Seller's Agent in 2025
Joe Mina
Tower Hill Ventures LLC
(617) 412-5498
3 in this area
9 Total Sales
322 Broadway Methuen, MA 01844
Downtown Methuen Neighborhood
6
Beds
5.5
Baths
2,762
Sq Ft
9,148
Sq Ft Lot
Highlights
- Golf Course Community
- Property is near public transit and schools
- 1 Fireplace
- Deck
- Wood Flooring
- Jogging Path
About This Home
As of January 2025Discover 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!
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $6,940
Year Built
- Built in 1860
Lot Details
- 9,060
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
Utilities
- Window Unit Cooling System
- Heating System Uses Natural Gas
- Baseboard Heating
Additional Features
- Deck
- 9,060 Sq Ft Lot
- Property is near public transit and schools
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
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Home Values in the Area
Average Home Value in this Area
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
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $7,131 | $674,000 | $150,400 | $523,600 |
| 2024 | $6,940 | $639,000 | $141,600 | $497,400 |
| 2023 | $6,779 | $579,400 | $132,700 | $446,700 |
| 2022 | $6,785 | $519,900 | $123,900 | $396,000 |
| 2021 | $6,740 | $511,000 | $115,000 | $396,000 |
| 2020 | $6,750 | $502,200 | $106,200 | $396,000 |
| 2019 | $6,569 | $462,900 | $101,800 | $361,100 |
| 2018 | $6,342 | $444,400 | $101,800 | $342,600 |
| 2017 | $6,273 | $428,200 | $101,800 | $326,400 |
| 2016 | $5,803 | $391,800 | $101,800 | $290,000 |
| 2015 | -- | $371,000 | $97,300 | $273,700 |
Source: Public Records
Agents Affiliated with this Home
-
Joe Mina
Map
Source: MLS Property Information Network (MLS PIN)
MLS Number: 73289422
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
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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