker$304,029

Total Net Income By Broker$218,820

For Sale By OwnerNo

Short Sale / Forclosure (Bank Owned)

Buyer Agent Compensation

Facilitator Compensation

Sub-Agent Compensation

Compensation Based On

Location Information for 505-509 Chatham, Lynn MA 01902

Elementary School

Middle School

High School

Neighborhood(s)

MLS Area

Area Amenities

Contact Information for 505-509 Chatham, Lynn MA 01902

Agent

Name: Oleg Elisev

MLS ID: CN218989

Office ID: NB2539

Phone: 617-840-4961

Address: 187 Green Street

City: Boston

State: MA

Zip: 02130

Office

Name: Greenville Real Estate Group, Inc.

MLS Office ID: NB2539

Phone: 617-983-8300

Payment Calculator

, Interest

Property Taxes $30,185.40

Principal & Interest 19717.38

HOA Dues $0

Term

Interest

Home Price

Down Payment

Exclusive Listing Agent

Greenville Real Estate Group, Inc.

Oleg Elisev

Agent Phone

(617) 840-4961

Office Phone

(617) 983-8300

Text Agent Call Agent Call Office

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[listing] => Array
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[field_3176] => Array
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[field_3175] => Array
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                    [value] => W71° 3' 20.1'' 
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[googlemap_lt] => Array
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                    [type] => text
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[field_3043] => Array
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                    [type] => date
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[field_3045] => Array
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[field_3109] => Array
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                    [type] => price
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                    [type] => area
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[field_3229] => Array
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                    [type] => date
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                    [type] => price
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                    [type] => text
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                    [type] => datetime
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[field_3260] => Array
                (
                    [field_id] => 3260
                    [type] => text
                    [name] => MLSPIN_DISCLOSURE
                    [value] => Y
                )

[field_3261] => Array
                (
                    [field_id] => 3261
                    [type] => number
                    [name] => MLSPIN_F_BTHS_1
                    [value] => 1
                )

[field_3262] => Array
                (
                    [field_id] => 3262
                    [type] => number
                    [name] => MLSPIN_F_BTHS_2
                    [value] => 1
                )

[field_3265] => Array
                (
                    [field_id] => 3265
                    [type] => price
                    [name] => MLSPIN_GRE
                    [raw] => 85209
                    [unit_id] => 260
                    [value] => $85,209
                    [price_only] => $85,209
                )

[field_3266] => Array
                (
                    [field_id] => 3266
                    [type] => price
                    [name] => MLSPIN_HTE
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3267] => Array
                (
                    [field_id] => 3267
                    [type] => number
                    [name] => MLSPIN_H_BTHS_1
                    [value] => 0
                )

[field_3268] => Array
                (
                    [field_id] => 3268
                    [type] => number
                    [name] => MLSPIN_H_BTHS_2
                    [value] => 0
                )

[field_3272] => Array
                (
                    [field_id] => 3272
                    [type] => text
                    [name] => MLSPIN_LEAD_PAINT
                    [value] => Yes
                )

[field_3273] => Array
                (
                    [field_id] => 3273
                    [type] => number
                    [name] => MLSPIN_LEVELS_1
                    [value] => 1
                )

[field_3274] => Array
                (
                    [field_id] => 3274
                    [type] => number
                    [name] => MLSPIN_LEVELS_2
                    [value] => 1
                )

[field_3277] => Array
                (
                    [field_id] => 3277
                    [type] => text
                    [name] => MLSPIN_MAIN_LO
                    [value] => NB2539
                )

[field_3280] => Array
                (
                    [field_id] => 3280
                    [type] => number
                    [name] => MLSPIN_MARKET_TIME_PROPERTY
                    [value] => 75
                )

[field_3281] => Array
                (
                    [field_id] => 3281
                    [type] => price
                    [name] => MLSPIN_MGF
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3282] => Array
                (
                    [field_id] => 3282
                    [type] => price
                    [name] => MLSPIN_MSE
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3285] => Array
                (
                    [field_id] => 3285
                    [type] => price
                    [name] => MLSPIN_OPTIONAL_FEE
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3290] => Array
                (
                    [field_id] => 3290
                    [type] => price
                    [name] => MLSPIN_PRICE_PER_SQFT
                    [raw] => 231.72
                    [unit_id] => 260
                    [value] => $232
                    [price_only] => $232
                )

[field_3292] => Array
                (
                    [field_id] => 3292
                    [type] => price
                    [name] => MLSPIN_RFS
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3293] => Array
                (
                    [field_id] => 3293
                    [type] => price
                    [name] => MLSPIN_RME
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3301] => Array
                (
                    [field_id] => 3301
                    [type] => select
                    [name] => RoomMasterBathroomFeatures
                    [value] => Yes
                )

[field_3306] => Array
                (
                    [field_id] => 3306
                    [type] => price
                    [name] => GrossScheduledIncome
                    [raw] => 0
                    [unit_id] => 260
                    [value] => $0
                    [price_only] => $0
                )

[field_3307] => Array
                (
                    [field_id] => 3307
                    [type] => number
                    [name] => MLSPIN_FLRS_1
                    [value] => 2
                )

[field_3308] => Array
                (
                    [field_id] => 3308
                    [type] => number
                    [name] => MLSPIN_FLRS_2
                    [value] => 1
                )

[field_3311] => Array
                (
                    [field_id] => 3311
                    [type] => number
                    [name] => BRE_Total_Parking
                    [value] => 12
                )

[field_3320] => Array
                (
                    [field_id] => 3320
                    [type] => boolean
                    [name] => Waterfront
                    [value] => No
                )

)

[unit_level] => 
    [levels_in_unit] => 2024-12-13
    [construction_status] => 
    [laundry_features] => Array
        (
        )

[outdoor_space_available] => Array
        (
        )

[building_name] => 
    [pet_policy] => Array
        (
        )

[building_management] => Array
        (
        )

[number_of_units] => 12
    [units_owner_occupied] => 0
    [parking_features] => Array
        (
        )

[building_amenities] => Array
        (
        )

[owner_occupancy_source] => 
    [documents_available] => Array
        (
        )

[optional_price] => 0
    [optional_fee_includes] => Array
        (
        )

[structure_type] => Array
        (
        )

[complex_complete] => Array
        (
        )

[available_date] => 
    [available_now] => Yes
    [date_available_note] => 
    [first_month_required] => Array
        (
        )

[last_month_required] => Array
        (
        )

[deposit_required] => Array
        (
        )

[deposit_amount] => Array
        (
            [0] => $0
        )

[insurance_required] => Array
        (
        )

[references_required] => Array
        (
        )

[rent_includes] => Array
        (
        )

[lease_term] => Array
        (
        )

[interior_features] => Array
        (
        )

[entry_level] => Array
        (
        )

[cooperating_agent_commission] => Array
        (
        )

[property_sub_type] => Array
        (
            [0] => 5+ Family - 5+ Units Up/down
        )

[number_of_lots] => Array
        (
        )

[gas] => Array
        (
        )

[cultivation_acres] => None
    [pasture_area] => None
    [timber_acres] => None
    [perc_test] => Array
        (
        )

[perc_test_date] => Unknown
    [association_required] => Array
        (
        )

[view] => Array
        (
        )

[deqe] => 
    [real_estate_tax] => $30,185.40
    [total_gross_income] => 47400
    [total_gross_expense] => 30185
    [net_income_calc] => 17215
    [cap_rate] => 0.54%
    [apod_available] => Array
        (
            [0] => Yes
        )

[heating_expense] => Array
        (
            [0] => $0
        )

[electric_expense] => Array
        (
            [0] => $0
        )

[water_expense] => Array
        (
            [0] => $0
        )

[gas_expense] => Array
        (
            [0] => $0
        )

[insurance_expense] => Array
        (
            [0] => $0
        )

[sewer_expense] => Array
        (
            [0] => $0
        )

[trash_expense] => Array
        (
            [0] => $0
        )

[repair_maintenance_expense] => Array
        (
            [0] => $0
        )

[management_expense] => Array
        (
            [0] => $0
        )

[miscellaneuos_expense] => Array
        (
            [0] => $0
        )

[unit_1_rent] => Array
        (
            [0] => 2150
        )

[unit_1_lease] => Array
        (
            [0] => Y
        )

[unit_1_bedrooms] => 2
    [unit_1_bathrooms] => 1 Full
    [unit_1_floor] => 2
    [unit_1_levels] => 1
    [unit_2_rent] => Array
        (
            [0] => 1800
        )

[unit_2_lease] => Array
        (
            [0] => Y
        )

[unit_2_bedrooms] => 2
    [unit_2_bathrooms] => 1 Full
    [unit_2_floor] => 1
    [unit_2_levels] => 1
    [unit_3_rent] => Array
        (
        )

[unit_3_lease] => Array
        (
        )

[unit_3_bedrooms] => 
    [unit_3_bathrooms] => 
    [unit_3_floor] => 
    [unit_3_levels] => 
    [unit_4_rent] => Array
        (
        )

[unit_4_lease] => Array
        (
        )

[unit_4_bedrooms] => 
    [unit_4_bathrooms] => 
    [unit_4_floor] => 
    [unit_4_levels] => 
    [hot_water] => Array
        (
        )

[basement] => Array
        (
        )

[foundation_materials] => Array
        (
            [0] => Block
        )

[patio_and_porch] => Array
        (
        )

[zoning_details] => 
    [terms] => Array
        (
        )

[financial_data_source] => Array
        (
        )

[operating_expense] => Array
        (
            [0] => $85,209
        )

[gross_income] => Array
        (
            [0] => $304,029
        )

[net_operating_income] => Array
        (
            [0] => $218,820
        )

[short_sale] => 
    [price_per_unit] => 266666.66666667
)

EXIT

Active

505-509 Chatham, Lynn MA 01902

$3,200,000

Annual Expenses for 505-509 Chatham, Lynn MA 01902

Annual Income & Unit Breakdown for 505-509 Chatham, Lynn MA 01902

General Information for 505-509 Chatham, Lynn MA 01902

Interior Features for 505-509 Chatham, Lynn MA 01902

Disclosures for 505-509 Chatham, Lynn MA 01902

Location Information for 505-509 Chatham, Lynn MA 01902

Contact Information for 505-509 Chatham, Lynn MA 01902

Agent

Office

Payment Calculator

Exclusive Listing Agent

Greenville Real Estate Group, Inc.

Oleg Elisev