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Available For Sale - Multifamily

9,379 SF | Show Pricing $

AVAILABILITY DETAILS

Size
9,379 SF
Price/SF
Show Pricing $
Listing ID
SA434653
Notes
This building was the old site for the Immaculate Conception nuns convent. The actual building is in excellent condition. This site has recently been permitted for 12 market-rate apartments and will be on a 99 year land lease with the Roman Catholic Archdiocese of Boston. Land Lease structure is $2,400/month with ONLY 1% per year inflation adjustment for the land lease at a term of 99 years; land lease doesn't begin until C/O are obtained by the new owner. Fully leased 12 units will achieve a gross income of approximately $252,000 per year in rental income assuming each one-bedroom is rented for $1750/month. Site is being offered at $450,000. All permits in hand and site is ready to go, please email me with any questions at: colin@ellisrealtyadvisors.com
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Colin Moynihan, Ellis Realty Advisors
BRE# 9523634