Value Add Multifamily Investment

Multi-Family for Sale
Catylist Listing ID: 30822742
Property Subtypes: Mid-Rise
Number of Units: 5 Units
Building Size (RSF): 5,859 SF
Gross Building Area: See Agent
Gross Land Area: 0.33 Acres
Sale Price: $1,290,000
Unit Price: $258,000 Per Unit
Property Use Type: Investment
Usable Size (USF): 5,859 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/29/2022

Overview / Comments

Value Add Investment: Well-maintained five-unit multifamily in a fantastic in-town location near the heart of Amesbury. Four units are TAW, one unit has a recently signed lease. The unit mix is four 2 bedroom, one 3 bedroom. This is a value add investment, with the opportunity to move to market rents as tenants turnover. The current gross income is $106,200, with an NOI of $81,690, which put the current cap rate at 7.0%.

A large yard to the rear offers substantial parking and additional possibilities to expand the property. Separately metered units, all tenants pay their own utilities. Recent renovations include a newer roof, windows, and Unit 1 has been refreshed including appliances, hardwood, and a new furnace. Elm Street recently underwent a complete transformation by the state with new paving, sidewalks, and bike lanes.

Information was obtained from the seller and public records, prospective buyers are encouraged to perform due diligence in all aspects of a contemplated acquisition. Demographics and rental demand are very strong in Amesbury, a lovely, walkable city.

Attachments & Media

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Essex
Tax ID/APN: 054-003
Zoning: R8
Percent Occupied: 100%
Property Located Between: Well located on Elm Street, Amesbury, with excellent access to commuter routes.
Highway Access: Interstate 95, Interstate 495
Airports: Boston Logan Airport and Manchester Boston Regional Airport
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1880
Year Renovated: 2020
Roof Type: Gable
Construction/Siding: Wood Frame
Parking Ratio: 10 (per 1000 SF)
Parking Type: Surface
Parking Description: 10 spaces
Total Parking Spaces: 10
Heat Type: Natural Gas, Oil, Steam
Heat Source: Baseboard, Central
Fuel: Gas, Oil
Internet Access: Cable
Lot Frontage: 70
Lot Depth: 225
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,996 28,568 59,786
Median Age: 39.22 42.22 44.02
Households: 2,970 11,490 24,562
© Copyright 2001-2022 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.