North End Investment Opportunity

The North End is a unique neighborhood in Boston.  It has a tight nit group of landlords that seem to own everything.  This is a great opportunity to jump in and take a piece of the action for yourself. This building is located near the waterfront and was gut renovated in the Summer of 2011.  The North End inventory is typically small 1 and 2 bedroom units and this owner built the building to fill the demand gap for 3 bedroom rentals.  The tenants are mostly professionals, however these 3 beds would also appeal to the Suffolk rental crowd.  Finishes are durable and the building was fitted with a full wet sprinkler system.  Last but not least there are storage units, a roof deck and a rear patio.    I like this one because it is new, fills a demand gap, and at the list price is an above market cap rate for the area.

 

Financials:

List Price : $1,775,000

Gross income: $157,200

Operating Expenses : $ 27,216

Net Operating Income : $129,984

Cap Rate :  7.3%

 

P.S. you wont find this listing on any MLS system!

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