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 and Shop.

The Property is situated along the edge of Downtown Lynn and is walkable to numerous dining, drinking, shopping, cultural and entertainment amenitis including Central Square, BayRidge Hospital and No rth 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.

Request Information
on 526 Western Ave
in Lynn, MA
Presented by Stephen Girolamo at
Horvath & Tremblay.


Property MLS #73173826 from MLSPIN

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+ Bedrooms

Bedrooms: 43

+ Other Rooms

Total Rooms: 75
Basement Description: Unfinished

+ Bathrooms

Total Bathrooms: 16
Full Bathrooms: 16

+ Heating and Cooling

Heating Features: Natural Gas
Heating: Yes

+ Land Info

Lot Description: Corner Lot
Lot Size Acres: 0.1299816
Lot Size Square Feet: 5662

+ Homeowners Association

Association: No
Calculated Total Monthly Association Fees: 0

+ Rental Info

Gross Income: 449064
Rent Includes: Unit 1(Water, Hot Water), Unit 2(Water, Hot Water)

+ Multi-Unit Info

Number of Units: 16

+ Amenities and Community Features

Community Features: Public Transportation, Shopping, Medical Facility, Laundromat, Highway Access, Public School, T-Station

+ Other Property Info

Annual Tax Amount: 38531
Source Listing Status: Active
County: Essex
Directions: On the corner of Western Ave and Franklin St
Tax Year: 2023
Source Property Type: Residential Income
Parcel Number: 2005615
Zoning: BD
Property Subtype: 5+ Family - 5+ Units Up/Down
Source System Name: C2C
+ Reveal Property Sale History

Relisted 2024-08-03
$4,000,000
MLSPIN

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Listing removed 2024-08-01
$4,000,000
MLSPIN

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Listed 2023-10-25
$4,000,000
MLSPIN

+ Commercial Info

Net Operating Income: 291327
Operating Expense: 157737

+ Utilities

Electric: Individually Metered
Sewer: Public Sewer
Water Source: Public

+ Building and Construction

Year Built: 1910
Building Area Total: 17688
Building Area Units: Square Feet
Property Age: 114
Roof: Rubber
Levels or Stories: 4
Year Built Details: Approximate
Year Built Source: Public Records

+ Display Complete School Details

Cobbet Elementary School is a public elementary school located approximately 0.3 miles away.
Map directions

Fecteau-Leary Junior/Senior High School is a public middle and high school located approximately 0.3 miles away.
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St Marys Jr-Sr High School is a private middle and high school located approximately 0.5 miles away.
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