550 E 3rd Street
Multifamily | 3 Units | $583,333/unit
Marketing description
Horvath & Tremblay is pleased to present the exclusive sale of the multi-family investment property located at 550 E 3rd Street in the South Boston, “Southie”, neighborhood of Boston, Massachusetts (the “Property”). Centrally located in the heart of South Boston and 1.2 miles to Broadway Station and 1.7 miles to Boston’s South Station, the Property offers the rare opportunity to acquire an outstanding core asset in an incredible urban-infill location in one of the strongest real estate markets in the country.
The Property consists of a three-story building containing three (3), 2-Bedroom/1-Bathroom units with 2,501 square feet of living area in 3,752 gross square feet on a 0.024-acre parcel. The building has separate utilities and the tenants are responsible for their own electricity, gas fired heat (forced air), hot water, central air conditioning, and a gas stove. The building is also fully sprinklered. Unit three has been renovated and features hardwood floors, white shaker cabinets and quartz countertops. Unit one features hardwood floors, and both units one and two will benefit from cosmetic updates to the flooring (unit two), kitchen cabinets and bathrooms.
The Property has been well maintained and is currently leased at below market rates offering the opportunity to significantly increase rents to market rates via programmatic updates to the unrenovated units.
Investment highlights
DYNAMIC SOUTH BOSTON LOCATION 550
E 3rd Street is situated in an exceptional urban location in South Boston, 1 mile from the Seaport and a short walk to East Broadway, one of the main streets in the neighborhood, as well as to an MBTA Bus stops along E 2nd Street and E Broadway. This unparalleled location offers convenient access to three (3) T-Stops (Broadway, Andrew and JFK/UMass on the Red Line) and is close to South Station. The Property is a short walk from the Seaport District (home to the Boston Convention and Exhibition Center, The Institute of Contemporary Art and the Boston Children’s Museum), Carson Beach, M Street Beach, and Pleasure Bay, as well as UMass Boston’s primary campus.
An impressive 33,700+ people live within a 1-mile radius of the Property with an average household income of $198,900. Over 289,700 people live within 3 miles of the Property with an average household income of $167,43.
TRANSIT ORIENTED LOCATION
Subway:
• Red Line at Broadway – 1.2 miles
• Red Line at Andrew Station – 1.2 miles
• JFK/UMass Station – 1.6 miles
Commuter Rail:
• JFK/UMass Station – 1.6 miles
• South Station – 1.7 miles
• Newmarket Station – 2.0 miles Bus:
MBTA
• L Street @ E 3rd St – Route 7 – 0.1 miles
• L Street @ Broadway – Routes 7 & 9 – 0.2 miles
• E Broadway @ K Street – Routes 9 & 10 – 0.1 miles
• E 8th St @ K St – Route 11 – 0.4 miles
Highway:
• Interstate 90 – 0.9 mile
• Interstate 93 – 1.5 miles
STABILIZED ASSET WITH RENT GROWTH
550 E 3rd Street offers the opportunity to acquire a fully leased investment in an exceptional, urban-infill location. The subject property is ideal for a potential buyer looking for income growth and strong investment returns. The rents in the Property are below market rates and offer upside via lease renewal, or through programmatic upgrades to the unrenovated units. The South Boston outlook remains bright as rental demand continues at a steady rate. The submarket continues to accelerate and rents are expected to rise over the coming years.
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