526 Western Ave, Lynn MA 01904
About this home
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 & 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.
Sale Statistics
This property sold for 2.5% below the original asking price.
At 333 days on market, this property took longer than average to sell.
Facts & Features
Property Overview
Interior Features
Exterior & Structure
Lot & Land
Parking & Garage
Utilities & Systems
Community & HOA
Financial & Tax Information
Additional Details
Location
Neighborhood
526 Western Ave, Lynn MA 01904
Lynn, MA 01904
Walkability
Schools
School information not available
Monthly Payment Calculator
Payment Breakdown
Property History
Market Insights
Property Timeline
Sold
Dec 10, 2024Listed for Sale
Oct 25, 2023| Date | Event | Price | Change | $/sqft | Details |
|---|---|---|---|---|---|
| 12/10/2024 | ✓ Sold | $3,900,000 | - | - | Property sold |
| 10/25/2023 | 🏠 Listed for Sale | $4,000,000 | - | - | Original listing |