2 Granite Street offers the opportunity to acquire a well-maintained, fully leased investment Property in an incredible, high-density, urban-infill location at a 6.54% cap rate on current income with below market rents. 2 Granite consists of a desirable, three-story building containing a total of seven residential units. Capital improvements include a brand-new electrical service to the entire building, newer roof and vinyl siding as well as lead paint compliance certificates for all units. Additionally, five of the seven units and the common areas have been renovated; however, the incoming owner can add value through programmatic upgrades to the two unrenovated units, allowing the Property to achieve market rents and increased revenues. The location is 1.2-miles from Downtown Malden and Downtown Malden’s area shopping. Additionally, the Oak Grove Transit Station and Malden Center Transit Station with service on the Orange Line as well as the MBTA Commuter Rail are 1.6 miles away.
Property Details
Price:
$1,650,000 / $1,587,500
MLS #:
73076169
Status:
Closed ((Jul 14, 2023))
Beds:
7
Baths:
7
Address:
Two Granite Street
Type:
Multi Family
Subtype:
5-9 Family
City:
Malden
Listed Date:
Feb 3, 2023
State:
MA
Finished Sq Ft:
4,208
ZIP:
02148
Lot Size:
3,136 sqft / 0.07 acres (approx)
Year Built:
1911
Schools
Interior
Appliances
Washer, Dryer, Gas Water Heater
Bathrooms
7 Full Bathrooms
Exterior
Community Features
Public Transportation, Shopping, Park, Highway Access, Public School, T- Station, Other
Roof
Shingle
Financial
Buyer Agent Compensation
2%%
Tax Year
2023
Taxes
$10,827
Map
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Two Granite Street
Malden, MA