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.
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!