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Massachusetts

Updated 3/18/2013
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Massachusetts
Town
Property Description
Asking Price
Gross Income
Gross Multiplier
PPU
Comments
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 Agawam
32 unit
418,200
7.19
92,187
The property consists of four two-story apartment buildings containing about 30,000 sf of living space. The buildings were built about 1967 are wood framed and have a brown decorative brick exterior with poured concrete foundation. 2.8 acres with existing parking for 64 cars plus penty of area to create additional parking or add carports. All 2BR units range between 938-1019 sf. All units have a working fireplace and are garden-style with one bath. All units have stoves, refrigerators, 2 air-conditioners, dishwashers, garbage disposals and about 20 units have microwave ovens. Owner pays gas heat, hot water & cooking. Tenants pay electric, lights and air conditioning. Membrane roofs were replaced in 2001 and 2005. The apartments are in excellent condition with 23 of the 32 units having renovated kitchens. All the bathrooms have been renovated over time. There is an updated laundry room in each building.
Tom King 413-732-2300
 Cherry Valley
82 unit
Not Disclosed
This opportunity is for the existing complex PLUS 85 acres of developable land. Qualified candidates must have the intent and capacity to further develop this project.  78 residential units, plus 7200' strip mall with 4 units. The site is located on approximately 110 acres, approximately 15 acres devoted to the existing complex and approximately 95 additional acres. 1970's construction, electric heat, well and private treatment plant (updated and meets DEP standards). There are municipal utilities nearby to support additional development.
Robert Richard 786-581-7225
 Fall River
49 unit
NOI=305K
71,428
The property is comprised of two apartment buildings with 42 2BR 7 1BR units. The units all have central air and either a balcony or ground level patio. The property is located in a country setting close to the Fall River Country Club. Some of the upper rear units have water views of the Taunton River. 

Recent capital improvements include a newer roof over both buildings. Thirty-one± units have been turned over with improvements to the kitchens, appliances, and new wood laminate floors. A new internet based surveillance system was added. Brand new carpets were installed in the common areas and all common areas were painted. New laundry machines were added to both buildings. Other capital improvements such as new hot water tanks or A/C units have been replaced as need. The owners plan to resurface the parking lot in June.

Dan McGee 617-457-3400
ext 2810

 Lawrence
15 unit
143,640
7.65
80,000

Brick building with all large loft-style 1BR units with central A/C and stainless steel appliances. Average unit size is 940 sq. ft.

Tenants pay all utilities, including electric heat. Building was converted to condos and gut rehabbed in 2006.

James Yannios 781-224-0081
Springfield
24 unit
196,500
7.5
61,458
The brick 24 unit apartment building is currently 100% rented with tenants paying electric heat, lights & cooking; owner provides gas hot water. There are 16 1BR and 8 two 2BR units. There are stoves, refrigerators, and one sleeve air conditioners in each unit. Owner has lead certificates on nine (9) units; there are six (6) subsidized tenants. There is on-site parking for 24 cars and public transportation is available on St James Avenue in front of the building. 
Tom King 413-732-2300
 Westfield
24 unit
232,000
7.24
70,000
24 Townhouses, neatly arranged in six identical buildings surround a center parking lot. Each two level townhouse consists of two bedrooms upstairs with a full bathroom. Downstairs there is a large living room in the front, eat-in-kitchen to the rear and a half bathroom with washer /dryer hookup (off of the kitchen). Each townhome has a small backyard. A twostory garage brings in additional rental revenue. 
The owner pays for heat, hot water and cooking gas. The tenants pay for electricity.
The property has had many improvements since 2005 including a new and larger parking lot and sidewalk, new site lighting, new site fencing, new gardens, new gutters and many new kitchens.
John McElduff 413-427-6665