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$375,000

For Sale - Active
297 Main St Apt 3, Medford, MA 02155
1 Bed
1 Bath
596 Square Feet
0.00 Acres Lot
Built in 1971
For Sale - Active
17 Units
Checked: 22 hours ago
Updated: May 28, 2025 at 03:22AM

Investment Summary


Monthly Cash Flow
-$795
Cap Rate
3.1%
Cash-on-Cash Return
-11.1%
Debt Coverage Ratio
0.55
Internal Rate of Return (5 years)
-6.7%

Property Description


0.00 Acres Lot
Built in 1971
For Sale - Active
17 Units

Great opportunity for an Investor (rented for $2,080 through 5/31/26) to own a pristine 1bed condo w/parking in a prime Medford location! This spacious and cozy unit features an open and flexibile layout, a newly updated kitchen with newer appliances, high ceilings and ample storage both in unit and an additional storage area. Nice sized rooms Close to restaurants, shopping, Medford Center, Tufts, Davis Square, commuter routes and downtown Boston. Laundry room right across the hall. Don't miss this well-maintained and professionally managed unit. Easy to 1031 exchange into, great cash flow, in a good solid professionally managed brick building in an A location. Seller welcomes offers w requests for buyer concessions.

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Location


Property Details


Parking

  • Description: Off Street, Assigned, Deeded
  • Details: Off Street, Assigned, Deeded
  • Garage Spaces: 0
  • Spaces Total: 1

Bedroom Information

  • # of Bedrooms: 1

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Total): 1.0

Interior Features

  • # of Rooms: 3
  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Brick
  • Roof Type: Flat

HOA

  • Has HOA: Yes
  • HOA Fee: $324/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: MEDFM:R09B:3502
  • Lot Size: 1 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1971

Tax Information

  • Annual Tax: $2,560

Utilities

  • Water & Sewer: Public
  • Heating: Electric
  • Cooling: Window Unit(s)

Location

  • County: Middlesex

Investment Summary


Monthly Cash Flow
-$795
Cap Rate
3.1%
Cash-on-Cash Return
-11.1%
Debt Coverage Ratio
0.55
Internal Rate of Return (5 years)
-6.7%

Purchase Details

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Purchase price:
$375,000
Amount financed:
-$300,000
Down payment:
$75,000
Closing costs:
$11,250
Rehab costs:
$0
Initial cash invested:
$86,250
Square feet:
596
Cost per square foot:
$629
Monthly rent per square foot:
$3.69

Financing Details

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Loan amount:
$300,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,775
Property tax:
$213
Insurance:
$154
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,142

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,200 $26,400
Vacancy loss: (6%)
6% -$132 -$1,584
Operating income:
$2,068 $24,816

Operating Expenses


% Rent Monthly Yearly
Property taxes: (10%)
10%-$213-$2,560
Insurance: (7%)
7%-$154-$1,848
Property management: (8%)
8%-$176-$2,112
Repairs & maintenance: (5%)
5%-$110-$1,320
Capital expenditures: (5%)
5%-$110-$1,320
HOA fees: (15%)
15%-$325-$3,900
Total operating expenses: (49%)
49%-$1,088-$13,060

Cash Flow


Monthly Yearly
Net operating income:
$980 $11,760
Mortgage payments:
-$1,775 -$21,300
Cash flow:
$795 $9,540