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5 Pleasant Street - The Red Tavern, Methuen, MA

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5 Pleasant Street - The Red Tavern

Methuen, MA 01844-3194 - Lawrence/Andover Submarket

Property Type:Office Sub Type:- Status:Existing , Renov 2002 Year Built:1850
Stories:3 Typical Floor:6,991 SF Building Size:20,975 SF
For Sale Price:$1,549,000 Price/SF:$73.85
Cap Rate:7.00 %
Parking:Free Surface spaces are available; Ratio of 2.38/1,000 SF Amenities:Conferencing Facility, On Site Management, Property Manager on Site

Sale Notes:
Faulkner & Associates is pleased to present for sale this Investment or Redevelopment opportunity in the heart of the Methuen, MA business district, widely known as the Historic Red Tavern. Over 20,000sf of office and restaurant space in the current building, situated on a .4 acre city lot. The opportunity that exists is for either redevelopment of this parcel, or the current investment use, which features an established tenant roster, with the anchor tenant being Mi Mexico Lindo restaurant. Conveniently located in close proximity to I-93 and I-495. Significant vehicle and pedestrian traffic.

This complex has 3 stories and over 40 parking spots. There is a common kitchen. There are 5 common restrooms as well as 3 private full baths. The building is currently over 85% occupied and grosses over $155,000 in annual income. This parcel can be combined the adjacent property at 275 Broadway.

Just off Broadway, in the heart of Methuen Square.

Keller Williams Commercial - Faulkner & Associates
Janet Faulkner
(978) 269-5445

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