119 Lewis St Lynn, MA 01902

Property Details for 119 Lewis St

Year built

1911

Lot size

0.29 lot acres

Property size

17,029 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment property, located at 119 Lewis Street in Lynn, Massachusetts, presents a compelling opportunity. The three-story brick building comprises 24 units: 21 one-bedroom/one-bathroom apartments and 3 two-room studios. Boasting 12,765 square feet of net rentable space within a 17,029-square-foot gross building area, it sits on a 0.29-acre lot. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $336,355, representing a 6.86% capitalization rate. The asking price is $4,900,000, or $204,167 per unit. Built in 1911, the property has undergone recent capital improvements, including hallway and common area renovations, a new rubber roof, and new windows. Each unit features individually metered electricity, with tenants responsible for their own usage. A convenient on-site coin-operated laundry facility adds to tenant appeal. The property enjoys a prime location in a densely populated residential neighborhood near downtown Lynn, offering easy access to public transportation, including the Central Square commuter rail station (0.8 miles) providing service to Boston's North Station. The area also boasts numerous retail amenities, restaurants, and entertainment options. Its proximity to the new Mosaic mixed-use development further enhances its desirability. Strong demographics, with over 130,000 people within a 3-mile radius and an average household income exceeding $114,461, underscore the investment potential. Access to major roadways, including Routes 1A, 129, 107, and 129A, ensures convenient commuting. Multiple MBTA bus routes also serve the area. This property offers a blend of strong financial performance, desirable location, and recent upgrades, making it an attractive investment prospect.