Spring Hill Apartments - Somerville

INVESTMENT HI GHLI GHTS

RARE OPPORTUNITY Rare opportunity to obtain a sizable multifamily portfolio (106 units) in Somerville - one of metro Boston’s hottest rental markets. TRUE GENERATIONAL REAL ESTATE This is the first time this family-owned portfolio has been available for sale. The same family were the original builders for 155-163 Summer Street back in the 1920’s. The buildings have been managed and well-maintained by the owners. OUTSTANDING LOCATION The buildings have visibility and frontage on Summer Street in the Spring Hill neighborhood of Somerville. This area is centrally located between Union Square and Porter Square. According to walkscore.com , the site has a walk score of 87 (Very Walkable) for its access to transportation, restaurants, entertainment, and shopping. Future transit options will be improved when the new Green Line extension is completed in the next several years. The future Gilman Square T-stop near Somerville High School will be a 10 ± minute walk. Currently it is only a 20 minute walk to the Porter Square Red line T stop. STABILIZED INVESTMENT WITH VALUE ADD OPPORTUNITIES The buildings are stabilized and cash flowing with very little vacancy. There are below market rents offering immediate upside potential. Also, many larger units have the potential to add an extra bedroom and further increase rents. EXCELLENT CURB APPEAL 155-157 Summer is a five-story brick building with a nicely landscaped open court yard and attractive interior detail. 163 Summer Street is a six-story brick building with an enormous 4-bedroom penthouse with views of the Boston skyline. 151 Summer Street (The Historic John Hiat House) constructed in 1891, is well maintained, and located prominently on the corner of Summer Street and Central Street. LENDING ENVIRONMENT Interest rates remain at historic lows and multifamily assets enjoy privileged access to credit.

FINANCIAL SUMMARY

OCCUPANCY:

99%

CURRENT GROSS INCOME @ 100%:

$2,077,980

ESTIMATED NET OPERATING INCOME: $1,367,429

POTENTIAL FINANCING AVAILABLE:

3.6-3.8% (7-10 year rate)

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