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You are here:
396 Days on Boston Pads
Price Reduced $400,000
18 Photos
$5,200,000
Type: 5+ Residential
Lease Type N/A
3600 Bldg. SQFT
20 Restroom
Parking: N/A
386 Summer St
Lynn, MA 01905

Property Description

This is your opportunity to own 20 approved condos, With 2 Bedrooms 1 Bath in every unit . Currently utilized as rental apartments. Several units have been updated, featuring modern kitchens, granite or Formica countertops, an array of flooring including hardwood, laminate, tile and carpet. Additionally, the convenience of in-unit laundry hook-ups, 20 parking spaces and so much more. With a substantial monthly rental roll of $30,000 and the potential for future rent adjustments, this offering presents an ideal opportunity for savvy investors seeking a high-quality asset poised for growth. Perfectly situated with easy access to the T Station and several bus lines, and in close proximity to many shops and malls, this property seamlessly combines convenience and quality, making it a compelling investment prospect. Please call for appt.

Property Overview

Property Details click or tap to expand

Property Information

  • Type: 5+ Residential
  • Location: Legal Conforming
  • MLS ID#: 73161244

Financial

  • Gross Annual Expenses: 325000
  • Gross Annual Income: 415000
  • Net Operating Income: 216441

Building Information

  • Total SQFT: 3600
  • Total Restrooms: 20

Construction & Utilities

  • Utilities: Natural Gas, Public Sewer, Public Water

Property History click or tap to expand

Date Event Price Price/Sq Ft Source
06/11/2024Active$5,200,000$1,444MLSPIN
06/07/2024Extended$5,200,000$1,444MLSPIN
10/14/2023Active$5,200,000$1,444MLSPIN
10/10/2023Price Change$5,200,000$1,444MLSPIN
09/24/2023Active$5,600,000$1,556MLSPIN
09/20/2023New$5,600,000$1,556MLSPIN

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Map & Resources

William P Connery School

School

0.04mi

Wm. P. Connery Elementary School

Public Elementary School, Grades: PK-5

0.11mi

Lynn Vocational Technical Institute

Public Secondary School, Grades: PK-12

0.33mi

Washington Elementary School

Public Elementary School, Grades: PK-5

0.38mi

A. Drewicz Elementary School

Public Elementary School, Grades: PK-5

0.42mi

Fecteau- Leary Junior/Senior High School

Grades: 9-12

0.43mi

Fecteau-Leary Junior/Senior High School

Public Secondary School, Grades: 6-12

0.46mi

Cobbet Elementary School

Public Elementary School, Grades: K-5

0.46mi

Juan Parrilla Bar & Grill

Bar

0.46mi

Lynn Fire Department

Fire Station

0.31mi

Warren St. Playground

Municipal Park

0.09mi

Neptune Boulevard Playground

Municipal Park

0.17mi

Lynn Common

Municipal Park

0.19mi

Filenes Playground

Playground

0.35mi

Bennett Street Playground

Playground

0.37mi

Liling's Beauty Salon

Beauty

0.42mi

D. & T. Convenience Store

Convenience

0.36mi

Market Basket

Supermarket

0.37mi

Mekong Market

Supermarket

0.44mi

Neptune Blvd @ Commercial St

435
436

0.11mi

S Common St @ Caggiano Plaza

426
441
442
455

0.19mi

Market Square @ Western Ave

426
441
442
455

0.25mi

N Common St @ Park St

426
436
442
455

0.25mi

Market Square @ Western Ave

426
436
442
455

0.27mi

Western Ave @ Market Square

424
450

0.28mi

Western Ave @ Market Square

424
450

0.3mi

743 Western Ave

424
426
436
442
450
455

0.31mi

Seller's Representative: Louise Touchette Team, Coldwell Banker Realty - Lynnfield
MLS ID#: 73161244

© 2024 MLS Property Information Network, Inc.. All rights reserved.

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 2024-06-11 03:05:00