As prices rise in Boston, renters are looking to live in towns that are close to the city, but have character, charm and a scene all their own. Newburyport is at the top of that list of cool new towns. This two-family is a mile away from the old port’s brick buildings and sidewalks, quality restaurants, artisan shops, public art installations, and year-round events and festivities. The home also has a quiet scenic appeal with its location across the street from the Merrimack River.
The property is currently listed at $449,000 and has one two-bedroom unit ($1,500/month rent) and one one-bedroom unit ($1,200/month rent), which together would project gross rents of $32,400/year.
Nonetheless, the real value would come with some additional foresight. “The real value of this property is that it has great potential for condo conversion,” says realtor Steve Martin. “If someone takes the opportunity to develop these into three two-bedroom units, they can create a really great return.”
Especially considering the average price of a two-bedroom property in Newburyport is currently $300,000.
Find investment highlights as well as income and expense breakdown: http://multifamilyproperties.com/listings/?mls=72082534