526 Western AvenueLynn, MA 01904MLS Number 73173826

  • Price: $4,000,000
  • Est. Mortgage of $/month
  • 217 Days on Market
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Federal 30-year interest rate: 6.94% last updated on May 23, 2024
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
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526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904526 Western Avenue Lynn MA 01904
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  • 43Bedrooms
  • 0.13Acreage
  • 16Bathrooms
  • 1910Year Built
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 of Horvath & Tremblay

Driving Directions

Colonial Manor Realty
Colonial Manor Realty
Office: 781-844-9371
127 Franklin St
Reading, MA 01867

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More Info

Basic Information

  • Gross Income $449,064
  • Lot Features Corner Lot
  • Mls StatusExtended
  • Parcel Number 2005615
  • Rent Includes Unit 1(Water, Hot Water), Unit 2(Water, Hot Water)

Building

  • BasementUnfinished
  • Building Area Units Square Feet
  • FoundationOther
  • Rooms75
  • Stories4
  • Units16
  • Year Built1910
  • Year Built Details Approximate
  • Year Built Source Public Records

Amenities

  • Amenities
    • Highway Access
    • Laundromat
    • Medical Facility
    • Public School
    • Public Transportation
    • Shopping
    • T-Station
  • Other AmenitiesBasement

Tax Information

  • Tax Assessed Value $3,455,700
  • Tax Year 2023
  • Taxes$38,531

Basic Information

  • List Price$4,000,000
  • MLS Number73173826
  • Modification Date05/28/2024
  • Property SubType5+ Family - 5+ Units Up/Down

Property

  • Acreage0.13

Exterior

  • RoofRubber

Utilities

  • Electric Individually Metered
  • Heat SystemYes
  • Heating Natural Gas
  • Sewer Public Sewer
  • Water Source Public

Parking

  • Parking Spaces

Rooms

  • Bathroom16
  • Bathrooms Total Decimal 16
  • Bedrooms43
  • Full Bath16

Location

  • Address526 Western Avenue
  • Building Number526
  • CountyEssex
  • StateMA
  • StreetWestern Avenue
  • TownLynn
  • Zip01904

Property Information

  • Building Area Source Public Records
  • Living Area 17,688
  • Lot Size Square Feet 5,662
  • Lot Size Units Acres
  • Square Feet17,688

Other

  • Buyer Agency Compensation2%
  • Date Listed10/25/2023
  • Farm Land Area Units Square Feet
  • View Count21
Listed by Stephen Girolamo of Horvath & Tremblay

The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. (MLSPIN) from third party sources, including sellers, lessors and public records, and were compiled by MLSPIN. 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. MLSPIN 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.

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