526 Western Ave, Lynn, Massachusetts, United States | Homes For Sale at GLOBAL LISTINGS

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Home For Sale

$4,000,000

526 Western Ave
Lynn, Massachusetts, United States

43bd 16ba

Listed By: Realtyww Info

Listed On: 08/05/2024

Listing ID: GL11708410 View More Details

Description

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 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.

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Listed by: Stephen Girolamo