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$3,100,000
Est. payment /mo
46 Beds
6 Baths
10,585 SqFt
UPDATED:
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
Acres 0.07
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
Direction Parallel to Willow and Central, perpendicular to Liberty and Oxford
Exterior
Roof Type Rubber
Garage No
Building
Story 4
Foundation Stone
Sewer Public Sewer
Water Public
Others
Senior Community false
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Listed by North Shore Realty Advisors
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