447 Pleasant Street
Multifamily | 24 Units | $291,667/unit
Marketing description
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 well-maintained 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.
Investment highlights
DYNAMIC MELROSE LOCATION
447 Pleasant Street is exceptionally well located in a quiet residential neighborhood, just outside of downtown Melrose and is convenient to its many vibrant shops, dining amenities, and municipal offices, as well as the Wyoming Hill MBTA Station with service on the Haverhill Line to Boston’s North Station. 447 Pleasant Street provides quick access to area schools, Melrose/Wakefield Hospital, and retailers and restaurants in Downtown Melrose including Shaw’s and Whole Foods. The Property’s location in Melrose offers a convenient commute to the major employment centers in Boston and Cambridge, as well as the Worcester area to the west. Downtown Boston is located just 6.5 miles to the south with Interstate-93 and US Route 1 offering a direct route to the city.
The location benefits from its proximity to the US Route 1 retail corridor, 2.5 miles from the Property. Anchored by the Square One Mall, the Route 1 retail corridor is an expansive retail district with an outstanding array of grocery stores, popular dining opportunities, big box retailers, and entertainment amenities. It is one of the largest retail districts along the North Shore.
The Property benefits from close proximity to numerous lifestyle amenities including Fellsmere Park, Waitts Mountain Park, and Middlesex Fells Reservation, which includes walking, hiking and biking trails, an ice rink, the MIT Geodetic Observatory, several lookouts, and the Stone Zoo.
The central location offers convenient access to the major employment centers in Boston and Cambridge.
TRANSIT ORIENTED LOCATION
Bus:
• Pleasant St @ Wyoming Ave – Route 132 – 50 feet
• Main St @ W Wyoming Ave – Routes 131 & 137 – 0.3 miles
Highway:
• MA Route 60 – 1.8 miles
• US Route 1 – 2.5 miles
• Interstate 93 – 2.5 miles
MBTA Train Station:
• Wyoming Hill Station – Haverhill Line – 0.1 miles
• Melrose / Cedar Park Station – Haverhill Line – 0.8 miles
• Oak Grove Station – Orange Line & Haverhill Line – 1 mile
STRONG DEMOGRAPHICS
More than 20,100 people live within a 1-mile radius of the Property with an average household income of $153,316. Over 189,700 people live within 3 miles of the Property with an average household income of $142,435.
WELL-LOCATED ASSET WITH UPSIDE
447 Pleasant Street offers the opportunity to acquire a well-maintained investment Property 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 well 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 Melrose and the surrounding area’s rents are expected to rise over the coming years.
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