Address
526 Western Ave, Lynn, MA
Price
$ 4,000,000
Property Attributes
- MLS#73173826
- TypeMulti-Family
- CountyESSEX
- CityLynn
- Zip01904
- Style5+ Family - 5+ Units Up/Down
- Year Built1910
- Taxes$ 38531
- Price$ 4,000,000
- Bedrooms43
- Full Bathrooms16
- Half Bathrooms0
- Sqr Footage17688
- Lot Size5,663 SqFt
Data Source:
Massachusetts MLS Property Info Network (MLSPIN)
Property Description
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.
| Price History | |
|---|---|
| 10/25/2023 | Listed $4,000,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Natural Gas |
| Roof | Rubber |
| Zoning | BD |
| Year Built | 1910 |
| Electric | Individually Metered |
| Property SubType | 5+ Family - 5+ Units Up/Down |
| Tax Year | 2023 |
| Gross Income | 422940 |
| Community Features | Public Transportation,Shopping,Medical Facility,Laundromat,Highway Access,Public School,T-Station |
| County | Essex |
| Net Operating Income | 274472 |
| Operating Expense | 148468 |
| Property Type | Residential Income |
| Garage Y/N | No |
| Rent Includes | Unit 1(Water,Hot Water),Unit 2(Water,Hot Water) |
| Total Rooms | 75 |
| Status | Active |
| Directions | On the corner of Western Ave and Franklin St |
| City | Lynn |
| Disclosures | Units 5 and 15 are currently vacant - rents are set to market in current condition. Total Monthly Rent is $35,245 - the maximum input allowed by MLS is $32,767 |
| Senior Community Y/N | No |
| Total Units | 16 |
| Lot Size Square Feet | 5662 |
| Waterfront Y/N | No |
| Street Name | Western Ave |
| Year Built Details | Approximate |
| Tax Annual Amount | 38531 |
| Home Warranty Y/N | No |
| Building Area Units | Square Feet |
| Standard Status | Active |
| Year Built Source | Public Records |
| Tax Assessed Value | 3455700 |
| Total Actual Rent | 32767 |
| Compensation Based On | Gross/Full Sale Price |
| Sub-Agency Relationship Offered | No |
Interior Features
| Basement | Unfinished |
|---|---|
| Total Stories | 4 |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Full Baths | 16 |
| Total Bedrooms | 43 |
| Total Baths | 16 |
Exterior Features
| Lot Features | Corner Lot |
|---|---|
| Water Source | Public |
| Lot Size Area | 0.13 |
| Foundation Details | Other |
| Spa | No |
| Building Area Total | 17688 |
| Lot Size Acres | 0.13 |
| 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 Multi-Family Average in 01904
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
