26-28 Vine St, Haverhill, MA 01830

Property Details for 26-28 Vine St

Year built

1880

Lot size

0.37 lot acres

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of three multifamily buildings totaling nineteen units in Haverhill, Massachusetts. The portfolio comprises three studio units, eight one-bedroom/one-bathroom units, seven two-bedroom/one-bathroom units, and one three-bedroom/two-bathroom unit. The buildings offer a combined 14,618 square feet of net rentable space within 23,763 square feet of gross building area, situated on a 0.368-acre lot. Built between 1880 and 1900, the three-story buildings boast a desirable unit mix catering to a range of renter profiles. The properties benefit from separate utility metering for electricity, gas heat, and hot water, with tenants responsible for their individual usage. Landlord responsibilities include common area electricity, water, and sewer. Two of the buildings feature recently replaced roofs (approximately two years old). Conveniently located near downtown Haverhill, the portfolio enjoys proximity to major roadways (MA-125, MA-97, MA Route 113, and I-495), public transportation (Haverhill Train Station and bus routes), and a variety of retail, dining, and entertainment options, including national retailers and local businesses. The strong demographics of the area, with over 64,400 people within a three-mile radius and an average household income exceeding $113,692, contribute to a robust rental market. The portfolio offers a compelling investment opportunity with a 7.36% cap rate and a net operating income (NOI) of $257,651, priced at $3,500,000 ($184,211 per unit and $239 per square foot). The fee-simple ownership provides complete control and potential for future appreciation.

Location Insight

City

Haverhill

County

Essex

State

Massachusetts

Longitude

-71.0802

Latitude

42.779