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BROADWAY 50 BEVERLY
BROADWAY50
BEVERLY
EXECUTIVE SUMMARYColliers International is pleased to present for sale 50 Broadway, a forty-five (45) unit apartment community located in Beverly, Massachusetts. The property is less than a 2-minute walk from Beverly Depot MBTA Commuter Rail station and hosts a mix of studio and one-bedroom units.
50 Broadway is an ideal value-add opportunity for investors to increase unit rents through capital improvements and unit renovations. Average rent prices for units are $1,142 - $1,333, while units nearby at 131 Rantoul Street average $2,200.
The Property is proximate to the Beverly Depot MBTA Commuter Rail Station, which provides access to Boston’s North Station in 30 minutes. Additionally, 50 Broadway is 2 miles from the Salem Ferry, a popular commuting option from spring to early fall. The Property benefits from access to local community amenities on Beverly’s Cabot & Rantoul streets, as well as major roadway Routes 1 and 128.
50 Broadway is available on an unpriced basis. Additional due diligence materials are available for qualified buyers. We will be conducting tours of the property in the coming weeks with a call for offers to follow. For additional information, please visit 50broadway.colliers.com.
23 Parking Spaces
0.1 mile toBeverly DepotMBTA Station
On-Site Laundry Room
Two (2) Bike Storage rooms
UNITS45
STORIES6
PARKING SPACES23
SITE SIZE (ACRES)0.45
VALUE ADD POTENTIAL WITH INCREASING MARKET DEMANDThe property presents the opportunity to continue the apartment renovation program and increase rents. With newer construction apartments that have come to market on the North Shore, 50 Broadway is well positioned to absorb the demand for middle-market housing product.
ACCESS TO TRANSPORTATION50 Broadway boasts convenient access to the Beverly Depot Commuter Rail Station, as well as Routes 1 and 128. The property is also located close to the Salem town border, providing easy access to the Salem Ferry station in under 2 miles.
IMMEDIATE ACCESS TO HIGHLY SOUGHT-AFTER AMENITIES IN BOTH BEVERLY AND SALEMLocated in between Rantoul & Cabot Streets, residents of 50 Broadway enjoy easy walking access to surrounding parks, shops, restaurants, and entertainment destinations in Beverly, Salem, and surrounding communities.
CONTINUING STRENGTH AND DEVELOPMENT IN BEVERLY MARKET
The Town of Beverly has experienced a surge in development with many upcoming projects in the pipeline, including apartments, commercial, retail, and self-storage. Notable developments include 112 Rantoul Street (MBTA site), 480 Rantoul Street, and North Shore Crossing.
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UNIT MIX CHART1 BEDROOMSTUDIOHYBRID*
15
7
*Includes alcoves & very large kitchens
MULTI-FAMILY INVESTMENT SALESChristopher Sower
Bruce Lusa617-330-8043
Jonathan Bryant617-330-8081
John Flaherty617-330-8151
BROADWAY50
BEVERLY
