| Boston,
MA
Great
Rental Apartment Investor's Dream
People search and search
for great investment
properties and can't seem to find them these days....well, no matter how
you do the math on this one it's a fabulous find!
BASIC INFORMATION
Number of Units: Four (Store Front + Three Residential) Price only: $399,000
MLS#: 70187569
Zoned: Mixed Use -Commercial & Residential (can be changed back to solely
residential if desired)
Sq Ft: 3,182 Acres: .09 Rooms: 14 Bedrooms: 5 Bathrooms: 4 Floors: 3 Heating
zones: 4
FINANCIALS
Actual Rents for 2004**
Store: $850/month
Apartment A: $825/month
Apartment B: $950/month
Apartment C: $825/month
Monthly Rental Income: $3,450 Yearly Rental Income: $41,400
Yearly Breakdown of Expenses for 2004
Electric - Hudson Light & Power - $27
Gas - NSTAR (hot water only) - $725
Taxes - $4,200
Insurance - $2,400
Water and Sewage - $950
Waste Management - $440
Total 2004 expenses: $8,742
Profit Margin for 2004: $32,658
**PLEASE NOTE: Rents in 2004 were below market value. If they were at market
value rents would be:
Unit 1 (store) - $950-$1,000/month
Unit 2 - $850 - $1,000/month
Unit 3 - $1,200 - $1,400/month
Unit 4 - $850 - $1,000/month
Monthly Rental Income: $3,850 - $4,400 Yearly Rental Income: $46,200 - $52,800
USEFUL ADDITION INFORMATION
Biggest Challenge
-Parking. (Ask listing agent about list of solutions that will accommodate your
specific needs)
Biggest Assets
-Visibility of location for businesses
-All recently updated systems including electrical, plumbing
and heating
-Motivated sellers so asking price is low for ROI and condition of property
Creative Ways To Leverage More Money For This Investment
-Space for expanding parking thus getting better rents
-Coin-operated laundry for entire building (2 separate possible areas to house
this)
-Outdoor billboard (could generate at least $1,200 of additional income per
month or $14,400/year)
-Turn the units into condos and sell them individually
-Put larger store-front windows in the front of the building for better
exposure and public visibility
-Additional space for increasing the usable square footage for store unit
-Live in one unit and use the downstairs for your own business
-Rent out the entire building as a commercial/office space
BUYER BONUS: Sellers will drop price by $1,000 for EACH unit ($3,000) that is
delivered vacant.
Asking Price $399,000
We
can finance it!
Contact: Maria Salom
Phone: 617-877-3616
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