George Peabody Cooperative Building

The Mega Group has available for immediate acquisition this mixed-use brick apartment building having been recently completely gut renovated to include state of the art energy efficiency and life safety compliance.  The offering is eleven (11) total units, one (1) of which are commercial and ten (10) of which are residential apartments.  The asset is in absolute pristine condition and the opportunity is more of a 1031 exchange into situation or a long-term hold.

The George Peabody Cooperative Building is a remarkable historic 3-story brick building next to O'Shea II. All original features from its 1890 construction still exist, but in 2014 the entire 16,864 square feet has seen a complete gut renovation to include an elevator, fully sprinklered and ten (10) apartments above one street-level retail unit.  Like its neighbor, utilizing the Peabody Municipal Light services, the apartments are central heated and cooled by mini splits.  Tenants pay their own utilities.  The commercial tenant is La Siesta Restaurante and is a second location to a family-owned enterprise that continuously earns a 5-star rating.

There is parking behind the 3 Main Street building and the immediate downtown area features three municipal parking lots that are steps from the subject properties.  Additional income in earned by way of storage and laundry.  There are five (5) storage units in 3 Main Street and brand new coin-operated laundry facilities on both living levels.

The pricing guidance based on the excellent condition of the property and its location, we think the sales price shall be somewhere in the 5-6% CAP range.