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
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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
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Listing courtesy of Sheila Traphagen from Bridgestone Properties, LLC
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