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Key Details
Sold Price $2,700,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 7,360 sqft
Price per Sqft $366
MLS Listing ID 73214626
Sold Date 06/26/24
HOA Y/N false
Year Built 1960
Annual Tax Amount $25,283
Tax Year 2024
Lot Size 1.850 Acres
Acres 1.85
Property Description
The retail strip consists of 7 fully leased stores with a diverse mix of tenants, including a Greek Bakery, Tattoo Shop, Nail/Pedicure Salon, Driving School, Chinese Fast-Food Restaurant, Barbershop, and Physical Therapy Establishment. Convenient location on Lake Street, cornering Lowell Street, attracting customers from surrounding areas like West Peabody, Lynnfield, and Reading and more. Well-maintained property with ample parking and convenient access for deliveries. Fully leased properties ensure immediate income generation for investors, providing stability and cash flow. With the adjacent residential property also fully leased, investors benefit from diversified income streams. Given the prime location and zoning designation, there may be opportunities for future development or renovation to increase the value of the properties further. This property could be sold with MLS # 732114637 which is priced at $799,900.
Location
State MA
County Essex
Zoning BN
Direction Lowell Street to Lake Street
Exterior
Utilities Available Public Water, Public Sewer
Total Parking Spaces 45
Others
Senior Community false
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Bought with Frank Pasciuto • Pasciuto and Associates