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Lynn 01902
40 Michigan Ave
$227,000
● House - Off Market

40 Michigan Ave

Lynn, MA 01902
bedrooms
3 Beds
bathrooms
2 Baths
square feet
1,256 Ft²
$309,718
RealtyHop Estimate
47.55%
Since Mar 1, 2019
MA-Boston
Primary Model

About This Property

Diamond District Setting!! Enlarged cape with so many possibilities! This is the project you were waiting for just in time for the spring market. Flexible layout with two full bathrooms and dormered rooms. Up and coming Lynn is home to many wonderful restaurants, cafes and development in the city center. Convenient to commuter rail station and adjacent to the beach.  Borrowers who need a business purpose mortgage for bridge financing or to purchase a rental property may contact Constructive Loans LLC, an affiliate of Fay Servicing, SEE AGENT REMARKS. Buyers are not required to obtain a loan from Constructive Loans, LLC to buy the property.
Unit Size
1,256 Ft²
Days on Market
-
Land Size
0.07 acres
Price per sqft
$167
Property Type
House
Property Taxes
$343
HOA Dues
-
Year Built
1950

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 6 months ago (MLSPIN #72442344)

Price History

Date / Event Date Event Price
Aug 7, 2019 Sold
Premium
Sold
Feb 28, 2019 Sold
Premium
Sold
Jan 17, 2019 Listed by United Brokers $209,900
Listed by United Brokers

Property Highlights

Building Info

Overview

    General

  • Year Built: 1950
  • Effective Year Built: 1971
  • Building Count: 1
  • Total Rooms: 6
  • Bedroom Count: 3
  • Bathroom Count: 2
  • Full Bathrooms: 2
  • Partial Bathrooms: 2
  • Building Condition: 3
  • Building Quality: 0
  • Construction Type: 6
  • Building Style: 3
  • Exterior Walls Type: 19
  • Interior Walls Type: 0
  • Roof Shape Type: 1
  • Roof Cover Type: 15
  • Floor Count: 200
  • Living Units: 1
  • Floor Cover: 0
  • Basement Type: 7
  • Basement Area: 810
  • Garage Type: 0
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 2,844
  • Total Building Area: 1,418
  • Gross Building Area: 2,506
  • Building Area: 1,418
  • Building Area Measurement: L

    Heating and Cooling

  • Air Conditioning: 0
  • Heating: 4
  • Heated Square Feet: 1,418
  • Heating Fuel Type: 3

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Land Acres: 0000000065
  • Standard Land Use Code: 1001
  • County Land Use Code: 101

Neighborhood

  • School District Name: Lynn School District
  • School Tax School District: LYNN SD
  • Census Tract: 206600

Zoning

  • Zoning: R1

Geography

  • Parcel: LYNN M:103 B:546 L:015
  • Block: 546
  • Lot: 15
  • Municipality: LYNN
  • Latitude: 42.4687
  • Longitude: -70.926

    Address

  • Full Address: 40 Michigan Ave
  • Address - House Number: 40
  • Address - Street Name: Michigan
  • Address - Suffix Type: Ave
  • State: MA
  • City Name: Lynn
  • Carrier Code: C033
  • 4-Digit Zip Code: 1934
  • Zip Code: 01902

Valuation

    Tax

  • Tax Year: 2024
  • Tax Amount: $533,000
  • Initial Tax Delinquent Year: 2021

    Appraisal Valuation

  • Standard Deviation: 0.1579
  • Valuation Date: Mar 06, 2024
  • Confidence Score: 80
  • Final Value: 573,485
  • High Value: 664,070
  • Low Value: 482,901

    Assessments Valuation

  • Assessed Year: 2024
  • Assessed Total Value: $506,200
  • Assessed Land Value: $181,100
  • Assessed Improvements Value: $325,100

    Sales

  • Current Sale Contract Date: Aug 07, 2019
  • Current Sale Recording Date: Aug 07, 2019
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 55
  • Current Sale Input Document Number: 20190807001500
  • Previous Sale Recording Date: Feb 28, 2019
  • Previous Sale Contract Date: Feb 21, 2019
  • Previous Sale Amount: $227,000
  • Previous Sale Document Type: 71
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Lynn

Stats & Trends

Median Asking:

$598,999

Sale Price/ft²

$372

Below Asking

0.01%

Average Days on Market

60

Average Home Size

2484 ft²

Average Home Age

99.2 years

Currently For Sale

153 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Rentals Near You

Click here to view more rentals in the neighborhood.
Last Updated: 6 months ago
Data Source: MLS PIN, MLS# 72442344

Frequently Asked Questions

When was property at 40 Michigan Avenue built and last sold?
The property at 40 Michigan Avenue was built in 1950 and last sold on Aug 7, 2019 for $320,000.
How much is this home worth?
The estimated value of the home located at 40 Michigan Avenue is $227,618.
What are some comparable homes to 40 Michigan Avenue?
There are currently no comparable homes to 40 Michigan Avenue.
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