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.
Boston Luxury Residential
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,
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,
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 firstname.lastname@example.org.
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 email@example.com
Good luck in your search, Yannis
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
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
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. firstname.lastname@example.org
I look forward to hearing from you and discussing this further.
Adam Sarbaugh, East Coast Realty, 555 Columbus Ave, Boston MA 02118