526 Western Avenue
$4,000,000
43
16
17,688
17,688
$226
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,...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.
- Listed by Stephen Girolamo • Horvath & Tremblay
Property Details for 526 Western Avenue
Town
Lynn
AreaMA-Lynn
Garage Spaces0
Parking Spaces.00
LISTING UPDATED: 09/07/2024 03:09 AM
Property Details for 526 Western Avenue
Status | Active |
---|---|
MLS # | 73173826 |
Days on Market | 324 |
Taxes | $38,531 / year |
HOA Fees | - |
Compass Type | Multi Family |
MLS Type | Multi-family / 5+ Family - 5+ Units Up/Down |
Year Built | 1910 |
County | Essex County |
Building Information for 526 Western Avenue
Stories4Residences16Year Built1910Building Size-Lot Size0.13 AC / 5,662 SF
Property Information for 526 Western Avenue
Property History for 526 Western Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 526 Western Avenue
Taxable ValueLand$1,312,000Additions$2,907,200Total$4,219,200
Tax Record2024$44,428 ($3,702 / month)
Home Facts
Baths16Total Finished SqFt17,688 SqFtAbove Grade Finished SqFt17,688 SqFtUnfinished Basement SqFt4,392 SqFtStories4Lot Size5,492 SqFtStyleMulti-Family Res (5+ Units)Year Built1910ZoningBDCountyESSEXAPNLYNN M:054 B:720 L:009
Schools near 526 Western Avenue
This home is within Lynn School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 6 to 12 |
Rating | School | Distance |
---|---|---|
William R Fallon PublicK to 5 | ||
Cobbet Elementary School PublicK to 5 | ||
Breed Middle School Public6 to 8 | ||
Fecteau-Leary Junior/Senior High School Public6 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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