Maya Patel Acquires Multifamily Asset At 505 Chatham Street In Lynn For $3.225M
505 Chatham Street
$3,225,000
$292/SF
Building Size
11,044 SF
Asset Type
MultiFamily
Closing
Jul 16, 2026
AI
The School House Apartments is a 3-story brick multifamily asset located at 505-509 Chatham Street in Lynn, MA. The property comprises 12 residential units, featuring an attractive mix of two 1-bedroom and ten 2-bedroom layouts. It includes 12 off-street parking spaces and on-site laundry facilities. The sale price of the asset was $3,225,000, with a total square footage of 11,044, resulting in a price per square foot of $292.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,225,000
- Buyer: Maya Patel
- Seller: Alexander Kuritnik
- Broker: Brian Martinez -Com-Pro Real Estate Services
- Square Footage: 11,044
- Price per Square Foot: $292
Brian Martinez of Com-Pro Real Estate Services successfully facilitated the transaction representing the seller, Alexander Kuritnik. Martinez emphasized the strong value-add potential of the multifamily asset, with immediate opportunities for capturing market-rate rents through strategic interior renovations and future expansion.
Players
Lynn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.92%
Cash-on-Cash
-1.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93