Value Add Multifamily Investment
$1,290,000
119 Elm Street, Amesbury, MA 01913
6.4
Cap Rate
5,859 sqft
Building Size
Details:
Description:
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 6.4%.
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.
Value Add Investment
7.0% Current Cap Rate
Well Located- High Rental Demand
Recent Improvements
Upside Investment- 80% TAW
Location
