526 WESTERN AVE
LYNN, MA 01904
$4,000,000
43 Beds
16 Baths
17,688 Sq Ft
Status Active
MLS# 73173826
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.
Details for 526 WESTERN AVE
Built in 1910
$226 / Sq Ft
0 parking spaces
Natural Gas
227 Days on website
0.13 acres lot