Main Street Mixed-Use - LoopNetimages4.loopnet.com/d2/MKyVv2PH-0CEqThOtt4B4usKSJrAW9to0VOwxobS9ic/...Main Street Mixed-Use 352 Main St Gloucester, ... Units Type Approx. SqFt Avg

For more information contact:

Main Street Mixed-Use 352 Main StGloucester, MA 01930

Edward Jordan, CCIM

Managing Director

(857) 990-6800

[email protected]

Drew Kirkland

Senior Associate

(857) 990-6802

[email protected]

Francis Saenz

Investment Associate

(857) 990-6803

[email protected]

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



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



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Executive SummaryMain Street Mixed-Use



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



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



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



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



● One Bedroom

● Two Bedroom

UNIT MIX INCOME UNIT MIX MARKET INCOME



● One Bedroom

● Two Bedroom



● One Bedroom

● Two Bedroom

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DemographicsMain Street Mixed-Use



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



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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Documents

Main Street Mixed-Use - LoopNetimages4.loopnet.com/d2/MKyVv2PH-0CEqThOtt4B4usKSJrAW9to0VOwxobS9ic/...Main Street Mixed-Use 352 Main St Gloucester, ... Units Type Approx. SqFt Avg