Listed at a 6.86% 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.
Property Details
Price:
$4,000,000
MLS #:
73173826
Status:
Active
Beds:
43
Baths:
16
Address:
526 Western Ave
Type:
Multi Family
Subtype:
5+ Family – 5+ Units Up/Down
City:
Lynn
Listed Date:
Oct 25, 2023
State:
MA
Finished Sq Ft:
17,688
ZIP:
01904
Lot Size:
5,662 sqft / 0.13 acres (approx)
Year Built:
1910
Schools
Interior
Bathrooms
16 Full Bathrooms
Heating
Natural Gas
Exterior
Community Features
Public Transportation, Shopping, Medical Facility, Laundromat, Highway Access, Public School, T- Station
Roof
Rubber
Financial
Buyer Agent Compensation
2%%
Tax Year
2023
Taxes
$38,531
Map
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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.,…
More About JamesCourtesy of Horvath & Tremblay. The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
526 Western Ave
Lynn, MA
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