Investment Analysis — 5 Morrill Place

Lynn, MA 01902 — East Lynn

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 2-bedroom in 01902 carries an estimated $2,560/mo in gross rent — about a 4.09% cap rate and $18,387/yr in estimated NOI at the $450,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

Baths

SqFt

1,175

Style

Single Family

Built

1880

This New England cottage offers functional updates and a highly connected location. The main level begins with an entry foyer opening into the living space and an updated kitchen with new cabinetry, countertops, and stainless steel appliances. An office sits right next to the kitchen, maintaining an open connection to the cooking space and living room, alongside a separate dining room. Just off the kitchen, a covered porch includes a deep storage closet. Upstairs, the second level accommodates an updated bathroom and two bedrooms, including one with an adaptable two-room configuration that works well for a suite, office, or project room. Outside, you will find a small fenced yard and a side driveway for off-street parking. Mechanical upgrades include a newer heating system, washer, and dryer. Located near downtown, Central Square, and Wyoma Square, the property offers easy access to the Lynn Commuter Rail Station, local beaches, and the coastline.

ADU Potential

Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 588 sq ft (the lesser of 900 sq ft or half the 1,175 sq ft principal dwelling). Lot size: 1,982 sq ft.

Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.

Estimates — not financial advice

These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.