Everett, MA‘s multifamily housing market has plateaued over the last 3 years. Today, I look at the market for 2 family houses and 3 family houses, typically triple deckers, in Everett from the eyes of an investor. All data in this post is based on information provided to and compiled by MLS Property Information Network, Inc. (MLSPIN) and extracted on November 29, 2010. All 2010 numbers are year-to-date.
Sales and the average sales price of 2 family houses have fallen a lot from their lofty heights in 2005. 157 2 family houses sold at an average price of $469,541 in 2005. In 2010, those numbers are at 70 and $278,256 respectively.
Despite the fall in sales and average sale price, the average landlord for a 2 family house has not seen a significant fall or rise in rent received. The average rent per unit is $1,123 per month in 2010.
The most important chart for investors is the one above, where I show the rent multiplier. The rent multiplier is at 10.3 in 2010. That’s a number that hasn’t been seen since before 1998. There are some great investing opportunities for you if you are looking to invest in Everett 2 families!
Similar to 2 families sales and average sale price, Everett 3 family sales and average sale price are down from the heights they reached in 2005. In 2010, there have been 25 sales so far this year vs 56 for all of 2005. The average sale price in 2010 is $310,356 vs $535,207 in 2005.
The rent per unit for a 3 family house has not differed much from the rent per unit for a 2 family house. In 2010, the average rent so far is $1,200 per month per unit.
If you thought that it’s a great time to invest in Everett 2 family houses, you’ll be pleased to find out it is an even better time to invest in Everett 3 family houses. The rent multiplier for an Everett 3 family house is 7.2 in 2010. The rent multiplier has not been that low since before 1998 and is significantly lower than the 2 family rent multiplier!
Do you need help finding a multifamily investment? Ask Rich for help today!