526 Western Ave Lynn, MA 01904

Property Details for 526 Western Ave

Year built

1910

Lot size

0.13 lot acres

Property size

22,000 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment property, located at 526 Western Avenue in Lynn, Massachusetts, presents a compelling value-add opportunity. The four-story brick building encompasses 17,688 square feet of net rentable space, distributed across sixteen units – eleven three-bedroom/one-bathroom and five two-bedroom/one-bathroom apartments. Situated on a 0.13-acre lot, this fee-simple property boasts a strong 7.82% cap rate and a substantial net operating income (NOI) of $312,939, with an asking price of $4,000,000 ($250,000 per unit and $226 per square foot). Built in 1910, the property benefits from its location in a densely populated residential neighborhood near downtown Lynn, offering convenient access to public transportation, including the Central Square commuter rail station (0.8 miles) providing service to Boston's North Station. The property is also within walking distance of numerous amenities, including restaurants, shops, and the new Mosaic mixed-use development. Current leases offer significant upside potential through market rate increases following unit upgrades. The property features separately metered utilities (tenant-paid gas heat and electricity