526 Western Ave, Lynn, MA

$4,000,000

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43

Beds

16

Baths

17,688

Square feet

0.13

Acres

About 526 Western Ave

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.

Features of 526 Western Ave

MLS® # 73173826
Price $4,000,000
Bedrooms 43
Bathrooms 16.00
Full Baths 16
Square Footage 17,688
Acres 0.13
Year Built 1910
Type Residential Income
Sub-Type 5+ Family - 5+ Units Up/Down
Status Active

Community Information

Address 526 Western Ave
City Lynn
County Essex
State MA
Zip Code 01904

Amenities

Is Waterfront No
Has Pool No

Interior

Heating Natural Gas
Fireplace No
# of Stories 4

Exterior

Lot Description Corner Lot
Roof Rubber
Foundation Other

Additional Information

Zoning BD

Listing Details

Agent Stephen Girolamo
Office Horvath & Tremblay
Buyer Agent Compensation 2%
Buyer Agent Compensation Type %
Compensation Based On Gross/Full Sale Price
Sub Agency Relationship Offered No

Listing Map

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