Lynn, MA 01904,526 Western Ave
Lynn, MA 01904,526 Western Ave
Lynn, MA 01904,526 Western Ave
Lynn, MA 01904,526 Western Ave
Lynn, MA 01904,526 Western Ave
Lynn, MA 01904,526 Western Ave
See all 17 photos

$3,900,000

$4,000,000

2.5%
Est.Price: ?

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Est. payment /mo

43 Beds

16 Baths

17,688 SqFt


SOLD DATE : 12/10/2024

Key Details

Sold Price $3,900,000

Property Type Multi-Family

Sub Type 5+ Family - 5+ Units Up/Down

Listing Status Sold

Purchase Type For Sale

Square Footage 17,688 sqft

Price per Sqft $220

MLS Listing ID 73173826

Sold Date 12/10/24

Bedrooms 43

Full Baths 16

Year Built 1910

Annual Tax Amount $38,531

Tax Year 2023

Lot Size 5,662 Sqft

Acres 0.13

Property Description

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.

Location

State MA

County Essex

Zoning BD

Direction On the corner of Western Ave and Franklin St

Rooms

Basement Unfinished

Interior

Heating Natural Gas

Exterior

Community Features Public Transportation, Shopping, Medical Facility, Laundromat, Highway Access, Public School, T-Station

Roof Type Rubber

Garage No

Building

Lot Description Corner Lot

Story 4

Foundation Other

Sewer Public Sewer

Water Public

Others

Senior Community false

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BHRE Brad Hutchinson Real Estate

BHRE Brad Hutchinson Real Estate

+1(781) 665-2222

Our team is ready to help you sell your home for the highest possible price ASAP


Listed by Horvath & Tremblay
Bought with Zahidul Islam • Cameron Prestige, LLC
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At Brad Hutchinson Real Estate, our main goal is simple: to assist buyers and sellers with making the best, most knowledgeable real estate decisions that are right for you. Whether you’re searching for houses for sale, commercial investment opportunities, or apartments for rent, our independent, committed staff is ready to assist you. We have over 60 years of experience serving clients in and around Melrose and Boston's North Shore.

+1(781) 665-2222

sales@bradhutchinson.com

193 Green Street, Melrose, Massachusetts, 02176, United States

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