May 28, 2025 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 24-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 $5,000,000, representing a 4.38% cap rate and $208,333 per unit.
192 Washington Street is a multi-family building in Lynn, Massachusetts. The three-story brick building contains twenty-four (24) units comprised of twelve (12), 2-Bedroom/1-Bathroom units and twelve (12) Studio units with 16,896 square feet of living area on a 0.23-acre parcel of land. 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. 192 Washington Street is well-located in a densely populated residential neighborhood adjacent to Downtown Lynn, with convenient access to both local and regional transportation, as well as retail amenities around Lynn’s Central Square. The Central Square commuter rail station, with service to Boston’s North Station, is just 0.4 miles from the Property and MBTA Bus Route 435 stops less than 500 feet away on Washington Street. The Property is situated just outside of Central Square, the primary commercial area in Downtown Lynn that offers convenient access to an array of “downtown” amenities. The location is walkable to numerous dining, drinking, shopping, cultural and entertainment amenities and is in close proximity to Stop & Shop, Central Square, Price-Rite, BayRidge Hospital and North Shore Community College. Lynn is 11 miles from Downtown Boston, which is easily accessible via the commuter rail or Routes 1 and 1A.
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.