219 Commonwealth Ave
Chestnut Hill, MA 02467
The Chestnut Hill · Multifamily Property For Sale · 28 Units

The Chestnut Hill offers a generational investment opportunity in one of the most historic and affluent neighborhoods throughout Greater Boston. As a fully renovated and stabilized building, The Chestnut Hill provides an opportunity to step into an investment with no additional capital needs and what is a stable, predictable cashflow. Originally constructed in 1899, this historic building underwent a complete gut renovation between 2018 and 2019 totaling over $4 million. Upgrades and renovations included a new heating system, roof, window weatherization and hardware, sprinkler system, plumbing, electrical and unit finishes. The immediate rental market has historically maintained 98-100% occupancy levels and has seen steady rent growth even during the economic downturns thanks to the stabilizing effect of Boston College. Boston College only guarantees undergraduate on-campus housing for three years given their lack of student housing, with no on-campus graduate housing offered. Before adding the required meal plans, the available on-campus suites and apartments with kitchens and bathrooms total between $4,900 and $8,300 per month with forced double or triple occupancy per bedroom. Traditional double and triple room rates (without private kitchen or bathroom) range between $2,300 to $3,400 per month before the cost of required meal plans. Notably 80% of residents have an affiliation with Boston College.