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Francisco Feliz
  • Boston, MA
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What would you do with this multifamily property?

Francisco Feliz
  • Boston, MA
Posted Jan 17 2016, 09:55

So, I'm coming to BP for advice on how to approach a property like this or IF to even approach it. Hopefully, some landlords also chime in.

I was looking at a multifamily in Boston the other day that was massive - 4800 sqft. The 2 most interesting things about this are the layout and the tenant situation, so any help here would be great. On layout, it's listed as a triplex because of the 3 levels, but the current owner has the 1st floor with 3 separate tenants. One of the "apartments" is off to itself with its own door, and the other 2 apartments actually looped and connected, but because the apartment is so long (4800 sqft makes the building stretch very long all the way back), the owner installed a door that blocks entrance from one unit to the other. Here's the kicker: only one of those 2 units has the kitchen, and there is no kitchen in the unit on the 1st floor that is off on its own. Second floor is same long setup, but it's vacant because that was for the owner. The 3rd floor is really crappy with a kitchenette, a sink that is off in a little inlet/cove type space that barely gives you space and the curvature of the roof slants right above you. As for the tenant situation, there are no leases, most pay by check but some pay cash, and the owner says that he hasn't had problems with any of them. Oh, and I'm pretty sure I saw a real scoped high-capacity gun just hanging out in the room of the 3rd floor unit...

So questions for you guys:
1) What would you do with this layout? I'm happy to occupy one and have roommates or something.
2) Would you keep these tenants? What would you change? Is there that big a market for people that would live in an "apartment" without a kitchen? (Let's not forget it's winter season in Boston right now.)

Thanks, in advance, to all who took out the time! :)

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