Multi-Family for Sale: 526 Western Ave, Lynn, MA 01904 SOLD

43 beds
16 full baths
17,688 sqft
$3,900,000
$3,900,000
526 Western Ave, Lynn, MA 01904 SOLD
43 beds
16 full baths
17,688 sqft
$3,900,000
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Selling Price: $3,900,000
Original List Price: $4,000,000
Sold at 97.5% of list price
Sold Date: 12/10/2024

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Type Multi-Family
Beds 43
Total Baths 16 full baths
Square Feet 17,688 sqft
Lot Size 0.13 acres
Year Built 1910
City Lynn
County Essex
MLS 73173826
Status Closed
DOM 412 days
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.

Lot & Building Features

Heating Natural Gas
Sewer Public Sewer
Tax Year 2023
Taxes Paid $38,531
Water Public
Foundation Other
Roof Rubber
Full Baths 16
Total Rooms 75
Basement Feature Unfinished
Garage Spaces 0

Price History of 526 Western Ave

Date Name Price Difference
10/25/2023 Listing Price $3,900,000 N/A
*Information provided by REWS for your reference only. The accuracy of this information cannot be verified and is not guaranteed.

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Map of 526 Western Ave, Lynn, MA

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Photo of Jacqui Coons
Direct: 603-490-2511
Office
240 Ocean Blvd
Seabrook Beach, NH 03874
603-474-3401
Listed by Horvath & Tremblay, Stephen Girolamo
Sold by Cameron Prestige, LLC, Zahidul Islam
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6.75%
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Listing information courtesy of: Horvath & Tremblay

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