Sold!
$3,900,000
43
Beds
16
Baths
17,688
Living Area
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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.
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Highlights
- Heating: Natural Gas
- Property Type: 5+ Family - 5+ Units Up/Down
- Year Built: 1910
- Property Class: Residential Income
- Total Rooms: 75
- Status: Closed
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Additional Details
- Basement: Unfinished
- Lot Features: Corner Lot
- Total Number of Units: 16
- Year Built Source: Public Records
- Foundation: Other
- Roof: Rubber
- Year Built Details: Approximate
- Zoning: Bd
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Amenities
- Community Features: Public Transportation, Shopping, Medical Facility, Laundromat, Highway Access, Public School, T-Station
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Utilities
- Electric: Individually Metered
- Water Source: Public
- Sewer: Public Sewer
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Fees / Taxes
- Assessed Value: $3,455,700
- Compensation Based On: Gross/Full Sale Price
- Tax Year: 2023
- Total Rent: $32,767
- Buyer Agent Compensation: 2%
- Rental Fee Includes: Unit 1(Water, Hot Water), Unit 2(Water, Hot Water)
- Taxes: $38,531
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Content © 2026 MLS Property Information Network, Inc. The information in this listing was gathered from third party resources including the seller and public records.
Listing information provided courtesy of Cameron Prestige, LLC.
MLS Property Information Network, Inc. and its subscribers disclaim any and all representations or warranties as to the accuracy of this information.
