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Key Details
Sold Price $1,740,000
Property Type Multi-Family
Sub Type 5-9 Family
Listing Status Sold
Purchase Type For Sale
Square Footage 6,237 sqft
Price per Sqft $278
MLS Listing ID 73255322
Sold Date 09/23/24
Bedrooms 16
Full Baths 6
Year Built 1920
Annual Tax Amount $15,497
Tax Year 2024
Lot Size 4,791 Sqft
Acres 0.11
Property Description
72-74 Thornton St is a three-story building and contains a total of six units, consisting of four 3-Bedroom/1-Bathroom units and two 2-Bedroom/1-Bathroom units. The Property is well-located in a renter-dominated market and is typically fully occupied with low historical vacancy. There is a limited supply of multifamily housing in Revere with a high demand for rental units, given its location along the shore and proximity to downtown Boston (5-miles). The Property is located 0.4-miles from the Revere Beach MBTA T-Station and also enjoys close proximity to the commercial center of Revere and the Revere Beach offering an abundance of shopping, restaurant and outdoor recreation amenities. Listed at a 6.46% cap-rate on current income, in-place rents are below the current market rent for comparable units in the market, offering the Buyer the potential to raise rents and increase current revenue through a programmatic upgrade of the common areas and units.
Location
State MA
County Suffolk
Zoning RB
Direction Please use GPS
Rooms
Basement Unfinished
Interior
Appliance Washer, Dryer
Exterior
Community Features Public Transportation, Shopping, Pool, Tennis Court(s), Park, Walk/Jog Trails, Medical Facility, Laundromat, Bike Path, Highway Access, House of Worship, Marina, Private School, Public School, T-Station
Waterfront false
Waterfront Description Beach Front,Sound,3/10 to 1/2 Mile To Beach,Beach Ownership(Public)
Roof Type Rubber
Garage No
Building
Lot Description Other
Story 3
Foundation Stone, Brick/Mortar
Sewer Public Sewer
Water Public
Others
Senior Community false
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Bought with May Mai • Zhensight Realty LLC