$1,935,000
$1,950,000
0.8%For more information regarding the value of a property, please contact us for a free consultation.
9-11 Melbourne Street Boston, MA 02124
22 Beds
6 Baths
8,529 SqFt
Key Details
Sold Price $1,935,000
Property Type Multi-Family
Sub Type 5-9 Family
Listing Status Sold
Purchase Type For Sale
Square Footage 8,529 sqft
Price per Sqft $226
MLS Listing ID 72981613
Sold Date 08/17/22
Bedrooms 22
Full Baths 6
Year Built 1900
Annual Tax Amount $13,604
Tax Year 2022
Lot Size 3,484 Sqft
Acres 0.08
Property Sub-Type 5-9 Family
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
Location
State MA
County Suffolk
Zoning Res
Direction Dorchester Ave to Welles Ave to Melbourne Street
Rooms
Basement Full, Interior Entry, Concrete
Interior
Interior Features Pantry, Lead Certification Available, Bathroom With Tub & Shower, Internet Available - DSL, Living Room, Kitchen, Unit 1(Stone/Granite/Solid Counters, Bathroom With Tub & Shower), Unit 1 Rooms(Living Room, Kitchen)
Heating Baseboard, Natural Gas, Unit 1(Hot Water Baseboard)
Flooring Tile, Varies Per Unit, Hardwood, Wood Laminate, Hardwood Floors, Unit 1(undefined)
Appliance Range, Oven, Dishwasher, Refrigerator, Unit 1(Range, Dishwasher, Refrigerator, Freezer), Gas Water Heater, Tank Water Heater, Utility Connections for Gas Range
Exterior
Community Features Public Transportation, Shopping, Tennis Court(s), Park, Walk/Jog Trails, Medical Facility, Laundromat, Highway Access, House of Worship, Private School, Public School, T-Station
Utilities Available for Gas Range
Roof Type Tar/Gravel
Garage No
Building
Lot Description Level
Story 9
Foundation Stone, Brick/Mortar
Sewer Public Sewer
Water Public
Others
Senior Community false
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Bought with Tenzin Sonam • SL Group Properties, LLC