38 Clapp Street
18-unit Brick Garden-style Apartment Building
Marketing description
Hunneman is pleased to offer for sale an excellent investment opportunity in Malden, Massachusetts. This exclusive offering presents investors with the opportunity to acquire an attractive 18-unit brick apartment building consisting of twelve (12) two-bedroom units, five (5) one-bedroom units, and one (1) studio apartment. The building is fully occupied and generates positive cash flow with future upside potential. The asset has been well-maintained by a long-term private ownership group who have completed many recent improvements to both the building and apartments.
Investment highlights
OFFERING
Unique opportunity to acquire an 18-unit apartment building in Malden, MA. Brick apartment buildings of this size are always in demand and there is a short supply of offerings that come to the market.
STABILIZED INVESTMENT
The building is fully occupied and provides stable cash flow. Upside potential remains through future rent increases, expense reductions, and long-term property appreciation.
IMPROVEMENTS
Ten (10) of the units have been fully renovated with new kitchens, baths, flooring and lighting. Three (3) other units received partial renovations, and five (5) units remain in older condition. In addition to the apartments there have been building and property improvements made to the decks, sliders, roof, and parking lot all made within the last ten years.
LOCATION
38 Clapp Street is well-located on a side street off Beach Street in Malden’s Linden neighborhood. The property is located about 8 miles north of Boston and has convenient access to shopping and dining options on Route 1. Malden Center is 3 miles west of the property with connections to the MBTA Orange Line train into Boston.
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