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A 45-unit apartment building near the Beverly MBTA commuter rail station is on the market by its owner of the past five years.
Colliers International is marketing 50 Broadway, a 6-story brick building completed in 1930 containing a mix of studio and one-bedroom apartments. The property is less than a two-minute walk from the MBTA station, which provides 37-minute travel times to North Station.
Riverside Properties of Wellesley acquired the property in 2012 for $3.2 million and launched a series of upgrades in 2013, including a new entryway, hallway and basement refinishes and landscaping. The 100 percent occupied property including 23 parking spaces is marketed as a value-add opportunity to increase rents through capital improvements.
Multifamily housing is on the rise in downtown Beverly, where more than 420 units are currently under development.
“Nestled between an extensive amount of retail and residential development on Rantoul Street, 50 Broadway offers investors the opportunity to acquire a value-add, transit-oriented asset that will certainly benefit from a current lack of middle market supply,” Colliers’ Christopher Sower said in a statement.
