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INVESTMENT HIGHLIGHTS
THE ASSET: 31 Franklin Street in Lynn, Massachusetts is a three-story building, containing eighteen (18), 1-Bedroom/1-Bathroom units with 11,316 square feet of living area in 15,088 square feet of total gross area on a 0.269-acre parcel of land. The well-maintained Property also features an on-site laundry facility, storage units and eighteen (18) on-site parking spaces.
DOWNTOWN LOCATION: 31 Franklin Street is well-located in a densely populated residential neighborhood just north of downtown Lynn, with convenient access to both local and regional transportation, as well as retail amenities around Lynn’s Central Square. The Property is a short walk from Central Square, the primary commercial area in Downtown Lynn that offers convenient access to an array of “downtown” amenities, including retailers, restaurants, entertainment, and public transportation. Additionally, The Property is 0.5-miles from the Central Square commuter rail station with services to Boston’s North Station, and 11 miles from Downtown Boston.
UPSIDE POTENTIAL: In-place rents 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.
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