The North Shore Commons 69 N Common St 48 Unit Apartment Building $5,795,000 ($120,729/Unit) 6.57% Cap Rate Lynn, MA 01902
INVESTMENT HIGHLIGHTS
- 48 Single Room Occupancy Units
- Qualified Opportunity Zone | Downtown Lynn
- Includes a 6,202 SF (0.14 acre) Vacant Lot on Hanover Street | Zoned R5
- Fully Furnished Rooms | Laundry Facility
- Ample Off-Street Parking on Adjacent Lot
EXECUTIVE SUMMARY
Northeast Private Client Group® is pleased to present The North Shore Commons at 69 N Common Street and 10 Hanover Street in Lynn, MA.
This three-story, 14,680-square-foot building, built in 1905, has been recently renovated and has received significant capex. It consists of 48 fully furnished single-room occupancy units (SROs) and a 6,202-square-foot adjacent vacant lot, zoned R-5 in the rear (10 Hanover St). There are 12 new bathrooms, four on each floor. Newly added common kitchens with cabinets and granite countertops. New laundry facility & folding stations on site. The rooms include brand-new refrigerators, plasma TVs, and virtual touch security. Desirable Lynn Commons location. Easy access to Boston and Logan International Airport via Lynn Station Commuter Rail stop.
Lynn is situated on the Atlantic coast, providing one of the most unique downtown atmospheres in Massachusetts outside of Boston. Centered around the town square and Lynn Common, Downtown Lynn is full of unique rentals and engaging entertainment hotspots.
Lofts, condos, and waterfront apartments provide access to the city’s concentration of restaurants, bars, and music venues. There’s also convenient access to the Central Square train station and the area’s comprehensive public transit.
All interested and qualified parties can tour the property during scheduled appointments and obtain additional information upon request.
This three-story, 14,680-square-foot building, built in 1905, has been recently renovated and has received significant capex. It consists of 48 fully furnished single-room occupancy units (SROs) and a 6,202-square-foot adjacent vacant lot, zoned R-5 in the rear (10 Hanover St). There are 12 new bathrooms, four on each floor. Newly added common kitchens with cabinets and granite countertops. New laundry facility & folding stations on site. The rooms include brand-new refrigerators, plasma TVs, and virtual touch security. Desirable Lynn Commons location. Easy access to Boston and Logan International Airport via Lynn Station Commuter Rail stop.
Lynn is situated on the Atlantic coast, providing one of the most unique downtown atmospheres in Massachusetts outside of Boston. Centered around the town square and Lynn Common, Downtown Lynn is full of unique rentals and engaging entertainment hotspots.
Lofts, condos, and waterfront apartments provide access to the city’s concentration of restaurants, bars, and music venues. There’s also convenient access to the Central Square train station and the area’s comprehensive public transit.
All interested and qualified parties can tour the property during scheduled appointments and obtain additional information upon request.
PROPERTY FACTS
| Price | $5,795,000 |
| Price Per Unit | $120,729 |
| Sale Type | Investment |
| Cap Rate | 6.57% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 14,680 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1905 |
| Parking Ratio | 0.68/1,000 SF |
| Opportunity Zone |
Yes |
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | LYNN-000053-000722-000028 | Improvements Assessment | $1,806,600 |
| Land Assessment | $1,056,000 | Total Assessment | $2,862,600 |
ZONING
| Zoning Code | R5 |
CONTACTS
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Edward Jordan -
Francis Saenz -
Drew Kirkland -
James Casey -
Patrick Wheeler -
Stephen Cerrone -
Northeast Private Client Group
