main street mixed-use -...
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For more information contact:
Main Street Mixed-Use 352 Main StGloucester, MA 01930
Edward Jordan, CCIM
Managing Director
(857) 990-6800
Drew Kirkland
Senior Associate
(857) 990-6802
Francis Saenz
Investment Associate
(857) 990-6803
Phone: (857) 990-6800 ● 300 Washington Street, Suite 300 ● Newton, MA 02458 ● www.NortheastPCG.com
4,582 SF Retail & Residential Property●
Four (4) Residential and Three (3) Commercial Units●
One & Two Bedroom Floor Plans | On Site Laundry●
Real Estate Investment DetailsMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
Analysis
Analysis Date September 2017
Property
Property Main Street Mixed-Use
Property Address 352 Main StGloucester, MA 01930
Year Built 1900
Financial Information
Down Payment $212,500
Purchase Information
Property Type MultiFamily
Purchase Price $850,000
Units 7
Total Rentable Sq. Ft. 4,577
Loans
Type Debt Term Amortization Rate Payment LO Costs
Fixed $637,500 30 years 30 years 4.5% $3,230
Income & Expenses
Gross Operating Income $90,756
Monthly GOI $7,563
Total Annual Expenses ($23,862)
Monthly Expenses ($1,988)
Contact Information
Edward Jordan, CCIM(857) [email protected]
Drew Kirkland(857) [email protected]
Francis Saenz(857) [email protected]
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax orother professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting,tax or other professional area before making any decisions.
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Property DescriptionMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
4,582 SF Retail & ResidentialOn Site Laundry
Northeast Private Client Group is pleased to presentthe Main Street Mixed-Use located on 352 MainStreet in Gloucester, MA.
This wood-frame building built in 1900 consists ofthree retail tenants on the first floor. Four residentialunits on the second floor, two 2 bedroom and two 1bedrooms with on-site laundry. Total occupancy ofseven units. Property consists of 3,340 SF of landwith 63' of frontage on Main St.
All interested and qualified parties will have anopportunity to tour the property duringscheduled appointments and obtain additionalinformation upon request.
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Location MapMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
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Executive SummaryMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $850,000
Investment - Cash $212,500
First Loan $637,500
INVESTMENT INFORMATION
Purchase Price $850,000
Price per Unit $121,429
Price per Sq. Ft. $185.71
Income per Unit $13,500
Expenses per Unit ($3,409)
INCOME, EXPENSES & CASH FLOW
Gross Scheduled Income $94,500
Total Vacancy and Credits ($3,744)
Operating Expenses ($23,862)
Net Operating Income $66,894
Debt Service ($38,761)
Cash Flow Before Taxes $28,133
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes 13.24%
Debt Coverage Ratio 1.73
Capitalization Rate 7.87%
Gross Rent Multiplier 8.99
Gross Income / Square Feet $20.65
Gross Expenses / Square Feet ($5.21)
Operating Expense Ratio 26.29%
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Pro Forma SummaryMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
INCOME
Actual Per Unit Pro Forma Per Unit
Gross Potential Rent $93,600 $13,371 $94,800 $13,543
Less: Vacancy ($3,744) ($535) ($3,792) ($542)
Misc. Income $900 $129 $900 $129
Effective Gross Income $90,756 $12,965 $91,908 $13,130
OPERATING EXPENSES
Actual Per Unit Pro Forma Per Unit
Property Management Fee $4,538 $648 $4,740 $677
Building Insurance $2,500 $357 $2,500 $357
Repairs & Maintenance $3,500 $500 $3,500 $500
Payroll & Contract Services $3,500 $500 $3,500 $500
Taxes - Real Estate $5,224 $746 $4,000 $571
Utility - Electricity $600 $86 $600 $86
Water & Sewer $4,000 $571 $4,000 $571
Total Expenses ($23,862) ($3,409) ($22,840) ($3,263)
Net Operating Income $66,894 $9,556 $69,068 $9,867
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Pro Forma SummaryMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total Pro Forma Total
Victoria's Nail Salon 2 $9,900 $19,800 $10,200 $20,400
Ryan & Son Roofing 1 $9,000 $9,000 $9,600 $9,600
One Bedroom 2 $15,000 $30,000 $15,000 $30,000
Two Bedroom 2 $17,400 $34,800 $17,400 $34,800
TOTALS 7 $93,600 $94,800
ANNUALIZED INCOMEActual Pro Forma
Gross Potential Rent $93,600 $94,800
Less: Vacancy ($3,744) ($3,792)
Misc. Income $900 $900
Effective Gross Income $90,756 $91,908
Less: Expenses ($23,862) ($22,840)
Net Operating Income $66,894 $69,068
Debt Service ($38,761) ($38,761)
Net Cash Flow after Debt Service $28,133 $30,307
Principal Reduction $10,284 $10,284
Total Return $38,417 $40,591
ANNUALIZED EXPENSES
Actual Pro FormaProperty Management Fee $4,538 $4,740
Building Insurance $2,500 $2,500
Repairs & Maintenance $3,500 $3,500
Payroll & Contract Services $3,500 $3,500
Taxes - Real Estate $5,224 $4,000
Utility - Electricity $600 $600
Water & Sewer $4,000 $4,000
Total Expenses $23,862 $22,840
Expenses Per RSF $5.21 $4.99
Expenses Per Unit $3,409 $3,263
INVESTMENT SUMMARY
Price: $850,000
Year Built: 1900
Units: 7
Price/Unit: $121,429
RSF: 4,577
Price/RSF: $185.71
Lot Size: 0.08 acres
Floors: 2
Cap Rate: 7.87%
Pro Forma Cap Rate: 8.13%
GRM: 8.99
Pro Forma GRM: 8.88
FINANCING SUMMARY
Loan Amount: $637,500
Down Payment: $212,500
Loan Type: Fixed
Interest Rate: 4.5%
Term: 30 years
Monthly Payment: $3,230
DCR: 1.73
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Unit Mix ReportMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
UNIT MIXES
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly2 Victoria's Nail Salon 763 $825 $1,650 $850 $1,7001 Ryan & Son 763 $750 $750 $800 $8002 One Bedroom 572 $1,250 $2,500 $1,250 $2,5002 Two Bedroom 572 $1,450 $2,900 $1,450 $2,9007 4,577 $7,800 $7,900
UNIT MIX UNIT MIX SQUARE FEET
● Victoria's Nail Salon
● Ryan & Son Roofing
● One Bedroom
● Two Bedroom
● Victoria's Nail Salon
● Ryan & Son Roofing
● One Bedroom
● Two Bedroom
UNIT MIX INCOME UNIT MIX MARKET INCOME
● Victoria's Nail Salon
● Ryan & Son Roofing
● One Bedroom
● Two Bedroom
● Victoria's Nail Salon
● Ryan & Son Roofing
● One Bedroom
● Two Bedroom
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DemographicsMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
Population Characteristic 1 Mile 3 Mile 5 Mile
AGES 0-4 511 1,060 1,437
AGES 5-9 625 1,373 1,865
AGES 10-14 611 1,385 1,915
AGES 15-19 639 1,463 2,035
AGES 20-24 707 1,563 2,161
AGES 25-29 726 1,545 2,104
AGES 30-34 725 1,483 1,978
AGES 35-39 746 1,499 1,960
AGES 40-44 806 1,658 2,197
AGES 45-49 887 1,911 2,602
AGES 50-54 905 2,079 2,938
AGES 55-59 866 2,091 3,036
AGES 60-64 775 1,930 2,876
AGES 65-69 657 1,611 2,455
AGES 70-74 510 1,265 1,943
AGES 75-79 392 1,005 1,503
AGES 80-84 281 765 1,087
AGES 85+ 446 1,288 1,800
Household Income 1 Mile 3 Mile 5 Mile
Median Household Income $43,808 $57,713 $69,233
< $10000 418 641 882
$10000-$14999 371 704 856
$15000-$19999 424 628 761
$20000-$24999 324 619 721
$25000-$29999 260 482 616
$30000-$34999 341 781 1,043
$35000-$39999 333 510 561
$40000-$44999 244 468 596
$45000-$49999 172 435 595
$50000-$60000 425 991 1,280
$60000-$74000 604 1,168 1,603
$75000-$99999 748 1,649 2,278
$100000-$124999 378 1,027 1,702
$125000-$149999 166 579 986
$150000-$199999 124 454 992
> $200000 67 496 1,091
Race Characteristic 1 Mile 3 Mile 5 Mile
Non Hispanic White 11,380 26,364 37,259
Population Black 69 96 97
Population Am In/AK Nat N/A N/A N/A
Characteristic Housing 1 Mile 3 Mile 5 Mile
Housing Units 6,662 14,294 20,668
Occupied Housing Units 6,000 12,554 17,344
Owner Occupied Housing Units 2,760 7,428 10,964
Renter Occupied Housing Units 3,240 5,126 6,380
Vacant Housing Units 662 1,740 3,324
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BiographyMain Street Mixed-Use
352 Main StGloucester, MA 01930
Edward Jordan, CCIM(857) 990-6800
Professional BioWHO WE ARE
Northeast Private Client Group is the fastest-growing mid marketinvestment sales firm in the Northeast. We provide unmatched resultsby combining specialized market intelligence with a relationship-based marketing strategy that caters to our individual clients’ needs.
Our experienced team is at the forefront of sourcing and transactingmid-market investment opportunities between Boston and New York,offering clients local submarket intelligence and rich industryexpertise.
Our collaborative and research-driven solutions are tailored to meetthe individual needs of investors and property owners across theNortheast who are looking to buy, sell or exchange mid-marketproperties, including mixed-use, multifamily, retail and office assets. We have a proven track record of matching ourclients with qualified buyers of multifamily and commercial properties.
Throughout all market cycles, our team works closely with building owners to help meet their needs for preservingcapital, repositioning assets, growing returns and maximizing value. We are your strategic partner, offering theaccessibility, commitment and knowledge necessary to effectively achieve your goals.
With offices in Connecticut, Massachusetts and New York, Northeast Private Client Group delivers institutional qualitysupport to our mid-market clients. This highly-disciplined process is just one of the many reasons we have earned theCoStar Power Broker designation year after year.
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