September 13, 2022 – Dennis Kelleher, John Pentore and Stephen Girolamo of Horvath & Tremblay have arranged the sale of 196 Washington Street in Lynn, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to close on the property at a sale price of $2,680,000.
196 Washington Street consists of a three-story building with twelve (12) units, comprised of eleven (11) 2-Bedroom/1-Bathroom units and one (1) 1-Bedroom/1-Bathroom unit with 9,612 square feet of living area in 13,346 square feet of gross area on a 0.24-acre parcel. 196 Washington features a desirable brick construction and has been well-maintained by current ownership. The building includes on-site laundry and a rear parking lot with ample off-street parking for tenants. In-place leases are well below market rates, offering the ability to significantly drive income by bringing rents up to market in a densely-populated, high demand residential area undergoing considerable gentrification. The Property has 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. Lynn is 11 miles from Downtown Boston, which is easily accessible via the commuter rail or Routes 1 and 1A. 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 the Stop & Shop, Central Square, Price-Rite, BayRidge Hospital and North Shore Community College.
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.