RETAIL CENTER w/ RE-DEVELOPMENT RIGHTS
54 Foster Street, Peabody MA
The Mega Group is pleased to make available this neighborhood retail strip center in downtown Peabody MA, featuring two tenants and more than 20 parking spaces with a re-development upside.
There is currently two (2) retail tenants with long-term leases in place occupying 100% of the 6,000 +/- square feet of street level retail space for which the property earns $123,600 in annual gross revenue.
54 Foster Street is located within the BC (Central Business) zoning district which provides the upside opportunity to convert the existing opportunity into a mixed-use development by maintaining existing street-level retail and the opportunity to permit apartments above, which cannot be done in any other district in Peabody. There is a parking requirement per residential unit requirement to be aware of and zero per retail square foot. Having 21+ existing parking spaces on site, with an average of 1.5 parking space per unit requirement, it has been determined between twelve (12) and fourteen (14) residential units may be permitted by right, above the existing street retail units.
We think this opportunity bodes well as a value-add opportunity or as-is in an ideal 1031 Tax Deferred Exchange opportunity.
Brochure Peabody MA
Zoning Bylaws
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