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| Type: | Retail Space |
| Location: | 533 Main Street
Fitchburg,Massachusetts 01420 |
| Price: | $680,000 |
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Description:
Investors, builders, developers - Great opportunity. Add value. Up to $135,000/month!
DC Fortune 501 LLC is offering a unique investment opportunity either for sale or joint venture / partnership for the development of student housing for Fitchburg State University in downtown Fitchburg, MA. The development consists of the substantial renovation of two commercial buildings on Main Street and vertical construction of a third building located on Blossom Street, Fitchburg, MA. The buildings can be purchased separately or together. The breakdown is as follows:
491-499 Main St - $720,000
533 Main St - $680,000
18 Blossom St - $670,000
When completed, the three buildings will provide 32 suites of certified, off-campus, student housing for 159 university students. Additionally, both Main Street buildings will yield approximately 8,000 square feet of leasable commercial retail space. Initial ___highest___ use analysis suggests an anchor family sports restaurant (much needed in downtown Fitchburg) and a multi-vendor food court for students and retail customers.
Internal demolition permits have been obtained to gut the interior of the buildings and prepare them for construction.
The two downtown buildings on Main Street were built for commercial use. Building 533 Main Street was constructed in 1894 as a YMCA. Building 491-499 Main Street was built in the 1920___s as a downtown retail location with offices and light manufacturing on the upper floors. Building 18 Blossom Street will be new construction. The three buildings comprise more than 82,000 square feet of space (including basements).
Properties are walking distance to Fitchburg State College, commuter rail and bus station, and are 200 ft from main Police headquarters and 100 ft across from Municipal parking garage.
Anticipated rents will be $750 per month per bed, or $9,000 per year (159 beds * $9,000 = $1,431,000). Projected first-year operating expenses constitute approximately 35% of gross revenue. In addition, the ground floor of 533 Main St. will have 2,065 sq. ft. of retail space, 491-499 Main St. will have 4,215 sq. ft. of retail space, totaling approximately 6,300 sq ft. (up to $11,000 a month). Approximate rents per building if you were to buy the building separately is as follows:
491-499 Main St - $53,000/month
533 Main St - $42,000/month
18 Blossom St - $40,000/month
The owner of these 3 projects, DC Fortune 501, LLC, is offering equity partnership for up to 35% of the net income. Financing (including Seller financing) is available.
For more information (i.e. Executive Summary, remodeling/construction budget & Proforma statements) and to schedule a viewing please contact David at 781-888-0699.
Additional Information:
| Sale_Type: | For Sale | | Square Feet: | 82000 | | Number Bathrooms: | 0.0 | | Number Stories: | 3 | | Water Source: | City | | Price: | $680,000 |
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Contact Information:
(You may contact the seller by email or phone)
Listing #: 538259
Visitors: 365
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