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Phone: (978) 828-7642 Fax: (978) 470-3040
Website: www.AndoverResidential.com
Email: AnthonySalerno@AndoverResidential.com
 

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Prepared for : Feb-19-2019 11:00:19 am
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0 & 2 Summit Ave
Methuen, MA. 01844-3181

Essex County
Directions: Google Maps

MLS # 72449346 - Under Agreement
Multi-Family 4 Family - 4 Units Up/Down   Tan

List Price $399,000 Days on Market  
List Date   # Units 4
Sale Price   # Floors  
Sold Date   Rooms 15
Assessed Value $335,700 Bedrooms 5
Gross Living Area 2,657SF Full Baths 4
Lot Size 13,503SF Half Baths 1
Taxes $4,790.00 Fireplaces  
Tax Year 2018 Basement Yes
Zoning RG Waterfront No
Est. Street Front   Beach Nearby No
Year Built 1900 Parking Spaces 6
    Garage Spaces 0
Remarks:
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 doesnt get much better than this.Many updates during sellers 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. Wont last
Features
Amenities   Shopping,
   Park, Golf Course,
   Medical Facility,
   Highway Access, House of
   Worship, Public School
Construction   Frame
Exterior   Wood
Foundation   Fieldstone
Hot Water   Oil
Lead Paint   Unknown
Lot   Corner, Paved Drive
Parking   Off-Street
Road   Public
Roof   Asphalt/Fiberglass
   Shingles
Sewer / Water   City/Town
   Sewer, City/Town Water
Units
Unit 1 Appliances: Range; Bedrooms: 1; Cooling: None; Floor: 1; Full Baths: 1; Heating: Steam, Oil;
     Interior: Cable TV Available; Lease: No; Levels: 1; Rent: 1000; Rooms: 4; Rooms Desc.: Living Room,
     Kitchen
Unit 2 Appliances: Range, Refrigerator; Bedrooms: 1; Cooling: None; Floor: 1; Full Baths: 1; Heating:
     Steam, Oil; Interior: Cable TV Available; Lease: Yes; Levels: 1; Rent: 800; Rooms: 3; Rooms Desc.:
     Living Room, Kitchen
Unit 3 Appliances: Range, Refrigerator; Bedrooms: 2; Cooling: None; Floor: 2; Full Baths: 1; Half Baths:
     1; Heating: Steam, Oil; Interior: Cable TV Available; Levels: 2; Rent: 1150; Rooms: 4; Rooms Desc.:
     Living Room, Kitchen
Unit 4 Appliances: Range, Refrigerator; Bedrooms: 1; Cooling: None; Floor: 2; Full Baths: 1; Heating:
     Steam, Oil; Interior: Cable TV Available; Lease: Yes; Levels: 1; Rent: 1000; Rooms: 4; Rooms Desc.:
     Living Room, Kitchen
Financial Info
Electricity   $623
Gas   $155
Gross Expenses   $15,178
Gross Oper. Income  
   $47,400
Heat   $6,200
Insurance   $2,410
Net Oper. Income   $32,222
Sewage   $1,000
Additional Information
APOD Available?   No
Anticipated Sale Date  
   03/29/2019
Deed   Book: 10180, Page:
   267, Cert. #: 16023
Disclosures   The current
   owner pays for hot water
   and heat which is oil.
   The tenants pay for the
   gas for cooking and
   electricity and each has
   its own meter. The lot
   where the building is
   sited on is 6000SqFt and
   adjacent lot is 7380SqFt.
GLA Source   Public Record
Off Market Date   2/15/19
Parcel #   M:00612 B:00064
    L:00003
Schools   Grade School:
   Comprehensive, Middle
   School: Tenney, High
   School: Methuen
Seller Disclosure Doc   No
Year Built Desc.  
   Approximate
Year Built Source   Public
   Record

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Property Last Updated by Listing Office: 2/15/19 3:02pm

Courtesy: MLSPIN

Listing Office: RE/MAX Partners Listing Agent: The Tabassi Team


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