277 Rantoul St, Beverly, MA 01915-5757

This exceptional mixed-use property at 277 Rantoul Street in Beverly, Massachusetts, presents a compelling investment opportunity. The 6,039 square foot building, constructed in 1890 and extensively renovated between 2020 and 2022, features a thriving ground-floor restaurant and two oversized one-bedroom residential units on the second floor, totaling 4,050 square feet of net rentable space. The property sits on a 4,326 square foot lot and is zoned "cc". Currently operating at 100% occupancy since June 27, 2017, with a lease expiring June 30, 2027, the property boasts a current NOI of $56,474 and a pro-forma NOI of $64,260, translating to a current cap rate of 5.65% and a pro-forma cap rate of 6.43%. One residential unit offers potential for expansion. The property's prime location near Cummings Center, Lahey Medical, and Beverly Depot provides excellent access to major transportation routes. The asking price is $1,000,000. Utilities are handled on a shared basis between the commercial and residential tenants, with specific arrangements detailed in the lease agreements. This is a Class B, multi-tenant, gross lease property with a single commercial tenant and two residential units. The building is a two-story structure.