526 Western Ave Lynn, MA 01904
43 bed / 16 bath / 17,688 Sq. Ft. / 5,663 Sq. Ft., 0.13 acres lot size / Multi-Family
Status: Sold
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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.
Berkshire Hathaway HomeServices
Commonwealth Real Estate
property details
Type
Multi-Family
Status
Closed
County
Essex
Year Built
1910
Beds
43
Full Baths
16
Sq. Ft.
17,688
Lot Size
5,663 Sq. Ft., 0.1 acres
Listing Id
73173826
Courtesy Of
Stephen Girolamo - null
Interior Features
Living Area Units
Sq. Ft.
Rooms Total
75
Full Baths
16
Bathrooms Total
16
Exterior Features
Roof
Rubber
Lot/Land Description
Corner Lot
Foundation
Other
Stories
4
Utility & Building Info
Sewer
Public Sewer
Parcel Number
2005615
Water Source
Public Water
Heating
Gas Heat
Tax Amount
38531
Building Area Total
17,688 Sq. Ft.
Price Per Sq Ft
$226
Architectural Style
3+ Story
The property listing data and information, or the Images, 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, and the Images, 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, or as to the accuracy of any of the Images, set forth herein.
Price History
| date | event | price | source |
|---|---|---|---|
|
12/10/2024
12/10/2024
|
Sold |
$3,900,000
|
MLSPIN - MLS Property Information Network |
|
09/23/2024
09/23/2024
|
Pending |
$4,000,000
|
MLSPIN - MLS Property Information Network |
|
10/25/2023
10/25/2023
|
Active |
$4,000,000
|
MLSPIN - MLS Property Information Network |
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Market Trends
Source: Constellation1
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