$825,000
SOLD JAN 23, 2025

322 Broadway Methuen, MA 01844

Downtown Methuen Neighborhood
6 Beds
5.5 Baths
2,762 Sq Ft
9,060 Sq Ft Lot

Recently Sold

$299 Per Sq Ft

3% Below List Price

81 Days on Market

Highlights

  • Golf Course Community
  • Deck
  • Wood Flooring
  • Mendota Elementary School Rated A
  • Property is near public transit
  • 1 Fireplace

About This Home

As of January 2025

Discover the potential of 322 Broadway, a well-located multi-family building featuring 5 units on the edge of Methuen's Historic Downtown. This prime property is just under a mile from tax-free Salem, NH, and minutes away from the vibrant Tuscan Village development. With a 7% Cap Rate and rental upside, this property presents a lucrative opportunity for investors. Current leases are below market rates, offering significant room for rental increases by upgrading unit interiors (1 unit will require TLC). Situated in a Qualified Opportunity Zone, this property is ideally positioned in a high-demand, supply-constrained residential market. Generous lot with ample space for potential future enhancements or expansions. This property offers an excellent opportunity to capitalize on a growing area with the potential to enhance value through strategic upgrades. Don’t miss out on this investment in a thriving community!

Last Agent to Sell the Property

Joe Mina

Tower Hill Ventures LLC Listed on: 09/12/2024

Last Buyer's Agent

Joe Mina

Tower Hill Ventures LLC Listed on: 09/12/2024

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $6,940

Year Built

  • Built in 1860

Parking

  • 1 Car Garage
  • Driveway
  • Open Parking
  • Off-Street Parking

Home Design

  • Studio
  • Stone Foundation
  • Frame Construction
  • Shingle Roof
  • Stone

Interior Spaces

  • 2,762 Sq Ft Home
  • Crown Molding
  • Ceiling Fan
  • 1 Fireplace
  • Living Room
  • Range with Range Hood

Flooring

  • Wood
  • Carpet
  • Tile
  • Vinyl

Bedrooms and Bathrooms

  • 6 Bedrooms

Unfinished Basement

  • Walk-Out Basement
  • Basement Fills Entire Space Under The House
  • Interior Basement Entry
  • Block Basement Construction

Location

  • Property is near public transit
  • Property is near schools

Utilities

  • Window Unit Cooling System
  • Heating System Uses Natural Gas
  • Baseboard Heating

Additional Features

  • Deck
  • 9,060 Sq Ft Lot

Listing and Financial Details

  • Total Actual Rent $7,075
  • Rent includes unit 1(heat electric gas water hot water), unit 2(heat electric gas water hot water), unit 3(heat electric gas water hot water), unit 4(none)
  • Assessor Parcel Number M:00612 B:00122 L:00009,2040582

Community Details

Overview

  • 5 Units
  • Property has 1 Level

Amenities

  • Shops

Recreation

  • Golf Course Community
  • Park
  • Jogging Path

Building Details

  • Electric Expense $3,600
  • Insurance Expense $6,500
  • Water Sewer Expense $2,000
  • Operating Expense $22,640
  • Net Operating Income $62,260

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$6,940

Year Built

Built in 1860

Lot Details

0

Parking

1

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: 5-9 Family
  • Year Built: 1860
  • Year Built Details: Approximate
  • APOD AVAILABLE: Yes
  • ResoPropertyType: ResidentialIncome
  • ResoBuildingAreaSource: PublicRecords
  • Special Features: None
  • Stories: 6

Interior Features

  • Flooring: Vinyl, Carpet, Hardwood, Tile
  • Interior Amenities: Other, Studio, Crown Molding, Ceiling Fan(s), Heated Attic, Living Room, Kitchen
  • Fireplace YN: Yes
  • Fireplaces: 1
  • Appliances: Range, Refrigerator, Range Hood
  • Total Bedrooms: 6
  • Full Bathrooms: 5
  • Half Bathrooms: 1
  • Total Bathrooms: 6
  • Basement: Full, Walk-Out Access, Interior Entry, Concrete, Unfinished
  • Living Area: 2762
  • Spa YN: No
  • Stories Total: 6
  • MAIN LO: AN7919
  • MAIN SO: AN7919

Exterior Features

  • Construction Materials: Frame, Stone
  • Foundation Details: Stone
  • Home Warranty YN: No
  • Patio And Porch Features: Deck
  • Road Frontage Type: Public
  • Road Surface Type: Paved
  • Roof: Shingle
  • Waterfront YN: No

Garage/Parking

  • Garage Spaces: 1
  • Covered Parking Spaces: 1
  • Garage YN: Yes
  • Open Parking YN: Yes
  • Parking Features: Paved Drive, Off Street, Paved
  • Total Parking Spaces: 12

Utilities

  • Sewer: Public Sewer
  • Utilities: for Gas Range
  • Cooling: Window Unit(s)
  • Heating: Baseboard, Natural Gas
  • Cooling Y N: Yes
  • Heating YN: Yes
  • Water Source: Public
  • Hot Water: Natural Gas

Condo/Co-op/Association

  • Community Features: Public Transportation, Shopping, Park, Walk/Jog Trails, Golf, Highway Access, Private School, Public School
  • Rent Includes: Unit 1(Heat,Electric,Gas,Water,Hot Water), Unit 2(Heat,Electric,Gas,Water,Hot Water), Unit 3(Heat,Electric,Gas,Water,Hot Water), Unit 4(None)
  • Senior Community YN: No

Fee Information

  • Water Sewer Expenses: 2000

Lot Info

  • Parcel Number: M:00612 B:00122 L:00009,2040582
  • Zoning: CBD
  • Farm Land Area Units: Square Feet
  • Lot Size Acres: 0.21
  • Lot Size Sq Ft: 9060
  • Lot Size Units: Acres
  • ResoLotSizeUnits: Acres

Tax Info

  • Tax Year: 2024
  • Tax Annual Amount: 6940

Multi Family

  • Electric Expense: 3600
  • Insurance Expense: 6500
  • Net Operating Income: 62260
  • Number Of Units Total: 5
  • Operating Expense: 22640
  • Total Actual Rent: 7075
  • LEVELS 1: 1
  • Basement Included Sq Ft: No
  • LEVELS 4: 1
  • LEASE 4: N
  • LEASE 3: N
  • LEASE 2: N
  • LEASE 1: N

Range of Values:

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Value Increase
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Percent Increase
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Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
01/23/2025 01/23/25 Sold $825,000 0.0% $299 / Sq Ft
12/02/2024 12/02/24 Pending -- -- --
10/02/2024 10/02/24 Price Changed $825,000 -2.9% $299 / Sq Ft
09/12/2024 09/12/24 For Sale $850,000 -- $308 / Sq Ft
Source: MLS Property Information Network (MLS PIN)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Joe Mina

    Seller's Agent in 2025

    Joe Mina

    Tower Hill Ventures LLC

    (617) 412-5498

    3 in this area

    9 Total Sales

    Joe Mina
    Section Image
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Map

Source: MLS Property Information Network (MLS PIN)

MLS Number: 73289422

MLS Property Information Network (MLS PIN)
Massachusetts Essex County Methuen 01844 Downtown Methuen

322 Broadway, Methuen, MA

Sold

MultiFamily

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MLS Property Information Network (MLS PIN) The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

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