526 Western Ave Pending Save Request In-Person Tour Request Virtual Tour
Lynn,MA 01904
Key Details
Property Type Multi-Family
Sub Type 5+ Family - 5+ Units Up/Down
Listing Status Pending
Purchase Type For Sale
Square Footage 17,688 sqft
Price per Sqft $226
MLS Listing ID 73173826
Bedrooms 43
Full Baths 16
Year Built 1910
Annual Tax Amount $38,531
Tax Year 2023
Lot Size 5,662 Sqft
Acres 0.13
Property Description
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.
Location
State MA
County Essex
Zoning BD
Direction On the corner of Western Ave and Franklin St
Rooms
Basement Unfinished
Interior
Heating Natural Gas
Exterior
Community Features Public Transportation,Shopping,Medical Facility,Laundromat,Highway Access,Public School,T-Station
Waterfront false
Roof Type Rubber
Garage No
Building
Lot Description Corner Lot
Story 4
Foundation Other
Sewer Public Sewer
Water Public
Others
Senior Community false