Girolamo of Horvath & Tremblay sells two multifamily properties totaling 40 units in Lynn, Mass. for $8.7 million

Lynn, MA Stephen Girolamo of Horvath & Tremblay has facilitated the sale of two multifamily properties totaling 40 units for a total of $8.7 million which represents a price of $217,500 per unit. Girolamo exclusively represented the sellers and procured the buyers for each transaction.

The multifamily investment properties are located at 119 Lewis St. and 526 Western Ave. 119 Lewis St. sold for $4.8 million which represents $200,000 per unit and 526 Western Ave. sold for $3.9 million, which represents $243,750 per unit. The properties contain a total of 40 residential units consisting of three two-room studio units, 21 one-bedroom/one-bathroom units, five two-bedroom/one-bathroom units, and eleven three-bedroom/one-bathroom units with 30,453 s/f of living area on a combined 0.42 acres. 

119 Lewis St. is positioned in the northeastern portion of the city and 526 Western Ave. is positioned just outside of the city’s central business district. The properties offer access to downtown and are walkable to dining, drinking, shopping, cultural and entertainment amenities including Stop & Shop, Market Basket, Central Sq., BayRidge Hospital, North Shore Community College, and Lynn Beach. The properties are close to Rtes. 107 and 1A and offer service on multiple MBTA bus routes, providing local access throughout the North Shore including to the nearby commuter rail stations. Commuter rail service to Boston is available at the Central Sq. commuter rail station.