The Mega Group completes $3.26m sale of 12-unit apartment building

Salem, MA The Mega Group has completed the sale of 10-14 Lynch St., representing the seller, 10-14 Lynch St. Salem Realty Trust and its trustee, Anthony K Paone Jr. of Florida. The subject property is a 11,519 s/f 12-unit brick apartment building with nine off-street parking spaces on a 6,460 s/f corner lot. 

The asset, which sold for $3.26 million, was marketed for sale on the public market, generating 33 property tours and fetched 19 offers, all but one exceeding $3 million. 

Prior to listing, Francesca Little of Little & Co. reached out and was prepared to offer on day one and represented Spire Investments, who was the successful bidder executing a no-finance contingency contract. 

Institute for Savings provided financing with an attractive two-year interest-only package that allows the buyer to renovate and stabilize the asset.

10-14 Lynch St. is located within walking distance to both Salem State University and the historic downtown amenities such as tourist attractions, restaurants, breweries and the waterfront activities.

Prior to closing, the seller remodeled all the exterior fire escapes, upgraded the fire alarm and sprinkler systems, and provided a credit to the buyer to install a new roof post-closing. 

The sale was recorded on May 12, 2026 but subject to an eviction of one tenant that was finally executed on July 31, 2026.

Brian DApice of The Mega Group had sold the subject property to Paone in 2009 and was entrusted with the sale given his background with complex commercial real estate transactions. DApice had also represented Paone in two other prior real estate occurrences to the tune of $24 million.

The Mega Group has been providing commercial real estate brokerage services since 1997. Their areas of discipline include investment & commercial sales, hotels & other hospitality investments, retail & industrial real estate, land development, and IRS 1031 Tax Deferred Exchanges. Our services expand through greater metropolitan Boston Massachusetts, Rhode Island, seacoast of New Hampshire and southern Maine. With an annual volume of just over 100 million dollars, we represent commercial acquisitions and dispositions for our client database of over 40,000 individual investors, capital groups, developers and non-profits, some members of our Private Client Network of accredited investors.