The full year 2010 numbers for multifamily sales figures reveal the top 5 Massachusetts Cities with the largest 10 year percentage increase in triple decker prices. Â Data in this post is based on information provided to and compiled by MLS Property Information Network, Inc.
|City||Average Sale Price Increase - 10 Year||Average Sale Price Increase - 5 Year||Average Sale Price Increase - 1 Year|
The average sale price for a Somerville triple decker, aka 3 unit multifamily house, was $404,035 in 2000. Â That figure rose to an average of $571,945 in 2010, which was an increase of 141.6%. Â Over that time, the owner of the triple decker would have also collected rent and possibly paid off some of the principal if he had a mortgage. Â Are you thinking "decent investment?"
However, note that the average buyer would have lost equity in their triple decker if they purchased one in 2005 and still held it in 2010. Â Multifamily income property investment is a long term investment.
The figures above only include cities and towns in Massachusetts that had at least 10 3 unit multifamily sales in each year that I examined, which were 2010, 2005, and 2000.