Current Use by Public Records
- Acanthus Woodworking / General Contractor / Renovation Specialist
Property Details for 2 Grove St
- Year built
- 1908
- Lot size
- 1.49 lot acres
- Property type
- Apartment buildings
Description
This exceptional Class A multifamily investment property, located at 2 South Grove Street in Haverhill, Massachusetts, presents a compelling opportunity. The 41,436 square foot building, constructed in 1908 and extensively renovated in 2020, boasts 40 completely updated units: 14 one-bedroom, 16 two-bedroom apartments, and 10 two-bedroom townhouses. Each unit features modern amenities including stainless steel appliances, in-unit laundry, and mini-split heating and cooling systems. Individual utility metering ensures efficient tenant responsibility for electric and hot water costs. The property includes garage parking, with spaces allocated based on unit size. Situated on a 1.49-acre lot, this property benefits from a desirable location, a short walk from downtown Haverhill's vibrant restaurants and shops. The building's strong financial performance is highlighted by a pro-forma NOI of $879,838 and a pro-forma cap rate of 6.77%. The asking price is $13,000,000, representing a price per unit of $325,000 and a price per square foot of $313.74. The property is zoned WD-F and offers significant potential for future appreciation given its location, condition, and strong rental income. Over $1,000,000 in gross rents are currently being generated, with opportunities to further capitalize on market rents. This is a turnkey investment ready for immediate ownership and income generation.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Haverhill
- County
- Essex
- State
- Massachusetts
- Longitude
- -71.0699
- Latitude
- 42.7709
