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: |
$101.71 PSF |
| Ceiling: |
10 ft. |
| Property Use Type: |
Investment |
| Building Name: |
32 Broad Street |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
1/15/2021 |
Overview / Comments
Investors package in a strategic location just off I-495 Exit in Merrimac, MA. This property is composed of 5 different Tenants including: an Asian Restaurant, a parking lot lease, a vacant 3,200 commercial space and 2 residential units, (1 connected to the commercial building and the other freestanding.)
The restaurant was completely renovated in 2015, the two residential units were completely renovated in within the last 10 years. .
The vacant space had been used as a function hall and most recently as a music teaching facility,.
|
Financials
| Finance Data Year |
2020 |
| Real Estate Taxes - Annual($) |
$10,593 (Annual) |
| Assessed Value - Total($) |
$711,900 (Annual) |
| Potential Rental Income |
$102,000 (Annual) |
| Gross Operating Income |
$96,900 (Annual) |
| Net Operating Income |
$67,687 (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 |
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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