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40 Summer St, Bridgewater, MA 02324
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$2,400,000
10 Unit
11 Beds
13 Baths
8167 SQFT
0.98 Acre

Property Description

The Lofts @ Summer Street (40 Summer Street) consists of a four-story building with ten (10) residential units comprised of one (1), 2-Bedroom/2-Bathroom unit, two (2), 1-Bedroom/1.5 Bathroom units, and seven (7), 1-Bedroom/1-Bathroom units. The Property is situated on a 0.98-acre parcel of land with twenty-two (22) on-site parking spaces available for tenants and guests. A transformative gut renovation of the Property was completed in 2019 where the entirety of the buildings envelope, interiors, mechanicals, and fire system were updated. The building is separately metered for heat and electricity which the tenants pay directly. All units feature PTAC heating and air conditioning systems. The Landlord is responsible for common area heat and electric, hot water, and domestic water and sewer. The Lofts @ Summer Street offers the opportunity to acquire a well-located, fully leased, turn-key asset, that is poised for income growth.

Property Details tap to expand

Building Information

  • Total Units: 10
  • Total Floors: 8
  • Total Bedrooms: 11
  • Total Full Baths: 11
  • Total Half Baths: 2
  • Amenities: Bike Path, Conservation Area, Golf Course, Highway Access, House of Worship, Medical Facility, Park, Public School, Public Transportation, Shopping, T-Station, University, Walk/Jog Trails
  • Common Appliances: Dryer, Washer

Financial

  • APOD Available: Yes
  • Gross Operating Income: 220740
  • Gross Expenses: 76342
  • Net Operating Income: 144398

Utilities

  • Electric Info: Individually Metered
  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Included in Rent: Hot Water, Water
  • Under Lease: Yes
  • Floors: 2
  • Levels: 1

Unit 2 Description

  • Included in Rent: Hot Water, Water
  • Under Lease: Yes
  • Floors: 3
  • Levels: 2

Unit 3 Description

  • Included in Rent: Hot Water, Water
  • Under Lease: Yes
  • Floors: 3
  • Levels: 2

Construction

  • Year Built: 1938
  • Type: 5+ Family - 5+ Units Up/Down
  • Foundation Info: Other (See Remarks)
  • Roof Material: Aluminum, Asphalt/Fiberglass Shingles, Rubber
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73300707
  • Last Updated: 10/28/24

Property History tap to expand

Date Event Price Price/Sq Ft Source
10/28/2024Under Agreement$2,400,000$294MLSPIN
10/14/2024Active$2,400,000$294MLSPIN
10/10/2024New$2,400,000$294MLSPIN

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Seller's Representative: Jason Kulik, Horvath & Tremblay
Sub Agent Compensation: n/a
Buyer Agent Compensation: 2
Facilitator Compensation: n/a
Compensation Based On: Net Sale Price
Sub-Agency Relationship Offered: No

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MLS PIN data last updated at 2024-10-28 11:23:00

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