NOT LISTED FOR SALE

56 Cottage St Lynn, MA 01905

West Lynn Neighborhood
12 Beds
8 Baths
6,495 Sq Ft
3,049 Sq Ft Lot

Last Sold April 29, 2022

Last sale price $1,325,000 $204 Per Sq Ft

16 Days on Market

Highlights

  • Golf Course Community
  • Property is near public transit
  • Jogging Path
  • Waterfront
  • Wood Flooring
  • 3-minute walk to Barry Park

About This Home

As of April 2022

Attention Investors!! Large Well-Maintained 6 Unit Building! 24 Rooms, 12 Bedrooms, 6 Bathrooms. Spacious Apartments With Eat-In Kitchens, Updated Baths and Hardwood Floors. All Units Have Delead Certificates! 6 Separate Gas Heating Systems, 6 Gas Hot Water Tanks and 200 AMP Service With 7 Separate Electric Meters, Newer Plumbing, and Rubber Roof. 3 Car Parking On Paved Driveway And Additional Street Parking. Coin-Op Laundry In Basement. Steps To Northern Rail Community Trail With Playground, Market Basket, Shopping, Restaurants and Public Transportation. The Property Is Generating Income At Over 6% Cap Rate! Don't Miss Out On This Great Investment Opportunity!

Last Agent to Sell the Property

Colleen Toner

Toner Real Estate, LLC Listed on: 01/03/2022

Last Buyer's Agent

Khurram Zaheer

Cameron Prestige, LLC

Cameron Prestige, LLC

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $12,148

Year Built

  • Built in 1900

Lot Details

  • 3,049 Sq Ft Lot
  • Waterfront
  • Level Lot

Home Design

  • Manufactured Home on a slab
  • Rubber Roof

Interior Spaces

  • 6,495 Sq Ft Home
  • Wood Flooring
  • Washer and Electric Dryer Hookup
  • Unfinished Basement

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 8 Full Bathrooms

Parking

  • 3 Car Parking Spaces
  • Driveway
  • Paved Parking
  • Open Parking
  • Off-Street Parking

Outdoor Features

  • Porch

Location

  • Property is near public transit
  • Property is near schools

Schools

  • Lynn Public Elementary And Middle School
  • Lynn Public High School

Utilities

  • 200+ Amp Service
  • Natural Gas Connected
  • Gas Water Heater

Listing and Financial Details

  • Total Actual Rent $8,700
  • Assessor Parcel Number 1993738

Community Details

Overview

  • 6 Units
  • Property has 1 Level

Amenities

  • Shops

Recreation

  • Golf Course Community
  • Park
  • Jogging Path
  • Bike Trail

Building Details

  • Electric Expense $800
  • Insurance Expense $5,500
  • Water Sewer Expense $3,120
  • Operating Expense $22,750
  • Net Operating Income $83,150

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$12,148

Year Built

Built in 1900

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: 5-9 Family
  • Year Built: 1900
  • Buyer Agency Type: %
  • Transaction Broker Type: %
  • Year Built Details: Approximate
  • SUB AGENCY OFFERED: No
  • Compensation Based On: Net Sale Price
  • APOD AVAILABLE: Yes
  • ResoPropertyType: ResidentialIncome
  • Special Features: None
  • Stories: 9

Interior Features

  • Flooring: Hardwood
  • Interior Amenities: Unit 1 Rooms(Living Room,Kitchen), Unit 2 Rooms(Living Room,Kitchen), Unit 3 Rooms(Living Room,Kitchen), Unit 4 Rooms(Living Room,Kitchen)
  • Fireplace YN: No
  • Appliances: Gas Water Heater, Utility Connections for Gas Range, Utility Connections for Electric Range, Utility Connections for Gas Oven, Utility Connections for Electric Oven, Utility Connections for Electric Dryer
  • Total Bedrooms: 12
  • Full Bathrooms: 8
  • Total Bathrooms: 6
  • Laundry Features: Washer Hookup
  • Basement: Unfinished
  • Living Area: 6495
  • Stories Total: 9
  • MAIN LO: AC1714
  • MAIN SO: AN4281

Exterior Features

  • Foundation Details: Slab
  • Patio And Porch Features: Porch
  • Road Frontage Type: Public
  • Roof: Rubber
  • Waterfront Features: Beach Front, Ocean, 1 to 2 Mile To Beach, Beach Ownership(Public)
  • Waterfront YN: Yes

Garage/Parking

  • Garage YN: No
  • Open Parking YN: Yes
  • Parking Features: Paved Drive, Off Street, Paved
  • Total Parking Spaces: 3

Utilities

  • Sewer: Public Sewer
  • Utilities: for Gas Range, for Electric Range, for Gas Oven, for Electric Oven, for Electric Dryer, Washer Hookup
  • Electric: Circuit Breakers, 200+ Amp Service
  • Water Source: Public
  • HEAT UNITS: 6

Condo/Co-op/Association

  • Community Features: Public Transportation, Shopping, Park, Walk/Jog Trails, Golf, Bike Path, Public School

Fee Information

  • Water Sewer Expenses: 3120

Lot Info

  • Parcel Number: 1993738
  • Zoning: R4
  • Farm Land Area Units: Square Feet
  • Lot Features: Level
  • Lot Size Acres: 0.07
  • Lot Size Sq Ft: 3049.2
  • Lot Size Units: Acres
  • LOT SIZE: 3092

Tax Info

  • Tax Year: 2021
  • Tax Annual Amount: 12148

Multi Family

  • Electric Expense: 800
  • Insurance Expense: 5500
  • Net Operating Income: 83150
  • Number Of Units Total: 6
  • Operating Expense: 22750
  • Total Actual Rent: 8700
  • LEVELS 1: 1
  • LEVELS 4: 1
  • LEVELS 3: 1
  • LEASE 4: N
  • LEASE 3: N
  • LEASE 2: N
  • LEASE 1: Y
  • FLRS 3: 2

MLS Schools

  • High School: Lynn Public
  • Elementary School: Lynn Public
  • Middle Or Junior School: Lynn Public

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
04/29/2022 04/29/22 Sold $1,325,000 +6.0% $204 / Sq Ft
01/20/2022 01/20/22 Pending -- -- --
01/03/2022 01/03/22 For Sale $1,249,900 -- $192 / Sq Ft
Source: MLS Property Information Network (MLS PIN)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Colleen Toner

    Seller's Agent in 2022

    Colleen Toner

    Toner Real Estate, LLC

    (617) 438-7878

    10 in this area

    157 Total Sales

    Colleen Toner
    Section Image

  • K

    Buyer's Agent in 2022

    Khurram Zaheer

    Cameron Prestige, LLC

    (781) 502-5313

    2 in this area

    15 Total Sales

    Khurram Zaheer
    Section Image
See All Agents

Map

Source: MLS Property Information Network (MLS PIN)

MLS Number: 72930753

MLS Property Information Network (MLS PIN)
Massachusetts Essex County Lynn 01905 West Lynn

56 Cottage St, Lynn, MA

Not Listed for Sale

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