122 Bridge St Beverly, MA 01915
- Commercial real estate
- 5,691 SF
Current Use by Public Records
- Commercial real estate
Property Details for 122 Bridge St
- Year built
- 1920
- Property size
- 5,691 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a six-unit apartment building located at 122 Bridge Street in Beverly, Massachusetts. The property, built in 1920 and renovated between 2019 and 2021, comprises two buildings with two stories each, offering a total of 5,691 square feet, with 3,654 square feet of net rentable space. The building features a mix of unit sizes: three studios, one one-bedroom with a den, one two-bedroom, and one three-bedroom unit. Amenities include a balcony, coin-operated laundry, eight surface parking spaces, and one garage. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $90,067, with a pro-forma NOI projected at $108,081. This translates to a 6.12% cap rate. The property is zoned R10 and sits on a prime location near the Cummings Center, Lahey Medical, and Beverly Depot, offering convenient access to major transportation routes including RT128, RT1A, RT1, RT62, and RT114. The asking price is $1,450,000. This value-add opportunity allows for significant upside potential through rent increases to market levels and potential unit renovations. The property benefits from strong demographics, with a nearby population of 42,318 and an average household income of $99,525. This offering presents a rare chance to acquire a property that has not been on the market for 31 years.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Beverly
- County
- Essex
- State
- Massachusetts
- Longitude
- -70.9006445
- Latitude
- 42.5516334
