505-509 Chatham Street

Lynn, MA 01902

$3,200,000
Price
22
Beds
13,810 Sq. Ft.
$232 / Sq. Ft.
13,810
Sq. Ft.
$232
per Sq. Ft.

Description

505 Chatham Street, Lynn, MA is a solid investment opportunity featuring a 12-unit brick building on a large lot with 12 parking spaces. The apartments consist mostly of spacious 2-bedroom units, with a couple of 1-bedroom units, all fully deleaded. Many windows have been recently replaced, and the property includes coin-operated laundry in the basement, adding extra income potential. This well-maintained property offers strong rental income and excellent cash flow, making it a standout in Lynn's...505 Chatham Street, Lynn, MA is a solid investment opportunity featuring a 12-unit brick building on a large lot with 12 parking spaces. The apartments consist mostly of spacious 2-bedroom units, with a couple of 1-bedroom units, all fully deleaded. Many windows have been recently replaced, and the property includes coin-operated laundry in the basement, adding extra income potential. This well-maintained property offers strong rental income and excellent cash flow, making it a standout in Lynn's rental market
  1. Listed by Oleg Elisev • Greenville Real Estate Group, Inc.

Property Details for 505-509 Chatham Street

Town
Lynn
Area
MA-Lynn
Garage Spaces
0
Parking Spaces
12.00
Parking Spaces Total
12
LISTING UPDATED: 02/11/2025 03:10 AM

Property Details for 505-509 Chatham Street

StatusActive
MLS #73319791
Days on Market62
Taxes$30,185 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5+ Family - 5+ Units Up/Down
Year Built1910
CountyEssex County

Building Information for 505-509 Chatham Street

Stories3Residences12Year Built1910Building Size-Lot Size0.32 AC / 13,759 SF

Property Information for 505-509 Chatham Street

General Details
Property Details
  • Building Area Units: Square Feet
  • Living Area: 13810.0
  • SqFt with Basement: No
  • Total Units: 12
  • Waterfront: No
  • Year Built Details: Actual
  • Year Built Source: Public Records
Features
Interior Features
  • Num of Baths: 12.0
  • Num of Full Baths: 12
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 12.00
  • Bathrooms Total Integer: 12
  • FireplaceYN: No
  • Fireplaces: 0
  • SpaYN: No
Exterior Features
  • Lot Description: Level
Parking Features
  • Covered Spaces: .00
  • Garage: No
Utilities
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
Tax Information
  • Tax ID: 1997894
  • Assessments: $279,670
  • Book: 999
  • Tax Year: 2024
  • Zoning: R4
Building / Association Information
Living Characteristics
  • Beds Total: 22
  • Total Living Levels: 3
Other Building Characteristics
  • Foundation: Block
  • Levels: 3
Income / Expenses
  • GOI: $304,029.00
  • GRE: $85,209
  • NOI: $218,820.00
  • Operating Expense: $85,209.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 2
  • Lease U1: Y
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: Y
  • Levels U2: 1
Rental Info
Rental Info
  • Total Actual Rent: $3,950.00

Property History for 505-509 Chatham Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 505-509 Chatham Street

Taxable ValueLand$984,000Additions$1,812,700Total$2,796,700
Tax Record2024$29,449 ($2,454 / month)
Home Facts
Baths12Total Finished SqFt11,044 SqFtAbove Grade Finished SqFt11,044 SqFtUnfinished Basement SqFt2,640 SqFtStories3Lot Size13,759 SqFtStyleMulti-Family Res (5+ Units)Year Built1910ZoningR4CountyESSEXAPNLYNN M:086 B:438 L:008

Schools near 505-509 Chatham Street

This home is within Lynn School District.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 1 to 5
Public - 6 to 8
Public - 6 to 12
Rating
School
Distance
Hood Elementary School
PublicPK to 5

William R Fallon Elementary School
Public1 to 5

Thurgood Marshall Middle School
Public6 to 8

Fecteau-Leary Junior/Senior High School
Public6 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Sorry, we can't find any similar homes at this time. Please check back later.

Similar Sold Homes

Sorry, we can't find any similar sold homes at this time. Please check back later.

505-509 Chatham Street is a multi-family home for sale in Lynn, MA 01902. This property was listed for sale on December 13, 2024 by Greenville Real Estate Group, Inc., it's currently listed at $3,200,000. This listing's school district is Lynn School District. Nearby schools include Hood Elementary School, William R Fallon Elementary School and Thurgood Marshall Middle School. 505-509 Chatham Street is a 22-bed, 12-bath, 13,810 sqft multi-family home built in 1910.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Greenville Real Estate Group, Inc., Oleg Elisev

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.