142 Madison St

Fitchburg MA 01420

4788 sq. ft.

6970 sq. ft.

Multi-Family

Currently for sale - view listing

Overview

PRICE REDUCED Now offered at $525,000! Here is the opportunity investors and owner-occupants have been waiting for in revitalizing Fitchburg, Massachusetts 142 Madison Street is a 3-family, 3-story property with three spacious units, making it an excellent choice for an investor looking to build rental income or an owner-occupant who wants to have tenants help pay the mortgage. The property does need some TLC, but that is where the opportunity begins. With an estimated after-repair value of approximately $640,000, a new owner has the chance to improve the property, increase its value, and build equity over time. New price: $525,000 Three 3-bedroom, 1-bath units Three-story building Tenants pay all utilities Separate utilities Newer heating systems Newer water heaters Strong rental location One unit currently vacant Owner-occupant opportunity Below-market rents Estimated after-repair value of approximately $640,000 The vacant unit creates a great opportunity. Live in one unit while the rental income from the other units helps offset your housing costs. An investor can also take advantage of the rental demand in this area and improve the units over time. Fitchburg continues to see new investment, redevelopment, and revitalization, making location an important part of this opportunity. The property is convenient to Fitchburg State University, shopping, schools, medical services, restaurants, Route 2, and public transportation. The Fitchburg MBTA station provides commuter rail service toward Boston, adding another benefit for renters and commuters. This is not a property where you are paying top dollar for a fully renovated building. You are buying the opportunity to create value. The building itself is structuraly sound, cosmetics are needed.