447 Pleasant St
Melrose, MA 02176
Immeuble residentiel Bien À vendre · 24 Lots

Horvath & Tremblay is pleased to present the exclusive sale of the multifamily investment property located at 447 Pleasant Street in Melrose, Massachusetts (the “Property”). Centrally located in the heart of Melrose, the Property is in a walkable location directly outside of the city’s downtown and its vibrant shops, dining amenities, and municipal offices. The Property offers excellent access to the US Route 1 retail corridor in Saugus, home to countless national and local retailers and restaurants. The Wyoming Hill MBTA Station with service on the Haverhill Line to Boston’s North Station is just 0.1 miles away, and the area’s highways offer a convenient commute to both Boston and the North Shore. 447 Pleasant Street offers the rare opportunity to acquire a well-located asset in one of the strongest real estate markets in a region that is poised for future growth. The Property consists of a three-story brick building with twenty-four (24) residential units consisting of one (1) Studio unit and twenty-three (23), 1-Bedroom/1-Bathroom units with 13,440 square feet of living area in 14,974 square feet of gross area on a 0.459-acre parcel. The units are separately metered for electric, which is paid directly by the tenants. The Landlord is responsible for electric heat and hot water, common area electric, and domestic water and sewer. 447 Pleasant Street has been wellmaintained throughout ownership and features ample off-street parking with twenty-one (21) spaces. The Property also offers an elevator and onsite laundry facility, and each unit has a private walk-out patio or balcony. 447 Pleasant Street offers the opportunity to acquire a well-maintained investment Property with upside in an exceptional, urban-infill location. The subject property is ideal for a potential buyer looking for income growth and strong investment returns. In-place rents are below market rates, providing significant potential for upside by achieving market rents through programmatic upgrades to the unrenovated units. The Melrose submarket continues to accelerate thanks to continued commercial and infrastructure development in the area and rents are expected to rise over the coming years. The Property offers excellent access to Downtown Melrose, Interstate 93, the Wyoming Hill and Oak Grove MBTA Train Stations, and the extensive US Route 1 trade area in Saugus.