A retail property at 465 Washington St. in the heart of Lynn’s Central Business District is hitting the auction block on March 4. 

Lynn Economic Development and Industrial Corporation Executive Director Jim Cowdell said this is the third auction on the property, and that the starting bid is $400,000. 

The last use of the property was by Panakio Adjusters. Since Panakio sold it, there have been proposals for the building’s use but no development there, Cowdell said. 

“The property is in the Central Business District, which means the first floor must be commercial and any additional floors must be residential,” Cowdell said.

Built in 1911, 465 Washington St. consists of 6,500 square feet, according to the Ten-X realty website. It is near Route 1A and Route 107, as well as Lynn’s Commuter Rail station.

The property, which features an art-deco design, “caters to a variety of modern-day commercial uses with flexible zoning and 12 rare private parking spaces in the growing downtown area,” according to Ten-X.

Boston Realty Advisors is exclusively conducting tours of the property and, in partnership with Ten-X, it will be presented through an online auction platform on March 4.