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374-378 Washington St Lynn, MA 01901

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For Sale
$3,100,000

46 furnished SRO units with strong cap rate.

Lot size:
0.07 Acres

Property Features for 374-378 Washington St

General Information

Lot size
0.07 Acres

Building Details

Year built
1912

Source: North Shore Realty Advisors Agent Dan Pouladian

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Stabilized Multifamily Asset in Lynn

The property at 376 Washington Street presents an opportunity to acquire a stabilized multifamily asset situated in Lynn. It comprises 46 furnished SRO units, complemented by shared kitchens, coin-operated laundry facilities, four full bathrooms, and four half bathrooms. The property benefits from newer building systems, contributing to operational efficiency and potentially reducing near-term capital needs. The property demonstrates a strong 10% cap rate, supported by consistent occupancy and reliable cash flow. Professionally managed with existing staffing and compliance measures, the property is designed to facilitate a smooth transition for new ownership. The property's location within a federally designated Opportunity Zone may offer potential tax benefits. The monthly rent is approximately $46,516. The seller may consider a buyer's property in trade for a 1031 exchange.
Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Clothing Store Nail Salon Food Market Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Lynn
County
Essex
State
Massachusetts
Longitude
-70.9474057
Latitude
42.4647406

FAQs

What type of property is this?
Apartment building - 46 furnished SRO units with strong cap rate.
Where is this apartment building located?
The property is located at 374-378 Washington St Lynn, MA.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: - Strong 10% cap rate with consistent occupancy and reliable cash flow.; - 46 furnished SRO units provide immediate rental income.; - Located in a federally designated Opportunity Zone, offering potential tax benefits.
More about this property
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