Mixed-Use Property with
For Sale
Contact for pricing
228-244 Washington St, Lynn, MA 01902
Combined residential and commercial buildings offer updated apartments, occupied business suites, and separate utility metering.
Property SizeContact for details
Days on Market142
Property Features for 228-244 Washington St
General Information
Standard status
Active
Property subtype
Mixed Use, Multifamily
Listing Agency:
North Shore Realty Advisors
(617) 548-7737
Listed By:
Dan Pouladian · License #MA 423847
Source:
Crexi
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 30 at 9:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of North Shore Realty Advisors
Investment Insights
Based on property information with market context.
This mixed-use offering combines a three-story, five-unit multifamily building with a separate single-story commercial building containing four business units. The residential component includes four one-bedroom apartments and one three-bedroom apartment, with approximately 5,297+/- gross square feet and 3,626+/- rentable square feet. Residential improvements completed in 2021 included roof work and updates to kitchens, bathrooms, flooring, lighting, plumbing, and electrical systems. Utilities are separately metered to the residential tenants.
The commercial building provides approximately 3,249+/- rentable square feet and is currently 100% occupied by a barbershop, salon, tattoo parlor, and restaurant. The restaurant has operated at the property for 15 years and underwent a gut renovation in 2021, when a Carrier HVAC rooftop unit was installed. The buildings sit on a 12,185-square-foot corner parcel with 19 surface parking spaces. The property offers a 5.88% going-in cap rate and a 7.67% stabilized cap rate.
The commercial building provides approximately 3,249+/- rentable square feet and is currently 100% occupied by a barbershop, salon, tattoo parlor, and restaurant. The restaurant has operated at the property for 15 years and underwent a gut renovation in 2021, when a Carrier HVAC rooftop unit was installed. The buildings sit on a 12,185-square-foot corner parcel with 19 surface parking spaces. The property offers a 5.88% going-in cap rate and a 7.67% stabilized cap rate.
Key Highlights
- Five‑unit multifamily building with four 1‑bedroom units and one 3‑bedroom unit
- Four‑unit commercial building with 3,249+/- rentable square feet and 100% occupancy
- 19 surface parking spaces on a 12,185 Square Foot corner parcel
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,567
Businesses Nearby
Explore this area
Business Placement
Demographics for 01902, MA
50,725
Population
19,655
Households
2.6
Avg Household Size
35
Median Age
20%
College-Educated
75%
High-School Grad
2.4 sq mi
ZIP Area
21,135
Density / Sq Mi
$66,755
Median Household Income
$39,506
Median Earnings
$1,571
Median Rent
$456,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined residential and commercial buildings offer updated apartments, occupied business suites, and separate utility metering.
Where is this mixed-use property located?
The property is located at 228-244 Washington St Lynn, MA.
What are key features of this property?
This property features: Five‑unit multifamily building with four 1‑bedroom units and one 3‑bedroom unit; Four‑unit commercial building with 3,249+/- rentable square feet and 100% occupancy; 19 surface parking spaces on a 12,185 Square Foot corner parcel
