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Multifamily

Marquette Street Apartments

14 Marquette St, Gardner, MA 01440

Listing Price: $990,000

Cap Rate
7.23%
Number of Units
7
Occupancy
97.0%
Price/Unit
$141,429
Price/Gross SF
$112.78
Gross SF
8,778

Investment Overview

Marcus & Millichap is excited to present the Marquette Street Apartments located at 14 Marquette Street in Gardner, Massachusetts. The property features a total of 7-units, including 6-unit apartment building and single-tenant retail building on a single lot. The apartment mix includes (3) three-bedroom apartments and (3) two-bedroom apartments, along with a long-term single-tenant retail building by a long-term local barbershop. 5 of 6 of the apartments have been renovated and include new kitchens with stainless-steal appliances, new cabinetry, glass backsplash and tile flooring; the update baths feature new baths, toilets, vanities and modern tiles; living and dining room feature new vinyl wood-plank flooring. The building features all separate utilities with off-street parking, including energy-efficient gas heating systems for 5/6 units, and one on-demand forced hot water baseboard system. In addition, all tenants are responsible for the electricity. Other capital improvments include new electrical and plumbing systems, new gas heating, new vinyl replacement windows throughout the building, flat rubber roof completed in 2010 and new asphault driveway completed in 2017-18. Investors can expect a 13% total return based on the in-place income and the ability to achive over 16% return with raising the rents to local market rates.

Investment Highlights

  • 7-units total featuring 6-unit apartment building and single-tenant retail building located in Gardner, MA
  • Renovated 6-unit apartment building features attractive unit mix of (3) 3-bedroom and (3) 2-bedroom apartments. And stand-alone retail building with long term tenancy as local barbershop
  • All separate utilities responsbile by tenants, including gas heat and hot water, and separate electricity. Off-street parking available to tenants and business patrons
  • Captial improvements include all new vinyl-windows throughout, new electircal, plumbing and heating (gas) systems, renovated 5/6 apartments, flat rubber roof in 2010 and asphalt driveway/parking in 2017-18
  • Located in an Opportunity Zone, investors can expect double-digit GRM and over 13% total returns based on the in-place income with ability to achieve over 16% return with bringing rents to local market rates

Exclusively Listed By

Financing By

Multifamily

Marquette Street Apartments

Listing Price: $990,000

Cap Rate
7.23%
Number of Units
7
Occupancy
97.0%
Price/Unit
$141,429
Price/Gross SF
$112.78
Gross SF
8,778

Investment Highlights

  • 7-units total featuring 6-unit apartment building and single-tenant retail building located in Gardner, MA
  • Renovated 6-unit apartment building features attractive unit mix of (3) 3-bedroom and (3) 2-bedroom apartments. And stand-alone retail building with long term tenancy as local barbershop
  • All separate utilities responsbile by tenants, including gas heat and hot water, and separate electricity. Off-street parking available to tenants and business patrons
  • Captial improvements include all new vinyl-windows throughout, new electircal, plumbing and heating (gas) systems, renovated 5/6 apartments, flat rubber roof in 2010 and asphalt driveway/parking in 2017-18
  • Located in an Opportunity Zone, investors can expect double-digit GRM and over 13% total returns based on the in-place income with ability to achieve over 16% return with bringing rents to local market rates

Investment Overview

Marcus & Millichap is excited to present the Marquette Street Apartments located at 14 Marquette Street in Gardner, Massachusetts. The property features a total of 7-units, including 6-unit apartment building and single-tenant retail building on a single lot. The apartment mix includes (3) three-bedroom apartments and (3) two-bedroom apartments, along with a long-term single-tenant retail building by a long-term local barbershop. 5 of 6 of the apartments have been renovated and include new kitchens with stainless-steal appliances, new cabinetry, glass backsplash and tile flooring; the update baths feature new baths, toilets, vanities and modern tiles; living and dining room feature new vinyl wood-plank flooring. The building features all separate utilities with off-street parking, including energy-efficient gas heating systems for 5/6 units, and one on-demand forced hot water baseboard system. In addition, all tenants are responsible for the electricity. Other capital improvments include new electrical and plumbing systems, new gas heating, new vinyl replacement windows throughout the building, flat rubber roof completed in 2010 and new asphault driveway completed in 2017-18. Investors can expect a 13% total return based on the in-place income and the ability to achive over 16% return with raising the rents to local market rates.

Exclusively Listed By

Financing By

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