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Listed by Chris Long of BHG Masiello Brattleboro
Investment opportunity! Two large multi-family dwellings (one 6 unit and one 5 unit) offered as a package due to the fact they are abutting properties and share off street parking. An ideal location on Grove Street adjacent to the town municipal office building and walking distance to downtown. 51 Grove Street was originally built as a 6-unit apartment building and has six 2- bedroom units on 3 levels. 61 Grove is a converted single family with 5 total units (one 2-bedroom and four 1-bedroom units). There is shared off street parking behind the buildings and also an old barn that could be fixed up as a garage or possibly an additional dwelling unit. The longtime owner has not increased rents in many years so the actual rents at present are well below market value. At the current NET income, the CAP rate is 9.5 but with an increase to market rents the CAP rate would be a solid 12 CAP. Income & Expense and Proforma is available. All utilities of 61 Grove are paid by the tenants which make it an easy building to operate. Heat and HW are included in the rents at 51 Grove but everything else are separated and paid by tenants. Both buildings are up to date on EMP certifications and have had many recent energy efficiency upgrades including new heating systems in 2016, basements weatherized with high density foam sprayed on insulation, attics have had cellulose blown in. If you are looking for a solid income producing asset, this is a very good option.

Property Details of 51 & 61 Grove Street

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Copyright 2022 New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable, but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NEREN. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated May 19, 2022.

 

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