526 Western Ave, Lynn, MA, 01904
75 rooms
43 beds
16 Full baths
1910
17,688 sqft
Listed at a 7.28% Cap Rate on current income, the asset is a four-story brick building contains sixteen (16) units comprised of eleven (11), 3-Bedroom/1-Bathroom units and five (5), 2-Bedroom/1-Bathroom units with 17,688 square feet of living area on a 0.13-acre corner parcel of land. The Property is well-located at the intersection of Western Avenue and Franklin Street and is 0.1-miles from Stop & Shop. The Property is situated along the edge of Downtown Lynn and is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities including Central Square, BayRidge Hospital, and North Shore Community College. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. The option exists to potentially assume the existing debt at 4.04% interest rate.
Status:
Active
Type:
Multi-family
Units:
16
Zoning:
BD
Heating:
Natural Gas
Basement:
Unfinished
Levels:
4
Acreage:
0.13
Est. Taxes:
$38,531
Assessment
$3,455,700
Lot Description:
Corner Lot
Amenities:
Public Transportation, Shopping, Medical Facility, Laundromat, Highway Access, Public School, T-Station
MLS #:
73173826
Buyer Agent Compensation:
2%%
Facilitator Compensation:
0
Compensation Based On:
Gross/Full Sale Price
Sub-Agency Relationship Offered:
No
Community Info
School Info
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Listing courtesy of Stephen Girolamo, Horvath & Tremblay Phone: 781-776-4000