October 31, 2024 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 17-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 $3,600,000.
27 N Franklin Street is a multi-family building in Lynn, Massachusetts. The three-story building contains seventeen (17) residential units comprised of eleven (11), 1-Bedroom/1-Bathroom units and six (6), 2-Bedroom/1-Bathroom units with 12,528 total square feet on a 0.36-acre corner parcel of land. 27 N Franklin Street is separately metered for electricity which the tenants pay directly. The Landlord pays for common electric, gas fired heat and hot water, and domestic water and sewer. The Property features twenty (20) 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 seconds from Boston Street and Western Avenue (MA Route 107), two of the area’s primary commuter and commercial corridors. The location is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities including Stop & Shop and CVS, and is convenient to Central Square, and North Shore Community College. Multiple MBTA bus routes, including 424, 429 and 450 stop near the Property, providing convenient local access throughout the North Shore including to the nearby Commuter Rail Stations. Commuter Rail Service to Boston is available 1 mile 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.