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.
Property Details
Property Features
Property Information:
Year Built: 1910
Living Area: 17,688 SqFt
Listing Office:
Office Name: Horvath & Tremblay
Listing Agent: Stephen Girolamo
Interior Features
Interior Information:
Basement: Yes
Bedroom and Bathroom Information:
Full Bathrooms: 16
Total Bedroom Count: 43
Lot Features
Lot Information:
Lot: Corner Lot
Lot Size: 0.13 Acres
Utilities
Utilities Information:
Heating: Natural Gas
School Info
Assigned Schools Information:
Fecteau-Leary Junior/Senior High School, Public District Grades 7-12
Classical High School, Public District Grades 9-12
Breed Middle School, Public District Grades 6-8
Cobbet Elementary School, Public District Grades KG-5
Other
Directions Information:
Directions: On the corner of Western Ave and Franklin St
Price Information
Listing Price Info
Price Summary:
List Price: $4,000,000
Price Per SqFt: $226/SqFt
Agent Commission:
Buyer's Agent Commission: 2%
Tax Information:
Annual Amount: $35,599
Tax Year: 2021
What can I afford?
Understand what home price range makes sense for your budget.
This property is $3.4M more than the Median Sold Price and $121/SqFt less than other homes in Lynn, MA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: MLS Property Information Network
MLS Number: #73173826
Listing Office:
Office Name: Horvath & Tremblay
Listing Agent: Stephen Girolamo
Disclaimer: The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. We may make use of information provided by users of this website - see our Terms of Use for more details on our privacy policy. Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Note: Any Compensation information or listing brokers offer of compensation displayed is only applicable to other member participants of the source MLS.
Last updated on: 4/27/2024, 8:25:16 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Jan 30, 2020
Jan 30, 2020Home Sold
$2,835,000
Aug 02, 1994
Aug 02, 1994Home Sold
$225,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$35,599
$2,732,100
2020
$31,530
$2,353,000
2019
$28,456
$1,989,900
2018
$23,198
$1,531,200
2017
$21,508
$1,378,700
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
4
/10
Cobbet Elementary School
40 Franklin St
Distance between this listing and this school0.28 miles
Public District Grades KG-5
Middle School
5
/10
Breed Middle School
90 Ocallaghan Way
Distance between this listing and this school1.36 miles
Public District Grades 6-8
High School
1
/10
Fecteau-Leary Junior/Senior High School
33 N Common St
Distance between this listing and this school0.30 miles
Public District Grades 7-12
2
/10
Classical High School
235 Ocallaghan Way
Distance between this listing and this school1.36 miles
Public District Grades 9-12
Assigned Schools
4
/10
Cobbet Elementary School
40 Franklin St
Distance between this listing and this school0.28 miles
Public District Grades KG-5
Nearby Schools
6
/10
Tracy
35 Walnut St
Distance between this listing and this school0.42 miles
Public District Grades 1-5
3
/10
Washington Elementary School
58 Blossom St
Distance between this listing and this school0.51 miles
Public District Grades KG-4
Assigned Schools
5
/10
Breed Middle School
90 Ocallaghan Way
Distance between this listing and this school1.36 miles
Public District Grades 6-8
Nearby Schools
5
/10
Pickering Middle School
70 Conomo Ave
Distance between this listing and this school1.25 miles
Public District Grades 6-8
4
/10
Thurgood Marshall Middle School
19 Porter St
Distance between this listing and this school1.34 miles
Public District Grades 6-8
Assigned Schools
1
/10
Fecteau-Leary Junior/Senior High School
33 N Common St
Distance between this listing and this school0.30 miles
Public District Grades 7-12
2
/10
Classical High School
235 Ocallaghan Way
Distance between this listing and this school1.36 miles
Public District Grades 9-12
Nearby Schools
7
/10
Kipp Academy Lynn Charter School
90 High Rock St
Distance between this listing and this school0.44 miles
The neighbors living near this home have an average income of $38,424. Most Lynn, MA residents have annual incomes less than $35k. The most common type of family is single, no kids. The majority of residents in this area have high school diploma education.
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This home is located at 526 Western Ave in Lynn, MA and zip code 01904. This 17,688 square foot home, which was built in 1910, sits on a 0.13 acre lot. Features: 43 bedrooms, 16 bathrooms. It has been listed on Rocket Homes since October 25, 2023 and is currently priced at $4,000,000.
While more than 23 listings in Lynn, MA in March 2024 were sold above asking price, there were more than 2 listings sold at asking price, and more than 9 were sold below. In March 2024 in Lynn, MA there were 10.6% more homes for sale than in February 2024. While the average time on the market in March 2024 was 34 days, the median list price was $550,000.
From Rocket Homes Real Estate and based on county public records data.
Disclaimer: The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. We may make use of information provided by users of this website - see our Terms of Use for more details on our privacy policy.
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