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John Reardon Acquires Lynn Multifamily From Douglas Hyde For $2.55M

Property Image
SOLD
$2,550,000

Massachusetts

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MultiFamily29,840 SF
Sold 02/29/2024
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Property Image
SOLD

John Reardon Acquires Lynn Multifamily From Douglas Hyde For $2.55M

671-677 Western Avenue & 44-46 Mall Street

See Similar Deals
MultiFamily29,840 SF
Sold 02/29/2024
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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.

Players

Colleen Toner
3 deals$4.9M volume
BROKER

Stephen Girolamo
Horvath & Tremblay
98 deals$324.9M volume(781) 776-4014
BROKER

Details

SOLD
IMAGE: Stephen Girolamo & Colleen Toner DATE: 02/29/2024 ADDRESS: 671-677 Western Avenue & 44-46 Mall Street MARKET: Lynn, MA ASSET TYPE: Multifamily BUYER: John Reardon SELLER: Douglas Hyde BUYER'S REP: Stephen Girolamo (@Steveo3215) - Horvath & Tremblay SELLER'S REP: Colleen Toner (@TonerRealEstate) - Toner Real Estate SALE PRICE: $2,550,000 UNITS: 14 ~ PPU: $182,143 SF: 14,920 ~ PPSF: $171

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Deal Type
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