645 East 2nd St., Boston, MA 02127

$2,350,000

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4 Units

$587,500 Cost/Unit

7 BRs

4,140 Sq.Ft.

1.30% Cap Rate

-13.10% Cash-on-Cash Return

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East Side Mixed Use 4 unit multi-family. Owner occupied for the last 40 years this property is a RARE FIND. Once operated as a local tavern the commercial space encompasses approx. 1700-1800 SF with additional storage located in basement. 3 RENOVATED residences are located on the second and third floors. Unit 1 is a bi level apt. 2BR's approx. 1100 SF. Units 2&3 are 2 BRs approx. 600 SF. All ... units are heated with 20,000BTU gas fireplaces and have their own mini split air conditioning/heat systems. All units are separately metered, have HW floors, updated kitchens with granite counters and stainless steel appliances, in unit washer/dryers, modern baths and private outdoor decks. Commercial unit spans over entire first floor and basement. Finished basement area offers versatile "extra" living space and commercial storage. PARKING for 2 cars is available in the rear of the building but is currently used as a "patio" for previous tavern. Buyers to perform all due diligence.

PROPERTY HIGHLIGHTS

Status

Active

Days on Market

List Price

$2,350,000

Price per Unit

$587,500

Price per Bedroom

$335,714

Gross Living Area

4,140 Sq.Ft.

Price per Sq.ft.

$568

Assessed Value

$1,268,700

Taxes

$20,500

PROPERTY FEATURES

Year Built

1900

Number of Units

Total Bedroms

Bathrooms

6 full / 1 half

Parking/Garage Spaces

2 / 0

Lot Size

1,534 Sq.Ft.

Acreage

0.04 acres

Basement

ESTIMATED MORTGAGE PAYMENT

Offer Price

$2,350,000

Down Payment %

25%

Down Payment Amount

$587,500

Loan Amount

$1,762,500

Interest Rate Estimate

4.50%

Monthly Payment

$8,930

Contact Our Mortgage Partner:

Kevin Potter
Cross Country Mortgage
978-548-4464

PROJECTED ANNUAL INCOME

Projected Rents

$61,812

Less 5.0% Vacancy

$3,091

Net Rental Income

$58,721

Other Income

Total Operating Income

$58,721

PROJECTED ANNUAL EXPENSE

Real Estate Taxes

$20,500

Insurance

$2,300

Water/Sewer

$1,000

Heat

Electric

Trash Removal

Management Fee

$2,936

Maintenance/Repairs

$1,762

Total Operating Expenses

$28,498

PROJECTED RETURN ON INVESTMENT

Total Operating Income

$58,721

Total Operating Expenses

$28,498

Net Operating Income

$30,223

Est. Annual Mortgage Payments

$-107,160

Projected Cash Flow

$-76,937

Cash on Cash Return

-13.10%

Cap Rate

1.30%

Condo Conversion Equity

$146,420

Local Multi-Family Experts for This Market…

Real Estate Agent

Steve Martin
Wellsco Realty
617-212-3251

Residential Lender

Kevin Potter
Cross Country Mortgage
978-548-4464

Commercial Lender

Steven Provanzano
East Boston Savings Bank
978-977-8543

Real Estate Attorney

Meredith Fine
Cape Ann Business Law, PC
978-314-9277

Insurance Company

Greg Porziano
Paul Murphy Insurance
617-288-2873

Property Management

Hemlane
All-in-one Property Mgmt Tool

This property is listed by Lynn Hollenbeck of Seaport Realty Group. The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors, landlords and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, non-commercial use of consumers having a good faith interest in purchasing, leasing or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.

Disclaimer: We do not guarantee the numbers provided are 100% accurate. These are rough estimates to help decide whether or not you’d like to learn more about the property. We recommend doing your own due diligence or having a one of our agents do the leg work for you. There are many factors that can affect any of the projected numbers listed above. Such factors beyond our control include but are not limited to: financing terms, tax rates, overall condition of property, and investor ability to operate and manage property and tenants effectively.