Florida Road Apartments

  • Title

    Multifamily Property

  • City

    Maynard, MA

  • Price

    $425,000

  • Cap Rate

    11.2%

  • Gross Leasable Area

    7,900

  • No. Units

    12

  • No. Stories

    3

  • Property Type

    Multifamily

  • Tenancy

    Multiple

  • Year Built

    1840

Not found amenities.

Northeast Private Client Group is pleased to offer the Florida Road Apartments, a 12-unit multifamily property located in Maynard, MA.
The building consists of four large studio units, four one-bedroom units, and four three-bedroom units. The property includes ample off-street parking, and tenant-paid heat, hot water, and electric. The majority of the units are heated by electric baseboard heat, and one unit has a gason- gas stove heater. The common areas are hardwired with smoke detectors and lights.

The Florida Road Apartments are a significant value add opportunity. The tenants are paying well below-market rents, the basement has considerable space for washer and dryer installations, an insurance deduction with the removal of the gas-on-gas stove heating unit, and a potential tax abatement due to the town’s current above-market property tax assessment.
The property is only blocks from downtown Maynard which includes shops, restaurants, banks, and Clock Tower Place Office Park.

Maynard, Middlesex County, MA