Quick Stats:

8 Beds / 4 Baths • 3,376 Sq Ft • Multi-Family • Sold in 2024 • Listed for $1,850,000 • Sold for $1,825,000

This transaction was the second part of a 1031 exchange with a landlord client I have been working with for years. In this case, he had recently sold a 2-family in South Medford with me, in an area that is challenging to get top dollar. The property he sold created a lot of headaches for him, but ultimately we were able to sell for close to $1.1M his old property (after he had purchased for $680k approximately 5 years previously). 

He then took the proceeds of his 2-family sale and put them all into this new property we found. This property had a number of massive benefits compared to the property he was selling - this property was in a great part of Somerville, just 5 blocks to Porter Square and the red line. His old property was in a not so great part of Medford, and was a 10-minute walk to a green line stop but it required crossing a major street. 

This new property was in turnkey condition - washer/dryer in-unit, new kitchens, new bathrooms, fresh coat of paint PLUS all 3 units were rented with room for growth. The property he was selling had two units, one of which was in below average condition. The other was updated, but he had a lot of headaches prior to the update. 

Next, this new property is very large, at almost 3,400 sq ft of living area and 3 units. His old property was around 2,100 sq ft. This new property was also bringing in around $9,250/month in rents, compared to his old property which was bringing in around $5,000/month. 

So for many reasons he was able to get out of a not so great property with limited long term upside, into a fantastic property that was more turnkey with significant long term upside. This was a huge win for this investor client.

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Have questions? Feel free to call me at 617-833-7457 or email me at Sage@CambridgeSage.com