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.
This listing has been viewed 55 times in the past 211 days
Last Updated: November 19th, 2024 at 5:23am
General Information for 386 Summer St, Lynn, Massachusetts 01905
Property TypeCommercial Sale
Property Sub TypeMulti Family
Price$5,200,000
Price per sqft$0
MLS #73161244
Handicap Access / FeaturesNo
List Date2023-09-20
Special Listing Conditions
StateMassachusetts
Street NameSummer St
CityLynn
Zip Code01905
CountyEssex
MLS Status
Covered Parking Spaces
Heating Y/NNo
Heating System
Heat Zones
Sold Date
Property Sub TypeMulti Family
Building Area Source
Building Area Total3600
Building Area Units0
CarportNo
Close Date
Close Price$0
Covered Parking Spaces
Listing Service
UnparsedAddress386 Summer St, Lynn MA 01905
Zoning
Interior Features for 386 Summer St, Lynn, Massachusetts 01905
* Approx. Living Area Total3,600 sq ft
Living Area Includes Basement
Bedrooms0
* # Fireplaces0
Bathrooms (Total)0
Full Baths
* # Half Baths0
* # Rooms
Basement
Heating System
Appliances
Electric
Living Area Disclosure
Living Area Includes Basement
Door Features
ElectricNo
Electric$0
MLS Area (Major)
MLSPIN_BEDRMS_1
MLSPIN_BEDRMS_2
MLSPIN_BEDRMS_3
MLSPIN_BEDRMS_4
MLSPIN_FLRS_1
MLSPIN_FLRS_2
MLSPIN_FLRS_3
MLSPIN_FLRS_4
MLSPIN_F_BTHS_1
MLSPIN_F_BTHS_2
MLSPIN_F_BTHS_3
MLSPIN_F_BTHS_4
MLSPIN_GRE$0
MLSPIN_HTE$0
MLSPIN_H_BTHS_1
MLSPIN_H_BTHS_2
MLSPIN_H_BTHS_3
MLSPIN_H_BTHS_4
OffMarketDate
Exterior Features for 386 Summer St, Lynn, Massachusetts 01905
* Approximate Lot Size0.39 acres
Covered Parking Spaces
Lot Features
* Parking Spaces20
* Sewer Utilities
* Water Utilities
* Year Built1985
Year Built Details
Year Built Source
Construction Materials
Exterior Features
Foundation Area
Foundation Materials
Approx. Street Frontage
Horse PermittedNo
Horse Amenities
Parking Features
Utilities
Lot Size (Square Feet)16,988 Sqft
Disclosures for 386 Summer St, Lynn, Massachusetts 01905
Buyer Agent Compensation2
ContingencyPending P&S
Financing
Disclosures
Documents Available
Exclusions
MLSPIN_COMP_BASED_ON
MLSPIN_COOP_COMP
MLSPIN_DISCLOSURE
Lead PaintUnknown
Living Area Disclosure
Living Area Includes Basement
Facilitator Compensation2
TransactionBrokerCompensationType
BuyerAgencyCompensationType
Financial Information for 386 Summer St, Lynn, Massachusetts 01905
Assessed Value
Real Estate Tax$0
Tax Year
Financial Data Source
Gross Income$415,000
Insurance Expense$0
MLSPIN_LEASE_1
MLSPIN_LEASE_2
MLSPIN_LEASE_3
MLSPIN_LEASE_4
MLSPIN_LEVELS_1
MLSPIN_LEVELS_2
MLSPIN_LEVELS_3
MLSPIN_LEVELS_4
MLSPIN_MGF$0
MLSPIN_MSE$0
MLSPIN_RENT1
MLSPIN_RENT2
MLSPIN_RENT3
MLSPIN_RENT4
MLSPIN_RFS$0
MLSPIN_RME$0
MLSPIN_SOLD_PRICE_PER_SQFT$0
NetOperatingIncome$216,441
OperatingExpense$325,000
OriginalListPrice$5,600,000
RENT_FEE_INCLUDES
TOTAL_RENT
WaterSewerExpense$0
Lifestyle Information for 386 Summer St, Lynn, Massachusetts 01905
FireplaceYNNo
Frontage Type
GarageYNNo
Waterview
Pool Features
Waterfront Features
Location information for 386 Summer St, Lynn, Massachusetts 01905
Elementary School
Middle School
High School
NumberOfUnitsTotal
Marketing History for 386 Summer St, Lynn, Massachusetts 01905
MLSPIN_MARKET_TIME_BROKER
MLSPIN_MARKET_TIME_PROPERTY
PurchaseContractDate2024-11-05
Agent Information for 386 Summer St, Lynn, Massachusetts 01905