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South Boston MA Multi-Family Properties

Empowering Your Real Estate Investment Search

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Steve Martin
Buy or Sell a Multi
Licensed in MA

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Kevin Potter
Mortgage Financing
NMLS# 1401242, 3029, 41781

Header Left

Steve Martin
Buy or Sell a Multi
Licensed in MA

Header Right

Kevin Potter
Mortgage Financing
NMLS# 1401242, 3029, 41781
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MultiFamilyProperties.com » Markets » South Boston » Property Details

645 East 2nd St., Boston, MA 02127

$2,350,000
 Call Agent  Text Agent
4 Units
$587,500 Cost/Unit
7 BRs
4,140 Sq.Ft.
1.30% Cap Rate
-13.10% Cash-on-Cash Return

REQUEST INFO / SCHEDULE SHOWING...

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.

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PROPERTY HIGHLIGHTS

Status
Active
Days on Market
69
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
4
Total Bedroms
7
Bathrooms
6 full / 1 half
Parking/Garage Spaces
2 / 0
Lot Size
1,534 Sq.Ft.
Acreage
0.04 acres
Basement
Y

ESTIMATED MORTGAGE PAYMENT

Offer Price
$2,350,000
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Down Payment %
25%
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Down Payment Amount
$587,500
Loan Amount
$1,762,500
Interest Rate Estimate
4.50%
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Monthly Payment
Contact Our Mortgage Partner:

Kevin Potter
Cross Country Mortgage
978-548-4464
$8,930
Contact Our Mortgage Partner:

Kevin Potter
Cross Country Mortgage
978-548-4464

PROJECTED ANNUAL INCOME

Projected Rents
Based on average rents in this market for these sized units.
$61,812
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Less 5.0% Vacancy
$3,091
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Net Rental Income
$58,721
Other Income
Laundry, Storage, etc.
$0
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Total Operating Income
$58,721

PROJECTED ANNUAL EXPENSE

Real Estate Taxes
Obtained from MLS or estimated based on tax rates.
$20,500
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Insurance
Contact Our Insurance Partner:

Greg Porziano
Paul Murphy Insurance
617-288-2873
$2,300
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Water/Sewer
Estimated based on property size.
$1,000
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Heat
Typically paid by tenants.
$0
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Electric
Typically paid by tenants.
$0
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Trash Removal
Typically paid by the owner.
$0
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Management Fee
Contact our property management software partner:

Hemlane
All-in-one Property Mgmt Tool
$2,936
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Maintenance/Repairs
We estimate 3% of operating income.
$1,762
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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
Contact Our Mortgage Partner:

Kevin Potter
Cross Country Mortgage
978-548-4464
$-107,160
Projected Cash Flow
$-76,937
Cash on Cash Return
Projected Cash Flow Over Down Payment
-13.10%
Cap Rate
Net Operating Income Divided by Sales Price
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.
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Steve Martin
Wellsco Realty
617-212-3251 direct
978-518-1481 office
40R Merrimac Street, Newburyport, MA 01950

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