If this is your first time buying a home, your current search may be more focused on condos and single family homes in Boston. However, you may want to consider investing in your future and looking at Boston apartment buildings for sale. In an apartment building, you can live in one unit and rent out the other(s). Not only does this give you more options, but for a similar purchase price, you can lower your net monthly mortgage payment and start building your real estate portfolio. Many successful real estate investors started out this way!
Let’s look at the numbers: The median selling price of a Boston condo is $747,608; The same figure is $822,008 for single family homes. If you split the difference and use these numbers as a guide, there are 18 Boston multi-family homes currently for sale under $800.00 — even more if you’re willing to go a little out of town!
Admittedly, being a housing provider is not easy, property management is a difficult job and multi-family households have additional maintenance costs. That being said, most things in life worth having don’t come easy, and real estate values in Boston have risen 91.4% in the last 10 years. While no investment is without risk, you can minimize your risk by working with leasing professionals who can provide strategic advice to ensure the asset’s returns are at the highest possible level.
Now let’s take a look at some apartment buildings in Boston, MA under $800,000:
**Disclaimer: All numbers presented in this article are estimates based on available real-time data. For a more accurate assessment based on your specific situation, down payment, mortgage product and properties you may qualify for, please speak to one of our sales professionals.
This beautiful apartment building on the border of Dorchester and Roxbury consists of 2 units with a total of 4 bedrooms and 2 bathrooms. The first unit has a large primary bath and an additional bathroom. The living room and kitchen have been designed with an open concept, allowing all the natural light to shine through the spacious ground floor area. Unit 2 has recently been fully renovated with a new stainless steel kitchen and quartz countertops and three bedrooms, one of which is a master bedroom. Each unit has a patio for entertaining and enjoying the four full seasons that Boston offers its residents.
In this area, the average rental price for a 1 bedroom unit is $2,015 and $2,819 for a 3 bedroom unit. According to our mortgage calculator, assuming a 20% down payment and an interest rate of 6.3%, your monthly mortgage payment would be approximately $3,925. Regardless of which unit you choose to rent, it represents a significant reduction of 51.33% or more on your out-of-pocket mortgage payment.
Seller’s Representative: Jonathan Mathews, Keller Williams Realty Boston-Metro | Back Bay
If you are looking for a turnkey apartment that will save you the hassle of renovating, look no further. This 2 family home in Roxbury offers 3 bedrooms and 2 bathrooms – beautifully finished and with all the modern conveniences that will make this property a quick rental. It is equipped with new heating and electrics, has a new coat of paint and is fully insulated. If the finishes weren’t enough to rent these units quickly, the location certainly is; This hotel is conveniently located near South Bay, Boston Medical Center, BU Med, Back Bay and downtown Boston! Roxbury 1 bedroom apartments typically rent for $2,493 while 1 bedroom apartments are $2,208. This means that this property has a potential annual gross rent of $60,000!
According to our mortgage calculator, assuming a 20% down payment and a 6.3% interest rate, your monthly mortgage payment would be approximately $3,544. If you decide to live in the 2 bedroom unit and rent out the 1 bedroom unit, you would reduce your net monthly mortgage payments by over 60% using our average rental figures!
Seller’s Representatives: Markese Daise, Stony Brook & Lennox Realty Advisors
This building offers two paired single family townhouses in the heart of Dorchester. Each unit consists of 4 bedrooms and is surrounded by classic New England-style patios and a fenced-in backyard, allowing renters to enjoy a private, outdoor entertaining space with their friends and family. The central location of this property is one of its key selling points: it is right next to Uphams Corner, a historic business district of Dorchester, making it easy for you and future renters to reach grocery stores and shopping malls.
According to our mortgage calculator, assuming a 20% down payment and a 6.3% interest rate, your monthly mortgage payment would be approximately $3,544. According to the listing agent, “Both are currently rented from TAW at $5,000 per month [total]However, the average real-time rent for 4 bedroom apartments in Dorchester is $3,580, so you could potentially cover your entire mortgage by making some upgrades and finding new tenants for one of the units!
Seller’s Representative: Doug Crane, Conway – Bridgewater
Whether you or your future tenants commute to the city by car or train, the location of this property is simply unbeatable. In the heart of Somerville, a highly desirable town near Boston, this 2 unit 4 bedroom, 2 bath apartment building is located close to I-93 and the brand new Green Line, Orange Line and bus stops. Within minutes, prospective renters can be at Assembly Square, one of the city’s newest and most glamorous malls. This property also offers the best of both worlds by not only being in the heart of all the action but also allowing residents to enjoy some tranquility in their exclusive gated backyard.
The real-time average rent for 2 bedroom apartments in Somerville is $2,678. According to our mortgage calculator, assuming a 20% down payment and a 6.3% interest rate, your monthly mortgage payment would be approximately $4,361. If you rent one of the units for $2,678, your net monthly payment drops to $1,683!
Seller’s Representative: Michael Courtney, Choice Real Estate
CONCLUSION
The Boston apartment buildings shown above are great options for first-time investors — they require minimal, if any, renovations. If you’re adventurous and have extra cash, you can also consider projects that require work beyond cosmetics.
The brokerage firms supported by Boston Pads specialize in the sale of multi-family investments and are part of the largest leasing team in the Boston area. In addition, Boston Pads offers the largest collection of Boston apartments and real-time rental data in the area, allowing us to offer you the most options and the most accurate data. Make your search for an apartment building in Boston as easy as possible and contact us today! We look forward to working with you.
Aubrey Liss
Release date: January 12, 2023
Aubrey Liss has been a licensed real estate professional since March 2004. Aubrey moved to Boston in early 2005 and began working with Jacob Realty. With a diverse background in home sales and a long family history in real estate development, she has been instrumental in expanding Jacob Realty’s sales team. Her policies and leadership skills helped earn her the title of Director of Operations for several leading brokerage firms since 2006. Aubrey remains engaged and well-informed on the latest market trends in both investment and residential products. Ms. Liss enjoys helping brokers and landlords to develop properties to their highest potential for sale and rental depending on market conditions. Aubrey has over a decade of complex development experience, including ancillary rights projects and successfully managing the variance process throughout the Boston area.
