John Reardon Acquires Lynn Multifamily From Douglas Hyde For $2.55M
671-677 Western Avenue & 44-46 Mall Street
$2,550,000
$85/SF
Building Size
29,840 SF
Asset Type
MultiFamily
Closing
Feb 29, 2024
AI
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.
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
6.22%
Cash-on-Cash
-1.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93