55 Broad Street in Lynn, Massachusetts is a brick garden-style apartment building built in 1974 and consists of 18 units, 20 surface parking with on-site laundry facility. The property boasts an attractive unit-mix which consists of one (1) Studio, eleven (11) one-bedroom units and six (6) two-bedroom units. The total rentable square footage is 14,226 with a total gross square footage of 15,393 and situated on a tree lined corner lot of .36 acres (15,582 square feet). 55 Broad offers investors a strong rental history and the opportunity to bring undervalued rents to market through strategic renovations of the apartments. The current ownership has completed many capital improvements, such as replacement of high-efficient dual boilers and storage tank, varying unit renovations, parking lot retaining wall and repaving/striping, replacement of 75% of patio sliders and rear entrance stairs.
Sale Statistics
Sale Overview
Original List Price:$4,100,000
Final Sale Price:$4,200,000
Difference:
+$100,000 (+2.4%)
Performance Metrics
102.4%
List to Sale Ratio
Sold above asking price
13
Days on Market
Quick sale
Price per Square Foot Analysis
Original $/sq ft:$288
Sale $/sq ft:$295
This property sold for $295 per square foot
Sale Summary
This property sold for 2.4% above the original asking price, indicating strong buyer demand.
With only 13 days on market, this was a quick sale compared to typical market conditions.
Facts & Features
Property Overview
Property Type
5+ Family - 5+ Units Up/Down
Property Category
Residential Income
Year Built
1974
Bedrooms
28
Full Bathrooms
18
Living Area
14,226 sq ft
Total Rooms
58
Stories
3
Levels
3
Interior Features
Flooring
Vinyl, Hardwood
Has Fireplace
No
Interior Features
Laundry Room
Accessibility Features
Accessible Entrance
Exterior & Structure
Construction Materials
Frame, Brick, Stone
Roof
Shingle, Rubber
Foundation
Slab
Foundation Area
4,735 sq ft
Exterior Features
Balcony, Rain Gutters
Patio/Porch Features
Patio
Has Spa
No
Waterfront Features
Ocean, 3/10 to 1/2 Mile To Beach, Beach Ownership(Public)
Waterfront Property
No
Lot & Land
Lot Size
0.36 acres
Lot Size
15,582 sq ft
Lot Size Area
0.3600
Lot Features
Corner Lot, Level
Road Frontage Type
Public
Parking & Garage
Has Garage
No
Total Non-Garage Parking Spaces
20
Parking Features
Paved Drive, Off Street, Assigned, Paved
Utilities & Systems
Utilities Available
for Electric Range
Water Source
Public
Sewer
Public Sewer
Electric
Circuit Breakers
Energy Efficient Features
Varies per Unit
Community & HOA
Community Features
Public Transportation, Shopping, Walk/Jog Trails
Senior Community
No
Financial & Tax Information
Annual Tax Amount
$34,404
Tax Year
2023
Tax Assessed Value
$3,085,600
Parcel Number
2002809
Zoning
R4
Financial Data Source
Accountant, Owner
Additional Details
Year Built Source
Public Records
Year Built Details
Actual
Disclosures
$33, 168 total monthly income. .MLS limit is: $32, 767. The property is available without an official asking price. The $4, 100, 000 is solely for guidance pricing. The Offering Memorandum is available upon request. Seller / Seller's agent makes no representation or warranties expressed or implied.
Location
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Neighborhood
Diamond District
55 Broad Street, Lynn MA 01902
Lynn, MA 01902
Walkability
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Schools
School information not available
Monthly Payment Calculator
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Estimated Monthly Payment$0
Payment Breakdown
Principal & Interest$0
Property Tax$2,867
Homeowners Insurance$200
PMI$0
Property History
Market Insights
2.4%
Price Range
14
Total Days on Market
Property Timeline
✓
Sold
Mar 13, 2024
$4,200,000
Property sold
Days on Market: 14
🏠
Listed for Sale
Dec 6, 2023
$4,100,000
Original listing
Agent: Dan PouladianOffice: North Shore Realty Advisors
