Listed at a 6.86% Cap Rate on current income, the asset is a four-story brick building contains sixteen (16) units comprised of eleven (11), 3-Bedroom/1-Bathroom units and five (5), 2-Bedroom/1-Bathroom units with17, 688square feet of living area on a 0.13-acre corner parcel of land. The Property is well-located at the intersection of Western Avenue and Franklin Street and is 0.1-miles from Stop and Shop. The Property is situated along the edge of Downtown Lynn and is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities including Central Square, BayRidge Hospital, and North Shore Community College. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. The option exists to potentially assume the existing debt at 4.04% interest rate.
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The average household income in
Lynn, MA
grew
from
$50,774
to
$53,513
in the past year. This data is an estimate based upon
32,981
households in
Lynn, MA. The chart below presents how household income is distributed in
Lynn, MA
in comparison to the revenue allocation amid households nationally.
Property Taxes
Average range: $3k+
One of the most important aspects for property owners is the amount of property taxes. This graph shows
distribution of property taxes in
Lynn, MA
compared to median property taxes around the country. The prevalent amount of property taxes in
Lynn, MA
equals
$3k+
, which is
more
than the national average.