Address
386 Summer St, Lynn, MA
Price
$ 5,200,000
Property Attributes
- MLS#73161244
- TypeCommercial
- CountyESSEX
- CityLynn
- Zip01905
- Style5+ Residential
- Year Built1985
- Taxes$ 45000
- Price$ 5,200,000
- Bedrooms0
- Full Bathrooms20
- Half Bathrooms0
- Sqr Footage3600
- Lot Size0.39 Acres
Data Source:
Massachusetts MLS Property Info Network (MLSPIN)
Property Description
This is your opportunity to own 20 approved condos, With 2 Bedrooms 1 Bath in every unit . Currently utilized as rental apartments. Several units have been updated, featuring modern kitchens, granite or formica countertops, an array of flooring including hardwood, laminate, tile and carpet. Additionally, the convenience of in-unit laundry hook-ups, 20 parking spaces and so much more. With a substantial monthly rental roll of $30,000 and the potential for future rent adjustments, this offering presents an ideal opportunity for savvy investors seeking a high-quality asset poised for growth. Perfectly situated with easy access to the T Station and several bus lines, and in close proximity to many shops and malls, this property seamlessly combines convenience and quality, making it a compelling investment prospect. Please call for appt.
| Price History | |
|---|---|
| 9/22/2023 | Listed $5,600,000 |
| 10/10/2023 | 8% - $5,200,000 |
General Features
| Utilities | Public Water,Public Sewer,Natural Gas Available |
|---|---|
| Roof | Shingle |
| Zoning | BD |
| Year Built | 1985 |
| Tax Year | 2023 |
| Gross Income | 415000 |
| Business Type | 5+ Residential |
| County | Essex |
| Net Operating Income | 216441 |
| Operating Expense | 325000 |
| Property Type | Commercial Sale |
| HOA / Comm Assn | No |
| Status | Active |
| Directions | Google map |
| City | Lynn |
| Disclosures | Currently being rented as Apartments but approved for condos. |
| Senior Community Y/N | No |
| Zoning Description | Legal Conforming |
| Lot Size Square Feet | 16988 |
| Waterfront Y/N | No |
| Street Name | Summer St |
| Tax Annual Amount | 45000 |
| Home Warranty Y/N | No |
| Building Area Units | Square Feet |
| Standard Status | Active |
Interior Features
| Total Baths | 20 |
|---|
Exterior Features
| Total Parking | 20 |
|---|---|
| Lot Size Area | 0.39 |
| Building Area Total | 3600 |
| Lot Size Acres | 0.39 |
| Lot Size Units | Acres |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 01905
Price
Taxes
Visits
Year Built
Walkscore
Massachusetts MLS Property Info Network (MLSPIN) - 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
