About 526 Western Ave
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.
Features of 526 Western Ave
| MLS® # | 73173826 |
|---|---|
| Price | $4,000,000 |
| Bedrooms | 43 |
| Bathrooms | 16.00 |
| Full Baths | 16 |
| Square Footage | 17,688 |
| Acres | 0.13 |
| Year Built | 1910 |
| Type | Residential Income |
| Sub-Type | 5+ Family - 5+ Units Up/Down |
| Status | Active |
Community Information
| Address | 526 Western Ave |
|---|---|
| City | Lynn |
| County | Essex |
| State | MA |
| Zip Code | 01904 |
Amenities
| Is Waterfront | No |
|---|---|
| Has Pool | No |
Interior
| Fireplace | No |
|---|---|
| # of Stories | 4 |
Additional Information
| Zoning | BD |
|---|
Listing Details
| Agent | Stephen Girolamo |
|---|---|
| Office | Horvath & Tremblay |
| Buyer Agent Compensation | 2% |
| Buyer Agent Compensation Type | % |
| Compensation Based On | Gross/Full Sale Price |
| Sub Agency Relationship Offered | No |