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322 Broadway Methuen, MA 01844
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Key Details
Sold Price $825,000
Property Type Multi-Family
Sub Type 5-9 Family
Listing Status Sold
Purchase Type For Sale
Square Footage 2,762 sqft
Price per Sqft $298
MLS Listing ID 73289422
Sold Date 01/23/25
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 Sub-Type 5-9 Family
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
Roof Type Shingle
Total Parking Spaces 12
Garage Yes
Building
Story 6
Foundation Stone
Sewer Public Sewer
Water Public
Others
Senior Community false
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Bought with Jolmi Minaya • Tower Hill Ventures LLC