40 Summer St Bridgewater, MA 02324

Property Details for 40 Summer St

Year built

1938

Lot size

0.98 lot acres

Property size

8,539 SF

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building, located at 40 Summer Street in Bridgewater, Massachusetts, presents a compelling investment opportunity. The property boasts 8,167 square feet of net rentable space within a total of 8,539 gross square feet, spread across four stories. Built in 1938 and extensively renovated in 2019, this fee-simple property features a new roof, vinyl siding, windows, insulation, and updated mechanical systems. The building is fully sprinklered and equipped with a monitored fire system, video intercoms, and keyless entry. The units offer modern amenities including luxury vinyl plank flooring, updated kitchens with stainless steel appliances, in-unit laundry, and renovated bathrooms. Heating and air conditioning are provided by PTAC systems, with individual metering for heat and electricity (tenant responsibility). The landlord covers common area utilities. The 0.98-acre lot provides 22 off-street parking spaces. Currently operating at 100% occupancy, the property generates a strong NOI of $144,398, representing a 6.02% cap rate. The unit mix includes one 2-bedroom/2-bathroom unit, two 1-bedroom/1.5-bathroom units, and seven 1-bedroom/1-bathroom units. Its prime location near Bridgewater State University and major roadways, coupled with strong rental demand and below-market rents, offers significant upside potential. The property is conveniently located near major commercial corridors, shopping centers, and public transportation, making it highly attractive to renters. The average household income within a 5-mile radius exceeds $155,000. This turnkey investment offers a rare opportunity to acquire a high-performing multifamily asset in a thriving market.