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You are here:
Home Massachusetts Methuen Multi-Family Homes for Sale

322 Broadway Methuen, MA 01844

15 Days on Boston Pads
4 Photos
$850,000
5 Unit
6 Beds
6 Baths
2762 SQFT
0.21 Acre
322 Broadway
Methuen, MA 01844

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!

Property Overview

Property Details click or tap to expand

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: 09/16/24

Property History click or tap to expand

Date Event Price Price/Sq Ft Source
09/16/2024Active$850,000$308MLSPIN
09/12/2024New$850,000$308MLSPIN

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Map & Resources

St. Monica Elementary School

Private School, Grades: K-8

0.38mi

St Monica Elementary

Private School, Grades: 1-8

0.39mi

Saint Monica Elementary School

Grades: 1-6

0.41mi

Presentation of Mary Acad

Private School, Grades: 9-12

0.47mi

Tenney Grammar School

School

0.53mi

Presentation of Mary Academy

Private School, Grades: 9-12

0.54mi

Saint Basils Seminary

School

0.6mi

Greater Lawrence Educational Collaborative (GLEC) - EPIC

Collaborative Program

0.63mi

Bada Bing! Pizza

Pizzeria

0.17mi

Chris' Famous Pizza

Pizza & Sandwich (Fast Food)

0.74mi

Wah Sang

Chinese Restaurant

0.16mi

Noble Family Adoption Center

Animal Shelter. Dog, Cat, Bird, Rabbit

0.33mi

Holy Family Hospital

Hospital

0.9mi

Methuen Police Department

Local Police

0.07mi

Methuen Fire Department

Fire Station

0.25mi

Methuen Memorial Music Hall

Theatre

0.41mi

Methuen Historical Society

Museum

0.3mi

Nevins Bird Sanctuary

Municipal Park

0.14mi

Conservation Land

Nature Reserve

0.55mi

Conservation Land

Nature Reserve

0.8mi

Spicket Falls River Walk Park

Park

0.21mi

Tenney Estate Park

Park

0.29mi

Potter Field

Municipal Park

0.44mi

Shorty Degaspe Park

Municipal Park

0.68mi

Gill Ave Playground

Municipal Park

0.71mi

Nevins Memorial Library

Library

0.03mi

Enterprise Bank

Bank

0.31mi

Methuen Co-operative Bank

Bank

0.35mi

M&T Bank

Bank

0.77mi

BP

Gas Station

0.3mi

Sunoco

Gas Station

0.63mi

Mobil

Gas Station

0.79mi

Mobil

Gas Station

0.79mi

APlus

Convenience

0.63mi

quick stop 2

Convenience

0.82mi

A & B Package Store

Convenience

0.86mi

Seller's Representative: Jolmi Minaya, Tower Hill Ventures LLC
MLS ID#: 73289422

© 2024 MLS Property Information Network, Inc.. All rights reserved.

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 2024-09-16 03:05:00

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