2 Granite Street offers the opportunity to acquire a well-maintained, fully leased investment Property in an incredible, high-density, urban-infill location at a 5.97% cap rate on current income with below market rents. 2 Granite consists of a desirable, three-story building containing a total of seven residential units. Capital improvements include a brand-new electrical service to the entire building, newer roof and vinyl siding as well as lead paint compliance certificates for all units. Additionally, five of the seven units and the common areas have been renovated; however, the incoming owner can add value through programmatic upgrades to the two unrenovated units, allowing the Property to achieve market rents and increased revenues. The location is 1.2-miles from Downtown Malden and Downtown Malden’s area shopping. Additionally, the Oak Grove Transit Station and Malden Center Transit Station with service on the Orange Line as well as the MBTA Commuter Rail are 1.6 miles away.
Listing courtesy of Horvath & Tremblay.