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You are here:
Home Massachusetts Lynn Multi-Family Homes for Sale

526 Western Ave Lynn, MA 01904

197 Days on Boston Pads
17 Photos
$4,000,000
16 Unit
43 Beds
16 Baths
17688 SQFT
0.13 Acre
526 Western Ave
Lynn, MA 01904

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.

Property Overview

Property Details click or tap to expand

Building Information

  • Total Units: 16
  • Total Floors: 4
  • Total Bedrooms: 43
  • Total Full Baths: 16
  • Amenities: Highway Access, Laundromat, Medical Facility, Public School, Public Transportation, Shopping, T-Station
  • Basement Features: Unfinished Basement
  • Common Heating: Extra Flue, Gas, Heat Pump

Financial

  • APOD Available: No
  • Gross Operating Income: 449064
  • Gross Expenses: 157737
  • Net Operating Income: 291327

Utilities

  • Electric Info: Individually Metered
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Hot Water, Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Included in Rent: Hot Water, Water
  • Under Lease: Yes
  • Floors: 1
  • Levels: 1

Construction

  • Year Built: 1910
  • Type: 5+ Family - 5+ Units Up/Down
  • Foundation Info: Other (See Remarks)
  • Roof Material: Rubber
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73173826
  • Last Updated: 05/07/24

Property History click or tap to expand

Date Event Price Price/Sq Ft Source
04/26/2024Active$4,000,000$226MLSPIN
04/22/2024Extended$4,000,000$226MLSPIN
03/29/2024Active$4,000,000$226MLSPIN
03/25/2024Extended$4,000,000$226MLSPIN
02/17/2024Active$4,000,000$226MLSPIN
02/13/2024Extended$4,000,000$226MLSPIN
10/29/2023Active$4,000,000$226MLSPIN
10/25/2023New$4,000,000$226MLSPIN

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View Breakdown

Seller's Representative: Stephen Girolamo, Horvath & Tremblay
Sub Agent Compensation: n/a
Buyer Agent Compensation: 2%
Facilitator Compensation: 0
Compensation Based On: Gross/Full Sale Price
Sub-Agency Relationship Offered: No

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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 may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

MLS PIN data last updated at 2024-05-07 15:30:00