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If you own a Multi-family property in South Boston you probably know by now that you're sitting on gold. No matter the condition, multi-families in South Boston are highly sought after in order to be redeveloped and converted into condominiums for sale or for rent. Sell out costs on new construction condos can reach as high as $750-$800 per square foot and the average rental rate for a 2-bedroom apartment has hit $3,150/month. (Data from MLSpin, 2019 statistics)
The multi-family property located at 582 East Broadway is a prime example of this market phenomenon. The owners purchased the property back in 1984 for only $65,000. Sure, South Boston was a different place back then but that's the beauty of investing in real estate. For these owners, they played the long-game and boy was that a worthwhile strategy. The property just recently traded for $1,800,000, a sale facilitated by James Riel of JR Associates a brokerage that specializes in multi-family sales in South Boston.
We love that multi-family property owners are making out so well on their investments, after all isn't that the whole point of playing the real estate market? However, these transactions aren't one-size-fits-all, they are specialized and therefore you need a brokerage that understands how to facilitate these types of deals.
James credits his knowledge of the design-build industry as a critical component in being able to broker these types of deals, getting sellers the most amount of money and de-risking the purchase for potential buyers.
Do you own a multi-family in South Boston? If you're looking to take advantage of the market and get the most amount of money for your multi-family, we can help. Get ahead of the new year and find out how to prepare to sell your multi-family in 2020. Email us at hello@jrassociates.co
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