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Group Of Residential, Commercial Lynn Buildings Fetch $1.6M

Jul 18, 2011 | Reprints | Unlock Link | Print

Two apartment buildings and two commercial buildings, located at 653-661 Western Ave. in Lynn, have been sold for $1.6 million to Stanley Bailey LLC.

The two residential buildings consist of 28 apartment units, according to a statement. One of the commercial buildings houses a barber shop and the other serves as a storage facility.

Boston-based NAI Hunneman’s Carl Christie, executive vice president, and Dan McGee, sales associate, represented the seller, Avalon Realty LLC, and procured the buyer in the transaction.

"The property generated a great deal of interest from apartment building investors," said Christie. "The rent roll was stable and the existing cash flow provided attractive returns. Assets such as this, in this market, should receive multiple offers, and this was no exception."

Commercial & Industrial