277 Rantoul StBeverly, MA 01915

Property Details for 277 Rantoul St

Year built

1890

Construction

FRAME

Lot size

0.10 AC

Property size (Sq ft)

4,050 SF

Zone code

CC

Property type

Investment properties

Property subtype

Live-work space

APN

BEVE M:0011 B:0128 L:

APU

BEVEM0011B0128L

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $669,586

  6.5%

  $618,079

  7%

  $573,931

• Comparable approach

  Method

  Valuation

  Relative Method

  $529,173

  Geo Method

  $529,173

• Alternative Use

  Use

  Valuation

  Residential

  $766,418

  Hospitality

  $702,035

  Educational

  $584,085

  Medical

  $604,173

  Retail

  $908,577

Location Insight

City

Beverly

County

Essex

State

Massachusetts

Latitude

42.5505

Longitude

-70.883

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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