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386 Summer St

Lynn, MA 01905
  • $5,200,000
  • STATUS: Active
  • MLS #: 73161244
UPDATED: 24 min ago
$5,200,000
  • 0
    BEDS
  • 0.39
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 3,600
    SQFT
  • $1,444
    $/SQFT
Type:
Commercial
Built:
1985
County:

School Ratings & Info

Listing courtesy of Louise Touchette Team of Coldwell Banker Realty - Lynnfield.

Description

This is your opportunity to own 20 approved condos, With 2 Bedrooms 1 Bath in every unit . Currently utilized as rental apartments. Several units have been updated, featuring modern kitchens, granite or Formica countertops, an array of flooring including hardwood, laminate, tile and carpet. Additionally, the convenience of in-unit laundry hook-ups, 20 parking spaces and so much more. With a substantial monthly rental roll of $30,000 and the potential for future rent adjustments, this offering presents an ideal opportunity for savvy investors seeking a high-quality asset poised for growth. Perfectly situated with easy access to the T Station and several bus lines, and in close proximity to many shops and malls, this property seamlessly combines convenience and quality, making it a compelling investment prospect.

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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. Data last updated 2024-12-10T12:04:06.23.
www.welchmanrealestate.com/homes/143549432
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386 Summer St Lynn, MA 01905

  • Price: $5,200,000
  • Status: Active
  • On Site: Days
  • Updated: 24 min ago
  • MLS #: 73161244
0
Beds
0
Baths
0
½ Baths
0.39
Acres
3,600
SQFT
$1,444
$/SQFT
1985
Built
County:
Essex
Property Description
This is your opportunity to own 20 approved condos, With 2 Bedrooms 1 Bath in every unit . Currently utilized as rental apartments. Several units have been updated, featuring modern kitchens, granite or Formica countertops, an array of flooring including hardwood, laminate, tile and carpet. Additionally, the convenience of in-unit laundry hook-ups, 20 parking spaces and so much more. With a substantial monthly rental roll of $30,000 and the potential for future rent adjustments, this offering presents an ideal opportunity for savvy investors seeking a high-quality asset poised for growth. Perfectly situated with easy access to the T Station and several bus lines, and in close proximity to many shops and malls, this property seamlessly combines convenience and quality, making it a compelling investment prospect.
Exterior Features

Parking Total 20 Roof Shingle Waterfront YN No

Interior Features

Building Area Total 3600

Property Features

Association YN No Business Type 5+ Residential Disclosures Currently being rented as Apartments but approved for condos. Gross Income 415000 Home Warranty YN No Net Operating Income 216441 Operating Expense 325000 Senior Community YN No Tax Annual Amount 45000 Tax Year 2023 Utilities Public WaterPublic SewerNatural Gas Available Zoning BD

Listing information © 2024 MLS Property Information Network. All information is deemed reliable but should be independently verified.
Listing provided courtesy of Louise Touchette Team of Coldwell Banker Realty - Lynnfield: 781-334-5700.


The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. Data last updated 2024-12-10T12:04:06.23.
 
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Welchman Real Estate Group | Lila Delman Compass
29 Meetinghouse Lane
Little Compton RI, 02837
Listing courtesy of Louise Touchette Team of Coldwell Banker Realty - Lynnfield.