Investment Opportunity Multifamily: 13 Units 116 Homestead Street Dorchester, MA 02121
Offered at $2.2M
7.3%
Cap rate at existing rents
8.9%
Cap rate with modest rent increases
10.6% Cap rate after improvements
Turn-key, solid investment with significant add-value potential A substantial property of the size and kind rarely available in Boston. Solid , brick, exceptionally maintained, in need of no capital improvements, and with the prospect of instant cash-flow growth.
Overview
13
20
Total Units
Bedrooms
14,688
ft 2
Living Area
19,428
Bathrooms
ft 2
Total Interior Area
16,508 Lot Size
13
ft 2
1940 Year Built
10+ Parking Spaces
A stone’s throw from Boston and solid as a rock Located in desirable Elm Hill, this Brookline-style, rock-solid apartment building featuring old-world craftsmanship with its brick exterior, marble staircases, and mahogany trim-work. has been fixed up from stem to stern with new systems, roof, and more making it truly turn-key.
Recent Capital Improvements
• New Heating & Hot Water Systems • New Fire Alarm Control System • New Energy-Efficient Automatic Hallway Lighting • New Cathedral Ceiling & Skylights in Front Hall • Deleaded (Letters of Compliance In-Hand for all units & common area) • Rubber Roof • Exterior Repointing • Replaced Rear Decks • Replacement Windows • New Landscaping • Reconditioned Marble • Interior & Exterior Painting & Refinishing • Gas Heating Conversion (currently under way)
Financials
Interior – Common Hallways
Ornate, rich & finely-crafted mahogany stairway with solid Carrera marble slab stairs.
A grand foyer with beveled glass, marble stairs & sidewalls.
Bright, newly sky-lit stairway.
Interior – Units
Modern & cleanly updated kitchens in every unit.
Oak hardwood flooring & original detail in every unit.
Solid, low maintenance cast-iron porcelain baths.
Systems
Recently Installed rubber-roofing, new skylights and accompanying peaked roof.
STOCK IMAGE Updated central fire-alarm system
Substantial new heating & hot water system & gas conversion under way.
Ground Floor
The building was originally built with 14 units, the 14th being located where indicated by the arrow.
1st Floor
The exterior decks could be enclosed, turning the six one-bedroom units into two-bedroom units. The potential income were this to be done is listed in the financials section of this document.
2nd Floor
The exterior decks could be enclosed, turning the six one-bedroom units into two-bedroom units. The potential income were this to be done is listed in the financials section of this document.
3rd Floor
The exterior decks could be enclosed, turning the six one-bedroom units into two-bedroom units. The potential income were this to be done is listed in the financials section of this document.
Contact
Contact: Justin Green Broker/Owner, In Realty Inc. 5 Savin Hill Avenue | Dorchester, MA 02125 617-680-0690 (M) | Justin@InRealtyInc.com
Disclosure: The information in this listing was gathered from third party sources including the seller and public records. Broker disclaims any and all representations or warranties as to its completeness/accuracy.