1085 Summer St Lynnfield, MA 01940-2257

Property Details for 1085 Summer St

Year built

1960

Construction

FRAME

Lot size

0.18 lot acres

Property size

2,663 SF

Zone code

LB

Property type

Office buildings

APN

LYNF M:0051 B:0000 L:0778

APU

LYNFM0051B0000L0778

Description

This exceptional investment opportunity presents a meticulously maintained, two-story executive office building located at 1085 Summer Street, Lynnfield, MA 01940. The property boasts 3,804 square feet of net rentable space, currently 100% occupied by a corporate-guaranteed tenant under a Net Lease (NNN) agreement. The lease, initiated May 1, 2012, has a remaining term of two years, extending to May 1, 2026, with built-in rent bumps of 2% annually, and a three-year option for a 3% annual increase. The building, constructed in 1962 and extensively renovated in 2023, sits on a 0.178-acre lot and includes 11 parking spaces. Classified as a Class B property, it's zoned for business use and offers a compelling 6.5% cap rate, making it an ideal 1031 exchange property. The single tenant occupies the entire building, providing stability and predictable income. The property's strong financials, coupled with its prime location in Essex County, Massachusetts, and recent renovations, present a rare opportunity for a savvy investor seeking a secure and profitable addition to their portfolio. The building's current configuration includes approximately 2,900 square feet per floor, with an additional 900 square feet of unfinished storage space offering potential for future expansion. This is a turnkey investment with a strong tenant and a proven track record of consistent rental income.

Location Insight

City

Lynnfield

County

Essex

State

Massachusetts

Longitude

-71.0133

Latitude

42.5153

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments