Active
526 Western Ave
Lynn MA, 01904
$4,000,000
$226.14 per sqft
Active
43 Beds
16 Baths
17,688 sqft
Multi-family
Built in 1910
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.
73173826
MLSⓇ ID
October 25, 2023
Listed
May 8, 2024
Updated
Map
526 Western Ave
Lynn MA, 01904
Interior Features
Total Stories
4
Bedrooms
43
Total Bathrooms
16
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Natural Gas
Exterior/Building Features
Lot Size
0.13 Acres
Lot Features
Corner Lot
Roof
Rubber
Sewer
Public Sewer
Other Property Details
Taxes
$38,531
Tax Frequency
Annually
Days on Market
195
Garage
No
Parking Total
0
View
No
County
Essex
Water Source
Public
Pool
No
Zoning
BD
Buyer Agency Compensation
2%
Courtesy of Stephen Girolamo, Horvath & Tremblay
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Data last updated 8:22 PM UTC, 5/8/2024
