Buying a multi-family in Spring Hill 

If you're thinking of buying a multifamily in the Spring Hill neighborhood of Somerville, I think the first thing to realize is that Spring Hill actually spans quite a ways throughout Somerville and the makeup of the tenant pool varies wildly depending on precisely where you're buying within Spring Hill. So it's really a street-by-street situation, and you will see quite a bit of variation depending on where you are buying.

Now, speaking generally for multifamily purchases in Spring Hill, you'll find purchase prices usually start around $1.2 million for a two-family that is in need of significant cosmetic updates. Usually, you will get a 5-6 bedroom 2-family, so think a 3-bed 1-bath and a 2-bed 1-bath or slightly larger, maybe 2,200-2,500 total square footage and they'll go up from there. 

The general range I see for two-families in Spring Hill typically lands somewhere in the $1.2M-$1.6M range. On the high end of that range, you're going to see more square footage, so upper 2,000 to mid 3000s, or a smaller two-family, but in turnkey shape. On the low end of that range, you are likely looking at more upfront work to the property and/or a tighter two-family property in terms of square footage and layout. Three families are less common in Spring Hill, but they tend to land more in the $1.5M-$2.1M range. Again, it will vary depending on the layout, the bedroom count, the square footage, etc. Occasionally, you will see a large 3 or 4 family or even larger property in Spring Hill. Those usually start close to a touch under $2M, and can go up from there.

If you're considering a multi-family purchase in Spring Hill, it's critically important that you understand the particular street you are on, the location to the nearest T-stop, and the type of tenant you'll be attracting, to help determine whether your purchase will be a good buy or not. Give me a call so I can help you determine whether the Spring Hill multi-family you are evaluating is a winner or a potential problem property! My cell is 617-833-7457!