9-11 Melbourne Street, Boston, Massachusetts 02124

$1,950,000
22
BD
6
BA
8,529
SqFt
List Price
$1,950,000
MLS#
72981613
Bedrooms
22
Full Bathrooms
6
Sq. Ft
8,529
Lot Size
3,500
County
Suffolk
Year Built
1900
Status
CONTINGENT

Property Description

RARE OPPORTUNITY FOR INVESTORS TO OWN A 6-UNIT BUILDING IN A PRIME LOCATION! Two 3 bedroom units on first floor and four 4 bedroom units on 2nd and 3rd floor all sunny with a living room and an eat-in kitchen with a dishwasher. The property has sprinklers throughout and an updated central fire alarm maintained by the private alarm company. The roof has been updated within the last 6 months and the basement is clean with laundry hookups. The building is next door to a well-maintained park with lots of green space and plenty of street parking. The return on investment is a no-brainer: At list price, it is a 7.13% cap rate with a 10.28% cash on cash return based on the current rent roll & expenses with 25% down and 75% financed at 4.5%. There is a huge and easy-to-achieve upside at this property by raising existing tenants' rents to be at the current subsidized rental rates. Those increases would see this property at list price come with a 17.45% cash on cash return and a cap rate of 8.9

Additional Information

Days on Market
17
Taxes
$13,604
Tax Year
2022
Assessment
1239000
Construction
Frame, Brick, Stone/Concrete
Amenities
Public Transportation, Shopping, Tennis Court, Park, Walk/Jog Trails, Medical Facility, Laundromat, Highway Access, House of Worship, Private School, Public School, T-Station
Flooring
Tile, Varies Per Unit, Hardwood, Wood Laminate
Basement
Yes
Basement Features
Full, Interior Access, Concrete Floor
Hotwater
Natural Gas, Tank
Lot Description
Level
Acres
0.08
Price Per Sqft
$228
Utilityconnections
for Gas Range
Disclosures
Lead Paint Certs Compliance Letter available for all 6 units : All group showings will be listed as open houses, buyers need to be registered in advance

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Sheila Traphagen from Bridgestone Properties, LLC

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