208 Main Street

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30852576
Property Subtypes: Mid-Rise
Status: Pending
Number of Units: 44 Units
Building Size (RSF): 27,808 SF
Gross Building Area: See Agent
Gross Land Area: 0.52 Acres
Sale Price: $1
Unit Price: $0.02 Per Unit
Building Name: Brick Value-Add Multifamily Opportunity | 44 Units | Medford, MA
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 9/4/2023

Overview / Comments

Brooks Park Apartments provides a prime investment opportunity for value add focused investors in Medford, Massachusetts. This 44-unit multifamily property features brick construction and offers a sought after value add profile. Situated in a sought-after core rental area in Greater Boston, the property includes 38 well-designed studios and 6 one-bedroom market-rate units. With 17 surface parking spaces and 16 garage spaces, parking needs are well accommodated.

The investment's strategic foundation is built on current below-market rental rates. Promising potential lies in property renovation, centered around targeted enhancements such as kitchen and bathroom upgrades, mechanical system optimization, and common area updates. This plan incorporates utility cost pass-throughs to tenants and the establishment of market-aligned rents, poised to generate a substantial increase in net operating income and overall asset value.

Located near Tufts University, the emerging Medford/Tufts T Station, and bustling Assembly Square, Brooks Park Apartments provide swift access to key employment centers within the inner-128 beltway and downtown Boston. Notably, the property boasts a Walk Score® of 90, indicating a "Walker’s Paradise," and a Transit Score® of 75, signifying "Excellent Transit," further elevating its intrinsic appeal.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Middlesex
Tax ID/APN: P-09-12
Zoning: APT
Site Description: Situated in close proximity to Tufts University, the emerging Medford/Tufts T Station, and the vibrant Assembly Square, Brooks Park Apartments offer swift access to vital employment centers within the inner-128 beltway and downtown Boston. Noteworthy is the property's impressive Walk Score® of 90, classifying it as a "Walker’s Paradise." Additionally, its Transit Score® of 75 signifies "Excellent Transit," further enhancing its inherent allure. Within a radius of one mile from the property, a total of 16,779 housing units can be found, with 55% of these units designated for renters. Of the households within this one-mile radius, 64% consist of one or two individuals, creating a robust demand for studio and one-bedroom rentals.
Number of Stories: 4
Year Built: 1926

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 47,468 338,463 870,769
Median Age: 34.4 36.11 35.38
Households: 18,980 142,551 364,172
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