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Home Massachusetts Multi-Family Homes for Sale

322 Broadway Methuen, MA 01844
Not Available - Off MarketPrice Reduced $25,000
4
$825,000
Total Beds: 6 Total Baths: 6
Total Units: 5 SQFT: 2762
LOT size: 0.21 Acres
322 Broadway
Methuen, MA 01844
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This Property is No Longer Available

Property Description

Discover the potential of 322 Broadway, a well-located multi-family building featuring 5 units on the edge of Methuen's Historic Downtown. This prime property is just under a mile from tax-free Salem, NH, and minutes away from the vibrant Tuscan Village development. With a 7% Cap Rate and rental upside, this property presents a lucrative opportunity for investors. Current leases are below market rates, offering significant room for rental increases by upgrading unit interiors (1 unit will require TLC). Situated in a Qualified Opportunity Zone, this property is ideally positioned in a high-demand, supply-constrained residential market. Generous lot with ample space for potential future enhancements or expansions. This property offers an excellent opportunity to capitalize on a growing area with the potential to enhance value through strategic upgrades. Don’t miss out on this investment in a thriving community!
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Property Details

Building Information

  • Total Units: 5
  • Total Floors: 6
  • Total Bedrooms: 6
  • Total Full Baths: 5
  • Total Half Baths: 1
  • Total Fireplaces: 1
  • Amenities: Golf Course, Highway Access, Park, Private School, Public School, Public Transportation, Shopping, Walk/Jog Trails
  • Basement Features: Concrete Floor, Full, Interior Access, Unfinished Basement, Walk Out
  • Common Rooms: Kitchen, Living Room
  • Common Interior Features: Ceiling Fans, Crown Molding, Heated Attic, Other (See Remarks), Studio, Tile Floor
  • Common Appliances: Range, Refrigerator, Vent Hood
  • Common Heating: Extra Flue, Gas, Gas, Heat Pump, Hot Air Gravity, Hot Water Baseboard

Financial

  • APOD Available: Yes
  • Expenses Source: Estimated, Owner Provided
  • Gross Operating Income: 84900
  • Gross Expenses: 22640
  • GSE: 3600
  • Electric Expenses: 3600
  • Water/Sewer: 2000
  • INSC: 6500
  • Net Operating Income: 62260

Utilities

  • Utility Connections: for Gas Range
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Electric, Gas, Heat, Hot Water, Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 2 Description

  • Included in Rent: Electric, Gas, Heat, Hot Water, Water
  • Under Lease: No
  • Floors: 1
  • Levels: 1

Unit 3 Description

  • Included in Rent: Electric, Gas, Heat, Hot Water, Water
  • Under Lease: No

Unit 4 Description

  • Included in Rent: None
  • Under Lease: No
  • Floors: 2
  • Levels: 1

Construction

  • Year Built: 1860
  • Type: 5-9 Family
  • Construction Type: Aluminum, Frame, Stone/Concrete
  • Foundation Info: Fieldstone
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles
  • Flooring Type: Hardwood, Tile, Vinyl, Wall to Wall Carpet
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73289422
  • Last Updated: 12/18/24

Mortgage Calculator

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Map

Seller's Representative: Jolmi Minaya, Tower Hill Ventures LLC
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

MLS PIN data last updated at 2024-12-18 03:05:00

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