John Reardon Acquires Lynn Multifamily From Douglas Hyde For $2.55M
SOLD
Massachusetts
See Similar DealsMultiFamily29,840 SF
Sold 02/29/2024
SOLD
John Reardon Acquires Lynn Multifamily From Douglas Hyde For $2.55M
671-677 Western Avenue & 44-46 Mall Street
See Similar DealsMultiFamily29,840 SF
Sold 02/29/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$85
Total Square Footage:29,840 SF
Transaction Type:Sale
The multifamily property located at 671-677 Western Avenue & 44-46 Mall Street in Lynn, MA, was recently sold for $2,550,000. This property consists of 14 units with a total square footage of 14,920. The price per unit was $182,143, and the price per square foot was $171.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $2,550,000
- Units: 14
- Square Footage: 14,920
- Price Per Unit: $182,143
- Price Per Square Foot: $171
- Address: 671-677 Western Avenue & 44-46 Mall Street, Lynn, MA
- Market: Lynn, MA
John Reardon was the buyer, and Stephen Girolamo from Horvath & Tremblay represented him in the transaction. The seller, Douglas Hyde, was represented by Colleen Toner from Toner Real Estate.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$136,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,059.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,088.30
Annual Debt Service$145,059.61
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