423-427 Union St new Save Request In-Person Tour Request Virtual Tour
Lynn,MA 01901
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 73395298
HOA Y/N false
Year Built 1913
Annual Tax Amount $3,021
Tax Year 2025
Lot Size 871 Sqft
Acres 0.02
Property Description
Great opportunity to own and invest in Downtown Lynn. Commercial property located on Union Street, between Washington and Central Sq, one block from the Lynn Station commuter rail stop. Currently there are two retail units on the first floor (braid shop and a barber shop), and office spaces in need of repairs on the second level. The property is in the "Central Business District" zoning area, which is intended to support mixed-use development. Allows up to 10 stories by right, with opportunity for residential units atop ground-level commercial. Especially with close proximity to transit, an investment offers potential for maximum density and income, with a more streamlined approval process. Included in the photos are initial architectural mock-ups of a 5-story building, consisting of two commercial units on the first floor (or one larger unit), and five residential units consisting of three 2-BR apartments and two studios. These are not approved plans, just drawings.
Location
State MA
County Essex
Zoning CBD
Direction Downtown Lynn, on Union St between Washington St & Central Sq
Exterior
Utilities Available Public Water,Public Sewer,Natural Gas Available
Roof Type Rubber
Others
Senior Community false