August 12, 2024 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of an 18-unit multi-Family property in Lynn, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $3,525,000.
31 Franklin Street is a multi-family building in Lynn, Massachusetts. The three-story building contains eighteen (18), 1-Bedroom/1-Bathroom units with 11,316 square feet of living area in 15,088 square feet of total gross area on a 0.269-acre parcel of land. The well-maintained Property also features an on-site laundry facility, storage units and eighteen (18) on-site parking spaces. In-place leases are significantly below market rates; the opportunity exists to upgrade the unrenovated unit interiors to drive rental rates in an urban-infill, high demand/supply-constrained residential market. The Property is well-located on Franklin Street in a densely populated residential neighborhood just north of Downtown Lynn. The location is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities including the Price Rite, Walgreens, Central Square, BayRidge Hospital, North Shore Community College and Lynn Beach. The Property is located on Franklin Street and enjoys convenient access to Market Street and Western Avenue and is just minutes from Routes 1A, 129 and 129A. Multiple MBTA bus routes, including 426, 429, 436, 442 and 445 stop within 500 feet of the Property, providing convenient local access throughout the North Shore. Commuter Rail Service to Boston is available 0.5 miles from the Property at the Central Square commuter rail station.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.