Listed at a 6.99% cap rate on current income, 119 Lewis St is a three-story brick building and contains twenty-four total units, consisting of twenty-one 1-Bedroom/1-Bathroom units and three two-room Studio units. Over the last several years, the current ownership has renovated hallways and common areas, and installed a new rubber roof and new windows. Each unit is separately metered for electricity, which the tenants pay directly. There is a coin-op laundry room on-site for tenants. 119 Lewis Street is well-located in a densely populated residential neighborhood adjacent to downtown Lynn, with convenient access to both local and regional transportation, as well as retail amenities around Lynn’s Central Square.

Property Details

Price:
$4,900,000
MLS #:
73279413
Status:
Active
Beds:
24
Baths:
24
Address:
119 Lewis St
Type:
Multi Family
Subtype:
5+ Family – 5+ Units Up/Down
City:
Lynn
Listed Date:
Aug 19, 2024
State:
MA
Finished Sq Ft:
12,765
Total Sq Ft:
12,765
ZIP:
01902
Lot Size:
12,632 sqft / 0.29 acres (approx)
Year Built:
1911
Units:
24

Schools

Interior

Bathrooms
24 Full Bathrooms

Exterior

Community Features
Public Transportation, Shopping, Pool, Tennis Court(s), Park, Walk/ Jog Trails, Medical Facility, Laundromat, Highway Access, House of Worship, Marina, Private School, Public School, T- Station, University
Roof
Rubber

Financial

Net Operating Income
$339,637
Tax Year
2024
Taxes
$46,730

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CRP: Certified Relocation Professional
CRS: Certified Residential Specialist
GRI: Graduate of Realtors Institute
CBR: Certified Buyers Representative
BSBA: Bachelor of Science in Business Administration. Babson College 1979
MBA: Master of Business Administration. Babson College 2002

James M. Joly is President and Principal-Owner of Boardwalk Real Estate Corp.,…

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119 Lewis St
Lynn, MA