in the past year total of 4 properties sold in that zip code, sold prices ranging from 500 000 to 979 000. Multifamily homes are different from SF, because number and size of the units, as well as over all condition and rentability pay their role in pricing. 2 properties may have same amount of square footage, and 2 units, but may be priced very differently.
Let's take your target area. The property that sold for 500 had 2 units and total sq.f. of 3225. Property that sold for 979 had 2 units as well, and sq. f. of 3796. So they are quite similar in size, but in no way could extra 500 sq.ft command for a 479 price difference. Both units in the more expensive property had 6 rooms / 2 bedrooms each, which also made it an attractive option for landlord occupied house. Your family could live in one unit and rent out the other one. You could also rent out both units quite easily. Even thought this was a more expensive property it sold in 1 day.
Now the 500 000 property was on the market for almost 2 years, one unit was much smaller than the other, and the house needed lots of work.
If you'd like more in depth comparison please give me a call, I'd be happy to discuss this with you further.
Here at Preservation Properties, we work with home buyers, sellers and landlords alike, and can offer you our insight, depending on what your plans are.
It is very hard to determine. There is only one multi-family sold in this zip code in the past 6 month. It was 100 Floral St., it was sold for $599.00. If you need more info, feel free to ask.