Time is of the essence Real estate deal in Winthrop, MA

1, 2, 3 Washington Terrace (WT), Winthrop, MA 02152 – View the property – 1-3 WT-2; Check out the numbers – 1,2,3 WT to send081413-1

This is an opportunity to purchase three houses and one vacant lot right on the water. The

property was recently listed on the MLS (non-exclusive) but I still have the authority to go

directly to the owner.

MLS Listings                                                       MLS Asking Price

1 WT (Lot A) & Vacant Lot (Lot D)                 $449,000

2 WT (Lot B) and 3 WT (Lot E)                       $345,000

Total $794,000 (3 houses and one lot)

Alternative:

3 WT (Lot E) and Vacant Lot (Lot D)             $129,900

Winthrop is a family area close to Boston that was not previously noticed by a lot of young

adults. This has begun to change this year as rents in the surrounding communities are higher

and increasing steadily.

2WT (5 BR/2 Bath) rents to four adults. On July 1, 2013 I raised the rent from $2,025/mo. (plus

utilities) to $2,550/mo.

1WT (6BR/2 Bath) needs the oil heat replaced with gas, and you could immediately raise the

rent from $2,000/mo. (plus utilities) to $2,500/mo.

3WT currently rents for $800/mo. (plus utilities) Rent could be raised to $900 a month with a

modest investment to reduce electrical utility costs.

Initially this is a buy and hold/raising rents. Then you would go through the zoning appeal

process to build on the vacant lot (Lot D) and boathouse (Lot E), total 4,550 sq. ft.

The Winthrop head inspector came out to the property and, when asked, stated that he would

build a single family house on Lots D and E. It would require a variance, but he felt confident

that it would be approved by the Zoning Board of Appeals. You would need to pave the 12 ft.

right of way to the edge of the property to allow emergency vehicle access plus provide two

parking spaces.

Per deed, Lot E (boathouse) has “beach, flats, and riparian rights, appurtenant of said premises”.

The new house should have one bathroom per bedroom to maximize rental income.

Exit strategy after building: Sell all or some of the three buildings, individually.

The realtors for this Winthrop, MA real estate deal are walking through on Monday, August 19, 2013 at 10 am. Time is of the essence.

For more information and appointment to see building interiors, contact:

Dave Julier, 1-617-233-9633, djulier2@gmail.com

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