Unit Information
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.
- Additional Details
- Status: ACT
- Type: Multi-Family, 5+ Family - 5+ Units Up/Down
- Zip Code: 01904
- Living Levels: 4
- Buying Broker Compensation: 2%
- Rooms and Dimensions
- Total Units: 16
- Total Floors: 4
- Total Rooms: 75
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$4,000,000
- Listing ID: 73173826
- Bedrooms: 43
- Full Baths: 16
- Living Area: 17,688 sqft Convert
- Lot Size: 5,662 sqft Convert
- Acres: 0.13
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Luxury Residential Group
(617) 233-5800
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LRG Luxury Residential Group | 355 Boylston St, Boston MA 02116 | (617) 233-5800 | |