526 Western Ave Lynn, MA 01904
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.
- Property TypeMulti-Family
- NeighborhoodN/A
- CountyEssex
- Taxes$38,531
- HOA/Condo/Coop Fees$0
- Days on Site199 Days
- MLS StatusActive
- MLS ID Number73173826
- Home Size Source Public Records
- Year Built1910
- Lot Size0.13 Acres
- Full Baths16
- Partial BathsN/A
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General Features
- Parking Spaces 0
- Sewer Public Sewer
- Basement Unfinished
- Number of Stories 4
- Acreage 0.13
- Water Public
- Property Sub Type Multi Family
- Garage Spaces 0
- Foundation Other
- Zoning BD
- Buyer Agent Compensation 2%
- Facilitator Compensation 0
- Compensation Based On Gross/Full Sale Price
- Sub-Agency Relationship Offered No
- Garage 0
- Electricity Individually Metered
Interior Features
- Heating Natural Gas
- Fireplaces 0
- Fireplace No
Exterior Features
- Roof Rubber
- Spa No
- Waterfront Property No
- Lot Corner Lot
- Lot Features Corner Lot
Community Features
- Community Features Public TransportationShoppingMedical FacilityLaundromatHighway AccessPublic SchoolT- StationT-Station
- Senior Community No
- Adult Care Community No