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Nate Rock

nate.rock@engelvoelkers.com +1(617) 459-6656

$ 825,000

Est. payment -/mo

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Price Dropped by $25K

322 Broadway Methuen, MA 01844

6 Beds

5.5 Baths

2,762 SqFt

UPDATED:

10/06/2024 07:05 AM

Key Details

Property Type Multi-Family

Sub Type 5-9 Family

Listing Status Active

Purchase Type For Sale

Square Footage 2,762 sqft

Price per Sqft $298

MLS Listing ID 73289422

Bedrooms 6

Full Baths 5

Half Baths 1

Year Built 1860

Annual Tax Amount $6,940

Tax Year 2024

Lot Size 9,147 Sqft

Acres 0.21

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!

Location

State MA

County Essex

Zoning CBD

Direction Use GPS

Rooms

Basement Full, Walk-Out Access, Interior Entry, Concrete, Unfinished

Interior

Interior Features Other, Studio, Crown Molding, Ceiling Fan(s), Heated Attic, Living Room, Kitchen

Heating Baseboard, Natural Gas

Cooling Window Unit(s)

Flooring Vinyl, Carpet, Hardwood, Tile

Fireplaces Number 1

Appliance Range, Refrigerator, Range Hood

Exterior

Garage Spaces 1.0

Community Features Public Transportation, Shopping, Park, Walk/Jog Trails, Golf, Highway Access, Private School, Public School

Utilities Available for Gas Range

Waterfront false

Roof Type Shingle

Parking Type Paved Drive, Off Street, Paved

Total Parking Spaces 12

Garage Yes

Building

Story 6

Foundation Stone

Sewer Public Sewer

Water Public

Others

Senior Community false

Listed by Tower Hill Ventures LLC

Nate Rock

Broker Associate | License ID: cn226013

+1(617) 459-6656

Nate Rock

322 Broadway Methuen, MA 01844

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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322 Broadway