15 Huss Ct Lynn, MA 01905

Property Details for 15 Huss Ct

Year built

1923

Property size

23,585 SF

Property type

Commercial real estate

Description

This exceptional value-add multifamily investment opportunity presents a 21-unit apartment building located at 15 Huss Ct, Lynn, MA 01905. The property, built in 1923 and extensively renovated between 2021 and 2023, boasts a total of 23,585 square feet, with 17,484 square feet of net rentable space. Comprising fifteen one-bedroom and six two-bedroom units, the building currently enjoys 100% occupancy. Situated on a 10,420 square foot lot, the property is zoned R5. The asking price is $5,200,000, representing a current cap rate of 6.5% and a pro-forma cap rate of 7.29%, based on a current NOI of $338,020 and a pro-forma NOI of $379,000. The property benefits from its location near major roadways (Routes 1A, 1, 107, and 60), public transportation (buses, Lynn Commuter Rail, Wonderland T station), and proximity to Swampscott, Marblehead, Nahant, and Revere. The strong demographics within a 3-mile radius, featuring over 94,188 residents and an average household income exceeding $71,597, further enhance the investment potential. This property offers significant value-add potential through rent stabilization and is well-positioned to benefit from favorable financing options currently available in the market for similar multifamily investments. The building includes on-site laundry facilities.