11 Spg St, Lynn, MA 01901-1409

This exceptional value-add investment opportunity presents a 9,646 square foot mixed-use building situated on a 0.22-acre lot in Lynn, Massachusetts' central business district (CBD). Currently configured as a legal 25-unit office building, the property boasts a prime location at two addresses: 11 Spring Street and 31 Exchange Street, both in the 01901 zip code within Essex County. The brick building features an elevator and currently generates approximately $20,000 per month in rental income from 60% occupancy. However, significant updates are needed to realize the property's full potential. The asking price is $3,100,000, and attractive seller financing is available at 7% interest with a 15% down payment. The property's diverse permitted uses, including bank, pharmacy/drug store, and storefront retail, offer considerable redevelopment potential for a savvy investor seeking to capitalize on the strong location and existing income stream. This presents a unique chance to acquire a substantial property in a vibrant urban setting with the potential for significant returns through renovation and repositioning. The property is currently for sale by owner.