374-378 Washington St new Save Request In-Person Tour Request Virtual Tour
Lynn,MA 01901
Key Details
Property Type Multi-Family
Sub Type 5+ Family - Rooming House
Listing Status Active
Purchase Type For Sale
Square Footage 10,585 sqft
Price per Sqft $292
MLS Listing ID 73430774
Bedrooms 46
Full Baths 4
Half Baths 4
Year Built 1912
Annual Tax Amount $24,415
Tax Year 2025
Lot Size 3,049 Sqft
Property Sub-Type 5+ Family - Rooming House
Property Description
376 Washington Street presents a rare opportunity to acquire a stabilized multifamily asset in the heart of Lynn. The property consists of 46 single room occupancy (SRO) units, supported by newer building systems that reduce near-term capital requirements while enhancing operational efficiency. This rare asset boasts a strong 10% capitalization rate, backed by a long history of high occupancy and reliable cash flow. The property features 46 furnished single-room units with shared kitchen facilities, coin-op laundry, four full bathrooms, and four half bathrooms. Professionally managed and well-maintained, the building has all operations, compliance, and staffing in place, ensuring a seamless ownership transition with minimal oversight. Additionally, the property is situated within a federally designated Opportunity Zone, offering investors the potential for significant tax advantages alongside strong operating performance. Monthly rent is ±$46,516.
Location
State MA
County Essex
Zoning CBD
Exterior
Roof Type Rubber
Building
Story 4
Foundation Stone
Sewer Public Sewer
Water Public