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INVESTMENT HIGHLIGHTS
THE ASSET: Spring Meadows consists of three (3) buildings and contains a total of twenty-two (22) units, comprised entirely of 3+Bedroom/1.5-Bathroom direct entry townhouse units with 41,680 square feet of gross leasable area in 55,324 square feet of total gross area on a large 11.91-acre parcel. The Property has been well-maintained by current ownership and features ample off-street parking with forty-six (46) spaces and separate utilities with HVAC systems throughout and laundry hookups in each unit. Large units (approximately 2,000 square feet) offer spacious layouts with finished walkout basements and many units have been renovated with granite countertops and stainless-steel appliances. The Property offers upside through programmatic upgrades to the unrenovated units and by implementing additional improvements to modernize finishes and fixtures in the renovated units.
CONVENIENT LOCATION: Spring Meadows is situated on Prince Street just off of Centre Street in a desirable, suburban neighborhood in Danvers. The Property enjoys excellent connectivity to major transportation routes, featuring incredible access to Interstate 95 and US Route 1, the primary commuter and commercial highways in the North Shore, offering convenient access to the other major roadways in the Greater Boston area. Public transportation is available on MBTA Bus Routes 435 and 436 at the Liberty Tree Mall @ Best Buy stop.
UPSIDE POTENTIAL: Spring Meadows offers the opportunity to acquire a well-maintained investment property with upside in a desirable North Shore location. The subject property is ideal for a potential buyer looking for income growth and strong investment returns. Danvers’ future is bright, thanks to continued commercial and infrastructure development in Danvers and the surrounding areas.
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