Lewis Street Apartments
New Price | 25-Units Built-in 2015 | 7% Cap Rate | Lynn, MA
Marketing description
North Shore Realty Advisors Inc., as exclusive agent, is 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 against limited newer constructed multi-family structures within the immediate area. Ideally situated in Lynn’s vibrant coastal Diamond District, the property offers immediate access to beaches, restaurants, retail amenities, public transportation, and major commuter routes into Boston. The combination of irreplaceable location, modern construction, and supply-constrained market dynamics makes 145 Lewis Street a compelling acquisition opportunity for investors seeking durable cash flow with future upside.
The asset is offered at an asking price of $6,250,000 which equates to a going-in Cap Rate of 6.8%. Qualified investors will receive a comprehensive Offering Memorandum with detailed financial and operational information. Ownership intends to conduct a formal Call for Offers following tours and review of materials.
Investment highlights
Rare-Offering
145 Lewis presents an exceptionally rare opportunity to acquire a 10-year-young asset in one of the North Shore’s most sought-after coastal neighborhoods. Located in the heart of the Diamond District, this property has not traded on the open market in over 25 years, making it a true generational offering. Modern construction, premier location, and long-term ownership combine to create a stabilized asset with enduring value.
Strong Demographics
Positioned in a dense, high-barrier-to-entry market with historically low vacancy, the property benefits from strong and resilient fundamentals. More than 94,000 residents live within a three-mile radius, with average household incomes exceeding $71,500. The surrounding coastal communities and proximity to Boston drive consistent renter demand, ensuring durable occupancy and long-term rent growth potential.
No Major Capital Projects
The asset features an attractive and efficient unit mix of eighteen (18) one-bedroom units, six (6) two-bedroom units, and one (1) three-bedroom/two bathroom unit. With no major capital improvements required, this is a rare chance to acquire a newer asset close to 7% CAP on current income.
Transit Oriented
Ideally situated with direct access to Route 1A, Route 1, Route 107, and Route 60, the property offers seamless regional connectivity. Residents enjoy multiple nearby bus lines as well as convenient access to the MBTA Commuter Rail (Lynn Station) and the MBTA Blue Line at Wonderland Station. Quick access to neighboring coastal communities such as Swampscott, Marblehead, and Nahant further enhances tenant appeal.
This is a premier coastal investment combining location, stability, and immediate upside, positioned to deliver both strong in-place cash flow and meaningful long-term appreciation.
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
