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$1,295,000

For Sale - Active
580 Washington St Unit 309, Boston, MA 02111
2 Beds
2 Baths
1,228 Square Feet
0.00 Acres Lot
Built in 2013
For Sale - Active
Units n/a
Checked: 16 hours ago
Updated: May 15, 2025 at 06:27AM

Investment Summary


Monthly Cash Flow
-$3,792
Cap Rate
2.2%
Cash-on-Cash Return
-15.3%
Debt Coverage Ratio
0.38
Internal Rate of Return (5 years)
-10.8%

Property Description


0.00 Acres Lot
Built in 2013
For Sale - Active
Units n/a

Experience luxury living at Millennium Place in this 2bed, 2bath home with 1228 SF of thoughtfully designed space. As one of the most desirable layouts in the building, the split-bedroom layout offers privacy, while the open-concept kitchen offers a place to entertain & features wood cabinetry, granite countertops, tile backsplash, & Bosch appliances. Enjoy a spacious living area w floor-to-ceiling windows, gas fireplace & view onto Washington St & the iconic Paramount theater sign. The primary suite has a walk-in closet & marble en-suite with double vanity. The second bedroom is perfect for guests or a home office. Abundant storage throughout, including custom built-ins in the primary bedroom. New carpeting in the bedrooms & a high end surround sound system complete the space. Building amenities include 24/7 concierge, fitness center, resident lounge, screening room, yoga/massage studio, playroom, & an outdoor terrace making life in the heart of Boston easy. Rental parking available.

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Location


Property Details


Parking

  • Garage Spaces: 0
  • Spaces Total: 1

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 4
  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Glass
  • Roof Type: Flat
  • Roof Material: Rubber

HOA

  • Has HOA: Yes
  • HOA Fee: $1,187/monthly

Land Information

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

Lot Information

  • Parcel ID: CBOSW:03P:04488S:074
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 2013

Tax Information

  • Annual Tax: $9,877

Utilities

  • Water & Sewer: Public
  • Heating: Heat Pump, Central
  • Cooling: Central Air, Heat Pump

Location

  • County: Suffolk

Investment Summary


Monthly Cash Flow
-$3,792
Cap Rate
2.2%
Cash-on-Cash Return
-15.3%
Debt Coverage Ratio
0.38
Internal Rate of Return (5 years)
-10.8%

Purchase Details

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Purchase price:
$1,295,000
Amount financed:
-$1,036,000
Down payment:
$259,000
Closing costs:
$38,850
Rehab costs:
$0
Initial cash invested:
$297,850
Square feet:
1,228
Cost per square foot:
$1,055
Monthly rent per square foot:
$5.13

Financing Details

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Loan amount:
$1,036,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$6,128
Property tax:
$823
Insurance:
$441
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,392

Operating Income

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% Rent Monthly Yearly
Gross rent:
$6,300 $75,600
Vacancy loss: (6%)
6% -$378 -$4,536
Operating income:
$5,922 $71,064

Operating Expenses


% Rent Monthly Yearly
Property taxes: (13%)
13%-$823-$9,878
Insurance: (7%)
7%-$441-$5,292
Property management: (8%)
8%-$504-$6,048
Repairs & maintenance: (5%)
5%-$315-$3,780
Capital expenditures: (5%)
5%-$315-$3,780
HOA fees: (19%)
19%-$1,188-$14,256
Total operating expenses: (57%)
57%-$3,586-$43,034

Cash Flow


Monthly Yearly
Net operating income:
$2,336 $28,032
Mortgage payments:
-$6,128 -$73,536
Cash flow:
$3,792 $45,504