Owning a triple-decker apartment building has many advantages. For one, the Boston area is one of the most expensive rental markets in the U.S., with average rents well above $2,000 per month. The building will be your largest rental income generator in the future, thanks to the high-demand for rentals in the area. Another benefit is the potential for significant return on investment over time. Below are some of the pros and cons of owning a triple-decker apartment building.
Triple-decker apartments
There are many reasons to avoid triple-decker apartments. They are typically 100 years old, have outdated appliances, and have inefficient boilers and roofs. These problems can raise the utility bills for tenants and can lead to serious health hazards. Additionally, triple-deckers are not ideal candidates for green building and energy efficiency standards. Listed below are some reasons why you should avoid them. They also lack sufficient ventilation and insulation. And they may not meet fire safety codes.
One advantage of triple-decker apartment buildings is that they offer great flexibility to owners. Many triple-decker buildings are located near college campuses, which can make them a prime investment opportunity. Many students look for triple-decker apartments off campus because they are cheaper and can house more friends. Also, re-configuring the interior of the triple-decker will help it appeal to college students. While triple-decker apartments are not ideal for long-term rental, you can still earn a handsome profit from them over time.
Brick apartment buildings
A typical example of brick double-decker apartment buildings is the Weeks Tenement in Chicago. This seven-story red brick building has a ground-floor storefront and four apartments on each upper floor. The units originally comprised two rooms and a small, windowless bedroom. Its facade features stepped brick courses to create horizontal emphasis. Two circular cupolas pierce the roof. A similar type of apartment building was constructed in Chicago in the early 1900s, but it was not until the late 1920s that brick double-deckers became widespread.
Investing in triple-decker apartments
Investing in triple-decker apartments has a lot of advantages. Unlike most real estate, triple-deckers are affordable, and there is a demand for them in the Boston market. If you’re considering buying a triple-decker apartment, here are some things you should know. Investing in triple-deckers isn’t for everyone. But if you’re considering purchasing a triple-decker in Boston, make sure to read this article first.
While many investors may be wary of the low-returns associated with triple-deckers, they do have a number of advantages. One of these is that you can choose financing options that are easier to get. Veteran’s Affairs loans and Federal Housing Administration loans are two options you have when purchasing triple-deckers. These financing options might have lower down payments than other types of real estate investment. Another benefit is that triple-decker apartments are situated in prime locations in the Boston area. The average triple-decker is only three stories and has a handful of housing units.
Disadvantages of triple-decker apartments
There are several advantages of owning triple-decker apartments. In the Boston area, for example, you can collect rent that exceeds two thousand dollars a month. However, triple-decker apartments require considerable renovation work, which can reduce the initial income from rent. In the best case scenario, triple-decker apartments can generate a steady income over time, but that depends on the owner’s ability to manage the property. It is also possible to live in one unit, while collecting income from the other units.
In addition, triple-deckers have many disadvantages. Many of these homes are outdated and unsafe, and they may contain lead, asbestos, and other environmental hazards. Young families don’t want to buy triple-decker apartments, which are often in flux. Moreover, they may not be the best investment for a growing family. While triple-deckers are a desirable option for those with good income, there are also many disadvantages.