322 Broadway

Methuen, MA 01844

$850,000
Price
6
Beds
5
Baths
1
1/2 Bath
2,762 Sq. Ft.
$308 / Sq. Ft.
2,762
Sq. Ft.
$308
per Sq. Ft.

Description

Discover the potential of 322 Broadway, a well-located multi-family building featuring 5 units on the edge of Methuen's Historic Downtown. This prime property is just under a mile from tax-free Salem, NH, and minutes away from the vibrant Tuscan Village development. With a 7% Cap Rate and rental upside, this property presents a lucrative opportunity for investors. Current leases are below market rates, offering significant room for rental increases by upgrading unit interiors (1 unit will require...Discover the potential of 322 Broadway, a well-located multi-family building featuring 5 units on the edge of Methuen's Historic Downtown. This prime property is just under a mile from tax-free Salem, NH, and minutes away from the vibrant Tuscan Village development. With a 7% Cap Rate and rental upside, this property presents a lucrative opportunity for investors. Current leases are below market rates, offering significant room for rental increases by upgrading unit interiors (1 unit will require TLC). Situated in a Qualified Opportunity Zone, this property is ideally positioned in a high-demand, supply-constrained residential market. Generous lot with ample space for potential future enhancements or expansions. This property offers an excellent opportunity to capitalize on a growing area with the potential to enhance value through strategic upgrades. Don’t miss out on this investment in a thriving community!
  1. Listed by Jolmi Minaya • Tower Hill Ventures LLC

Property Details for 322 Broadway

Town
Methuen
Area
MA-Methuen
Garage Spaces
1
Parking Spaces
12.00
Parking Spaces Total
13
LISTING UPDATED: 09/16/2024 03:10 AM

Property Details for 322 Broadway

StatusActive
MLS #73289422
Days on Market7
Taxes$6,940 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5-9 Family
Year Built1860
CountyEssex County

Building Information for 322 Broadway

Stories6Residences5Year Built1860Building Size-Lot Size0.21 AC / 9,060 SF

Property Information for 322 Broadway

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Park, Walk/Jog Trails, Golf Course, Highway Access, Private School, Public School
  • Living Area: 2762.0
  • SqFt with Basement: No
  • Total Units: 5
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Appliances: Range, Refrigerator, Range Hood
  • Basement Features: Full, Walk Out, Interior Access, Concrete Floor, Unfinished Basement
  • Num of Baths: 6.0
  • Num of Full Baths: 5
  • Num of Half Baths: 1
  • Bathrooms Total Decimal: 5.50
  • Bathrooms Total Integer: 6
  • FireplaceYN: Yes
  • Fireplaces: 1
  • Flooring: Vinyl, Carpet, Hardwood, Tile
  • Interior Features: Other(See Remarks), Studio, Crown Molding, Ceiling Fan(s), Heated Attic, Living Room, Kitchen
  • Interior Features: Other(See Remarks), Window AC
  • SpaYN: No
Exterior Features
  • Construction: Frame, Stone
  • Exterior Features: Deck
  • Patio And Porch Features: Deck
  • Roof Material: Shingle
Parking Features
  • Covered Spaces: 1.00
  • Garage: Yes
  • Garage Parking: Paved Drive, Off-Street, Paved Driveway
  • Open Parking: Yes
  • Parking Features: Paved Drive, Off-Street, Paved Driveway
  • Parking Features: Off-Street, Paved Driveway
Utilities
  • Cooling: Window AC
  • Cooling: Yes
  • Heating: Baseboard, Natural Gas
  • Heating: Yes
  • Sewer: City/Town Sewer
  • Utility Connections: for Gas Range
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Road Frontage Type: Public
  • Road Responsibility: Public Maintained Road
  • Road Surface Type: Paved
Tax Information
  • Tax ID: M:00612 B:00122 L:00009,2040582
  • Assessments: $639,000
  • Book: 9228
  • Tax Year: 2024
  • Zoning: CBD
Building / Association Information
Living Characteristics
  • Beds Total: 6
  • Total Living Levels: 6
Other Building Characteristics
  • Foundation: Stone
Income / Expenses
  • Electricity: $3,600.00
  • Annual Expenses Source: Estimated, Owner
  • GOI: $84,900.00
  • Gross Scheduled Income: $3,600.00
  • Insurance: $6,500.00
  • GRE: $22,640
  • NOI: $62,260.00
  • Operating Expense: $22,640.00
  • WSE: $2,000.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: N
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 1
  • Lease U2: N
  • Levels U2: 1
Unit 3 Description
  • Lease U3: N
Unit 4 Description
  • Floor U4: 2
  • Lease U4: N
  • Levels U4: 1
Rental Info
Rental Info
  • Total Actual Rent: $7,075.00

Property History for 322 Broadway

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 322 Broadway

Taxable ValueLand$141,600Additions$497,400Total$639,000
Tax Record2024$6,940 ($578 / month)
Home Facts
Baths5.5Total Finished SqFt2,762 SqFtAbove Grade Finished SqFt2,762 SqFtUnfinished Basement SqFt1,234 SqFtStories2Lot Size9,060 SqFtStyleMulti-Family Res (5+ Units)Year Built1860ZoningCBDCountyESSEXAPNMETH M:00612 B:00122 L:00009Fireplace TypeHas Fireplace

Schools near 322 Broadway

This home is within Methuen School District.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Private - K to 8
Private - 9 to 12
Rating
School
Distance
Tenney Grammar School
PublicPK to 8

Methuen High School
Public9 to 12

Our Lady of Mount Carmel School
PrivateK to 8

Presentation of Mary Academy
Private9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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322 Broadway is a multi-family home for sale in Methuen, MA 01844. This property was listed for sale on September 12, 2024 by Tower Hill Ventures LLC, it's currently listed at $850,000. It has been on the market for a total of 7 days and was last sold on January 5, 2011. This listing's school district is Methuen School District. Nearby schools include Tenney Grammar School, Methuen High School and Our Lady of Mount Carmel School. 322 Broadway is a 6-bed, 5.5-bath, 2,762 sqft multi-family home built in 1860.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Tower Hill Ventures LLC, Jolmi Minaya

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.