Central Ave Lynn, MA 01901

Property Details for Central Ave

Year built

1873

Lot size

0.07 lot acres

Property type

Commercial real estate

Description

This exceptional mixed-use property, situated at 116-124A Central Street in Lynn, Massachusetts, presents a compelling investment opportunity. The 0.07-acre lot houses 18 residential apartments and three retail spaces, all conveniently located in the heart of downtown Lynn, steps away from public transportation. This prime location within an Opportunity Zone offers significant tax advantages for investors. The property has undergone substantial recent renovations, enhancing its value and appeal. These improvements include the meticulous repointing of the front masonry wall, ensuring structural integrity and aesthetic appeal. Furthermore, the property is fully lead-compliant, meeting all current safety regulations. Three major sewer lines have been completely replaced, addressing potential infrastructure concerns and ensuring long-term functionality. Twelve of the residential apartments and two of the retail spaces have been fully renovated, providing modern and updated living and commercial spaces. Adding to the property's income potential is a coin-operated laundry facility located in the basement, generating additional revenue streams. This well-maintained building represents a rare opportunity to acquire a high-performing mixed-use asset in a thriving downtown area. The combination of residential and commercial units, coupled with the recent renovations and advantageous location, makes this property an attractive investment prospect with strong potential for future growth and profitability. The property's current asking price is $5,289,000.

Location Insight

City

Lynn

County

Essex

State

Massachusetts

Longitude

-70.9471

Latitude

42.4615