Home Buying in 02115>Question Details

Chris, Home Buyer in 02115

I am looking for a 3 bedroom condo in backbay/roxbury or prudential area for investment property, to rent out to students at northeastern university

Asked by Chris, 02115 Thu Jan 13, 2011

I would like to purchase the property. What is good price range per square foot? Prefer within walking distance to school.

Help the community by answering this question:


Hi Chris,
A friend of mine is about to finish a gorgeous development in JP for 2 3 bedroom units: both units over 2000 sqft. and come with parking.
The price is good and it is all brand new gut renovations.
Please let me know if this is of any interest to you, as the price per square foot makes a lot more sense, compared to the Back Back.
Kind regards,
C.H. Naamad
Boston Luxury Residential
0 votes Thank Flag Link Sun Sep 18, 2011
Hi Chris,

I'm a broker who is the owner occupant of a 1700sq', 3 bedroom, 2.5 bath townhouse condo which was built in 2005 on the Roxbury / JP line. The location is a 5 minute walk to the Orange Line (2 stops from Northeastern).

If this is of interest please see my craigslist post

Good luck in your search,
0 votes Thank Flag Link Mon Jan 24, 2011
As a broker - landlord - investor-- in just the area you want to buy -- I can tell you many stories but I will not bore you -- just like one broker said don't limit yourself just to the Back Bay/Roxbury/Prudential area -- there are alot of other areas that are just as good to buy (some also cheaper) as an investment for student rentals -- as all the other broker have answer you I will throw my hat in the ring -- if you would like some help to find some property give me a call or email -- I will be glad to help -- 617-803-4273
0 votes Thank Flag Link Thu Jan 13, 2011
I would be most happy to assist you but if this is truly a rental for investment then you should give me a call so that we can discuss what your anticipated rate of return is, deposit monies available and specifics of your proposed investment. I would be happy to go over with you your anticipated operating costs as well. Are you considering doing a 1031 tax exchange or is this the first investment property you will be building your portfolio upon. Lots of questions to consider and I would be most happy to assist you. I received my paralegal at Northeastern University and my oldest son graduated from NU too as well as my daughter in law. It is a fantastic university! Look forward to hearing from you, my cellular is 781-910-7294. Regards MaryBeth
0 votes Thank Flag Link Thu Jan 13, 2011

What are your investment goals? Are you looking for a safe investment with low return on your money? On the other end of the spectrum, you can buy investment property with higher returns which most investors consider riskier. Or you can strike a balance somewhere in between. My colleagues have mentioned cap rates, which are great to know but are very difficult to come by when investing in non-commercial residential property. I can help you with Gross Rent Multipliers which is data that is more readily available.

I'm an investor and Realtor(r) who specializes in multifamily real estate. If you want to know some more about reasons to invest in multifamily real estate, read on: http://www.richleere.com/investors/why-invest-in-multifamily…

Your Real Estate Geek,

0 votes Thank Flag Link Thu Jan 13, 2011
Hi Chris,

I own a Brokerage office on Gainsborough Street in the Fenway and specialize in income property investments. As I'm sure you're aware, student investments can be very profitable. With regard to Northeastern students, generally they look to live in the Symphony area or Mission Hill. In the Symphony area the average rent per bedroom is $1200 - $1300 per month. So a three bedroom will rent out for $3600 - nearly $4000. Per Month. In Mission Hill, the monthly rental rates per room are between $800 - $900. In the Symphony area, very few three bedroom condos come up for sale and when they do you can expect to pay $650,000 - $750,000. In Mission Hill however, the cost of a three bedroom condo can be as low as $300,000.

If you would like further information regarding properties or would like to discuss in depth CAP rates and return on investment, I can be reached directly at jd@realestateboston.com.


0 votes Thank Flag Link Thu Jan 13, 2011
if you find it around $430s per sq ft, it is a great deal, walking distance is Gainsborough str, The Fenway and or around there. Back bay it will be over $620 per sq ft, Roxbury Crossings will be much less than $400 per sq ft. If you would require any further assistance, feel free to contact me at yannistsitsas@yahoo.com
Good luck in your search, Yannis
0 votes Thank Flag Link Thu Jan 13, 2011
Hi: I did a quick search and there are only a few 3 bedroom units in the South End, Back Bay or Mission Hill that would work. I saw two units one for $599,000 and the other for $674,000. The other two less expensive 3 bed units had income/owner occupancy restrictions so they would not work for an investor/parent. The rest of the units were priced in excess of $800,000. Happy to talk to you.
Ed Sullivan
Web Reference: http://homesalesboston.com
0 votes Thank Flag Link Thu Jan 13, 2011
Hi, Chris.

When you are considering an investment property you need to consider the cap rate: net income divided by the cost of the property (ex: purchase price)
You also need to focus on the return of investment.

Roxbury is very different than the south end or the back bay in term of average price/square foot. It is much more expensive in the back bay and south end but they also demand higher rents. You will be able to get a much cheaper 3 bedroom in roxbury.

Here is every property on the market in
Back Bay: http://www.territoryre.com/idx/search.html?search=true&s…
Roxbury: http://www.territoryre.com/idx/search.html?search=true&s…

You should also seriously consider:
Fenway (northeastern) http://www.territoryre.com/idx/search.html?search=true&s…
South End (northeastern) http://www.territoryre.com/idx/search.html?search=true&s…

Other places you can buy and rent to students:
Beacon Hill (norfolk ) http://www.territoryre.com/idx/search.html?search=true&s…
Brookline (BU/BC): http://www.territoryre.com/idx/search.html?search=true&s…
Allston (BU/BC): http://www.territoryre.com/idx/search.html?search=true&s…
Brighton (BU/BC): http://www.territoryre.com/idx/search.html?search=true&s…
Web Reference: http://territory.com
0 votes Thank Flag Link Thu Jan 13, 2011

This is the exact market I specialize in, and was the leading agent 2010. I have some properties that are coming up on the market this spring that I would be more than happy to show you, as well as others that are currently on the market for sale that would work too. My office does both sales and student rentals, therefore giving you exactly the information needed to make the right investment decision.

Based on the area you are looking, the price per square will vary. Obviously Back Bay is going to be higher than The Fenway, Mission Hill, or Roxbury. Please fee free to call me at 617.794.2778, or shoot me an email adam. sarbaugh@gmail.com

I look forward to hearing from you and discussing this further.

Adam Sarbaugh, East Coast Realty, 555 Columbus Ave, Boston MA 02118
0 votes Thank Flag Link Thu Jan 13, 2011
It all depend on how many bedroom you want, how many sq. ft. you want as well. The smaller living area the higher price per sq.ft. The best way to find out if the property is good for your type of investment is to look at the cap rate and cash on cash return %. with in the are you are looking for anything between 6-8% cap is a decent investment. Anything higher is a bonus. If you have any questions about Cap Rate and cash on cash number, please feel free to call or email me directly.
Web Reference: http://www.teanwong.com
0 votes Thank Flag Link Thu Jan 13, 2011
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