526 Western Avenue

Lynn, MA 01904

$4,000,000
Price
43
Beds
16
Baths
17,688 Sq. Ft.
$226 / Sq. Ft.
17,688
Sq. Ft.
$226
per Sq. Ft.

Description

Listed at a 6.86% 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 6.86% 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.
  1. Listed by Stephen Girolamo • Horvath & Tremblay

Property Details for 526 Western Avenue

Town
Lynn
Area
MA-Lynn
Garage Spaces
0
Parking Spaces
.00

Location

Listing Courtesy of Horvath & Tremblay, Stephen Girolamo
Add your commute
LISTING UPDATED: 04/26/2024 03:07 AM

Property Details for 526 Western Avenue

StatusActive
MLS #73173826
Days on Market188
Taxes$38,531 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5+ Family - 5+ Units Up/Down
Year Built1910
CountyEssex County

Location

Listing Courtesy of Horvath & Tremblay, Stephen Girolamo
Add your commute

Building Information for 526 Western Avenue

Stories4Residences16Year Built1910Building Size-Lot Size0.13 AC / 5,662 SF

Payment Calculator

$25,041 per month

30 year fixed, 7.25% Interest

Principal and Interest

$21,830

Property Taxes

$3,211

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 526 Western Avenue

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Medical Facility, Laundromat, Highway Access, Public School, T-Station
  • Living Area: 17688.0
  • SqFt with Basement: No
  • Total Units: 16
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Basement Features: Unfinished Basement
  • Num of Baths: 16.0
  • Num of Full Baths: 16
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 16.00
  • Bathrooms Total Integer: 16
  • FireplaceYN: No
  • Fireplaces: 0
  • SpaYN: No
Exterior Features
  • Lot Description: Corner Lot
  • Roof Material: Rubber
Parking Features
  • Covered Spaces: .00
  • Garage: No
Utilities
  • Electric: Individually Metered
  • Heating: Natural Gas
  • Heating: Yes
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Disclosures: Units 5 and 15 are currently vacant - rents are set to market in current condition. Total Monthly Rent is $35,245 - the maximum input allowed by MLS is $32,767
Tax Information
  • Tax ID: 2005615
  • Assessments: $3,455,700
  • Book: 93241
  • Tax Year: 2023
  • Zoning: BD
Building / Association Information
Living Characteristics
  • Beds Total: 43
  • Total Living Levels: 4
Other Building Characteristics
  • Foundation: Other
Income / Expenses
  • GOI: $422,940.00
  • GRE: $148,468
  • NOI: $274,472.00
  • Operating Expense: $148,468.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: N
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: Y
  • Levels U2: 1
Rental Info
Rental Info
  • Total Actual Rent: $32,767.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2%
  • Other Agent Compensation: 0

Property History for 526 Western Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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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526 Western Avenue is a multi-family home for sale in Lynn, MA 01904. This property was listed for sale on October 25, 2023 by Horvath & Tremblay, it's currently listed at $4,000,000. It has been on the market for a total of 188 days and was last sold on January 31, 2020. This listing's school district is Lynn School District. Nearby schools include William R Fallon, Cobbet Elementary School and Breed Middle School. 526 Western Avenue is a 43-bed, 16-bath, 17,688 sqft multi-family home built in 1910.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Horvath & Tremblay, Stephen Girolamo

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, 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., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.