338 Summer Street

  • Title

    Multifamily Property

  • City

    Franklin, MA

  • Price

    $1,100,000

  • Cap Rate

    6.1%

  • Gross Leasable Area

    6,320 SF

  • No. Units

    11

  • Price/SF

    $174.05

  • Price/Unit

    $100,000

  • No. Stories

    3

  • Year Built

    1860

  • Lot Size

    .66 AC

Not found amenities.

Northeast Private Client Group is pleased to present 338 Summer Street in Franklin, MA.

338 Summer Street is an eleven (11) unit multifamily building comprised of six (6) one bedroom apartments, a two bedroom apartment, a three bedroom apartment and three (3) studio apartments. The property boasts off street parking and income producing laundry. Tenants pay their own gas and electric bills, most of the units are supplied by gas heat, yet two of the units use electric heat. Each tenant has an individual fuse box, located in the apartments. Water is supplied by a well, this will help an investor keep their common area expenses low. Unit’s rents are well below market value and the units are in fair condition, with light cosmetic improvements and more aggressive marketing an opportunistic investor can increase cash-flow.

The town of Franklin is located in Norfolk County, Massachusetts and has a population of 33,150, a 4.8% increase from 2010. Franklin has two exits along I-495 is crossed by Route 140. This gives it easy access to the surrounding cities of Boston, MA (45 miles), Providence, RI (25 miles) and Worcester, MA (30 miles). The city is serviced by the MBTA commuter rail which has two stops, one in town center and one directly off Route 140. Locally franklin is serviced by Greater Attleboro Taunton Regional Transit Authority which has stops at the municipal Building, Senior Center, public library and Franklin Village Shopping center. Franklin boasts a median household income of $108,815 and has 54.4% of the 25+ population with a Bachelor’s degree or higher. Dean College, founded in 1865 is located in Franklin and has over 1,100 students. Major employers in the area include Dell, Thermo Fisher Scientific and Garelick Farms LLC. The City boasts two major shopping centers, a downtown area off of East Central Street and well as the Franklin Village Plaza directly off of exit 17 on I – 495. Recreationally there are many historical exhibits and museums, local parks, and the Franklin Country Club golf course.

338 Summer Street Offering Memo