Property composition
Offering summary
6 × 3BRApartment mix
7,785 SFBuilding area
4,866 SFLot area
3Stories
Six family investment · Lynn, MA
55 Rock Avenue
55 Rock Avenue, Lynn, MA 01902
6Three bedroom units
7,785Building square feet
8.16%Capitalization rate
$1,775,000Asking price
Investment overview
Six spacious apartments. Established income. Room to grow.
Offered for the first time in nearly 20 years, 55 Rock Avenue comprises six oversized three bedroom apartments with separate utilities and off street parking. Recent improvements include replacement of all six gas heating systems and hot water tanks, common area upgrades, and renovations to three apartments.
Investment highlights
- Six three bedroom apartments with an established rent roll
- Separate utilities and replaced heating and hot water systems
- Three renovated apartments with updated baths and refinished hardwood floors
- Letters of lead compliance for all six apartments
- Off street parking and potential for rental growth
Financials
Investment snapshot
$1,775,000Asking price
8.16%Capitalization rate
SeparateUtilities
$208,200Gross annual income
$197,790Effective gross income after 5% vacancy
$52,965Expenses including management and maintenance
$144,825Net operating income
NOI includes a 5% vacancy allowance, $9,890 management allowance and $3,900 maintenance allowance. Cap rate is calculated at the $1,775,000 asking price. Figures are supplied by ownership/broker and subject to buyer verification.
Location
55 Rock Avenue, Lynn, MA 01902
Multifamily investment property represented by North Shore Realty Advisors.
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Offering information
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Contact Dan Pouladian for the offering memorandum, financials and current tour availability.
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