CCertihomes
386 Summer St, Lynn, MA 01905

$5,200,000

0 beds 20 baths 3,600 sqft Built 1985Active

About this home

This is your opportunity to own 20 approved condos, With 2 Bedrooms 1 Bath in every unit . Currently utilized as rental apartments. Several units have been updated, featuring modern kitchens, granite or formica countertops, an array of flooring including hardwood, laminate, tile and carpet. Additionally, the convenience of in-unit laundry hook-ups, 20 parking spaces and so much more. With a substantial monthly rental roll of $30, 000 and the potential for future rent adjustments, this offering presents an ideal opportunity for savvy investors seeking a high-quality asset poised for growth. Perfectly situated with easy access to the T Station and several bus lines, and in close proximity to many shops and malls, this property seamlessly combines convenience and quality, making it a compelling investment prospect. Please call for appt.

Affordability — calculate your monthly payment

Adjust your budget to see what's left after housing, utilities and transportation. Numbers below assume a 5% down, 30YrJumbo at 4% APR.

Your estimated payment
$32,638/mo

Real estate (PITI + HOA + PMI)
$34,062
Principal + interest$23,584
Property tax + insurance$8,528
PMI / 2nd mortgage$1,950
Utilities
$544
Heating + cooling$110
Internet + TV + phone$158
Water + sewer + garbage$58
Transportation
$150
Car insurance + maintenance$150
Other (entertainment)
$158
$32,638/mo TLC
Budget$33,138/mo
Remaining after TLC$500/mo
Purchase price
$5,200,000
Down payment
$260,000 (5%)
Loan amount
$4,940,000
APR
4%

Quick facts

Type
COM
Style
Year built
1985
Lot size
0.39 ac
Stories
0
Heating
Cooling
Water
HOA
Annual tax
$45,000
MLS #
73161244
County
Essex

Home features

Roof
Shingle

Neighborhood — 01905

MetricThis ZIPCountyUSA
Population26,0286,444,931299,088,112
Population Change Since199010.00%7.00%20.00%
Population Density4,737786
Male12,8593,127,134147,432,321
Female13,1693,317,797151,655,844
Never Married7,0701,612,88563,775,926
Married8,4972,586,314123,120,365
Separated1,182247,85712,639,686
Widowed1,576363,59415,467,586
Divorced1,759436,88823,075,029
Number Of House Hold9,1112,431,591111,826,380
Average House Hold Size2.832.562.60
Medial Age32.3537.2535.46
Median House Hold Income$46,878$57,698$48,276
Average House Hold Income$57,858$75,023$63,629
P C I$20,352$29,196$24,529
M D I$40,187$48,105$41,133
A T H E$48,178$57,083$50,898
S T R5.00%5.00%
W C J70.00%81.38%77.74%
(Zip) Code
1905

Data via Certihomes neighborhood index. Comparisons across this ZIP, county and the United States.

Map & walkability

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MLSPIN

Listing information last refreshed 9/20/2023. Provided courtesy of the listing office via MLSPIN. Information deemed reliable but not guaranteed.