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0 & 2 Summit Ave Methuen, MA 01844
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Key Details
Sold Price $420,000
Property Type Multi-Family
Sub Type 4 Family - 4 Units Up/Down
Listing Status Sold
Purchase Type For Sale
Square Footage 2,657 sqft
Price per Sqft $158
MLS Listing ID 72449346
Sold Date 03/21/19
Bedrooms 5
Full Baths 4
Half Baths 1
Year Built 1900
Annual Tax Amount $4,790
Tax Year 2018
Lot Size 0.310 Acres
Acres 0.31
Property Description
PRIME Methuen Location - 4 UNIT MULTI, AN ADDITIONAL SUBDIVIDEABLE LOT INCLUDED AND ~$32,222.00 of net income a year bringing a A CAP RATE OF 8.1% + ! It doesn’t get much better than this.Many updates during seller’s tenure, including newer windows,some cosmetic updates, woodwork and much more. 3 out of the 4 units are currently rented for a total of $2950 per month, with the 4th (nicely updated one) vacant with a projected rent of an additional $1000/month.The rented units are rented below market value (some cosmetic finishes on these could bring the CAP rate EVEN HIGHER).The additional subdivideable lot (0 Summit Ave) comes with the property- and is potentially buildable or can be a great outdoor space for the tenants. This is a GREAT OWNER OCCUPANT opportunity to live in the vacant unit for free while building equity - have someone else pay your mortgage and taxes- and still have $ left over to pocket.Great lot(s) and location close to 93, 213,The Loop, Salem, EVERYTHING. Won’t last
Location
State MA
County Essex
Zoning RG
Direction Google Maps
Interior
Interior Features Unit 1 Rooms(Living Room, Kitchen), Unit 2 Rooms(Living Room, Kitchen), Unit 3 Rooms(Living Room, Kitchen), Unit 4 Rooms(Living Room, Kitchen)
Heating Unit 1(Steam, Oil), Unit 2(Steam, Oil), Unit 3(Steam, Oil), Unit 4(Steam, Oil)
Cooling Unit 1(None), Unit 2(None), Unit 3(None), Unit 4(None)
Appliance Unit 1(Range), Unit 2(Range, Refrigerator), Unit 3(Range, Refrigerator), Unit 4(Range, Refrigerator), Oil Water Heater
Exterior
Community Features Shopping, Park, Golf, Medical Facility, Highway Access, House of Worship, Public School
Waterfront false
Roof Type Shingle
Total Parking Spaces 6
Garage No
Building
Lot Description Corner Lot
Story 6
Foundation Stone
Sewer Public Sewer
Water Public
Schools
Elementary Schools Comprehensive
Middle Schools Tenney
High Schools Methuen
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Bought with Vickie Andrade • Bettencourt Real Estate
G E T M O R E I N F O R M A T I O N