32 Broad Street for sale

Retail-Commercial for Sale
Catylist Listing ID: 30650764
Property Subtypes: Street Retail, Other
Building Size (RSF): 9,340 SF
Gross Land Area: 41,786 SF
Sale Price: $950,000
Unit Price: $101.71 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Building Name: 32 Broad Street
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/19/2021

Overview / Comments

Investors package in a strategic location just off I-495 Exit in Merrimac, MA. This property is composed of 5 different Tenants including: an Asian Restaurant, a parking lot lease, a vacant 3,200 commercial space and 2 residential units, (1 connected to the commercial building and the other freestanding.)
The restaurant was completely renovated in 2015, the two residential units were completely renovated in within the last 10 years. .
The vacant space had been used as a function hall and most recently as a music teaching facility,.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $11,829 (Annual)
Assessed Value - Total($) $725,900 (Annual)
Potential Rental Income $102,000 (Annual)
Gross Operating Income $96,900 (Annual)
Net Operating Income $65,866 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Essex
Taxing Authority: Town of Merrimac
Tax ID/APN: 01860
Zoning: HIGHWAY-COMMERCIAL
Retail Clientele: General, Family, Tourist
Property Located Between: Broad Street and Landcaster
Property Visibility: Excellent
Largest Nearby Street: Route I-495-Route 110
Feet of Frontage: 475
Traffic/Vehicle Count: 5,946
Highway Access: The property is located just 2 blocks from I-495 Exit 53. The intersection of I-95 and 495 is less than 10 minutes away.
Airports: Logan International Airport is 45 minutes away.
Site Description: The 50 car parking is level making easy access to the restaurant. The building is set against Landcaster Street which is a small hill and provides a hill which allows handicap access in the the second floor of the main building.
Area Description: Broad Street is the main connector road to I-495, it has a number business such as D'unkin, Gas Station-repair facility and Marijuana Dispensary.as well as the subject.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Number of Stories: 2
Typical SF / Floor: 3,200 SF
Property Condition: Excellent
Year Built: 1950
Year Renovated: 2010
Roof Type: Gable
Construction/Siding: Vinyl Siding, Wood Frame
Exterior Description: The Exterior of the main building and home are sided with vinyl the free standing residential building is wood shingles.
Total Parking Spaces: 50
Parking Type: Surface
Sprinklers: Wet
Heat Type: Natural Gas, Hot Water
Heat Source: Baseboard, Central
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: The interior of all the spaces, excepting the 2nd floor commercial space, have been renovated in the last 10 years. The renovation of the restaurant is exceptional!.
Zoning Description: The Zoning is Highway Services District, (HS), it allows many commercial type uses including restaurants, service stations and many other uses such a banking and real estate.
Lot Frontage: 450
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,836 16,256 85,106
Median Age: 45.11 43.5 40.63
Households: 1,571 6,185 33,325

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