Boston Redevelopment Authority.

Rehabilitation package for alexander street foreclosed properties online

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REHABILITATION PACKAGE

PLANS^SPECIFICATIONS-COST ANALYSIS
RENT SCHEDULE

CITY OWNED FORECLOSED PROPERTY
24,26,28 ALEXANDER STREET



BOSTON REDEVELOPMENT AUTHORITY



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NTER-OFFICE COMMUNICATION



Property Of ^ ^ otn

BOSTOH REOEVELOPIVIENr AUTHORITY



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TO
AT

Frank Del Veccliio
FROM 3^-j^^jj Floor, City Hall Annex eg

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Lionel Spiro ^'^ ^^^fiAftt^

Rcoit; 602 — 11 P«c»berton Square, LA 3-4952 *



ATTENTION:

^^^UteJECT '^ 27, 1964



Rehafollitatin Package for Alexander Street Foroclos^d
Properties



Sufficiant evidence novi exists to indicato that f e hab i lijbatiott
ia feasible for the 3 City-ownad residential structures
located at 24* 26, and 2S Alexander Street in I'/ard 13.

Attached to this luesto 3rou will find a set of floor plans
of the 3 structures, a section cut through, a scope of
work together with itemized cost estiniates, an econoicic
feasibility analysis, and a suiaiaary of notable statistics.
Also included for your convenietica is a photofjraph of the
property, a location liiap, and copies of the Foreclosed
Property Sheet and Criteria for iivaluating Rehabilitation
Feasibility which novo the foras used in the preliciinary
survey .

The singularly ijuii>ortant point gained from this study is
the apparent fact tiiat we can achieve good single bedroom
apartments to rent for $55 por Eionth arid similar 3-bedrcoin
duplex apartments to rent for $&0 per month, both with heat.

Not included in this particular binder are the earlier studies
and sumaary of tlie work wliich has been done recently relating
to City-owned foreclosed residential properties. Also not
included are proposals for the disposition of these properties.
Considerable thought and efforts liave been tjivon to thits problem,
but its solution will not affect the conclusion of this report
whicli indicates tlie feasibility of sucli an undertaking whether
sponsored by the Hcusin^ Autiiority, private interests, or
charitable organizations.

Mr. Logue will undoubtedly be interested in seeing this report,
and I trust that after getting his reaction you will give cia
some indication of our intentions so that I can proceed.




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liCONOPlLC FJiA£>lBJLl-i.Ty AKALTfSXS



Proi>d Rehabilitation Cost: $3^,532.78 (fiffur« $39,000.00)



TSKMSi (221 d3) 30 Yaar« 3-3/4?^'

hiOBthiy Payiaanta , . . . , . . . .$ If 0.00

INCOIUilt 6 Singlo BR units 3 $55/iao. $330.00

3 Thrao BK duplax ^ 580/«o, 24O.OO

TOTAL JiOKTHLT INCOH^ $570.00

RCAL 3SfA!E3 TAXSS - 20^ of incoma II4.OO

/atar and Sower Taxes , . 30.00

In«u;^anrco 45.00

Htsat . , 120.00

Sub total $4^9.03

^laiutanance S% 24.45

Vacancy All. 3% 14.67

Jianagoiiiant 7% 34.23

$562. 3S
TOTAL Y JARLY INCOI'i a $6.8 40.00 TOTAL YjIARLY ZX¥mSES$(>,7.AS,5!^,

Net diffar.3nco for ro»ervt> fmid $91.44

A lAvgKir not fpoBi tho rasjrva fimd will rosult frosa lass
uaintananco thaij flgurod abova, at l 000. 00

Ap«rtn^nt8 :

6 Sini^l^ badrooia to rant for $55/«a©nth
3 Duplex 3-l>9droom $80/iaonth

{Th&Bti rontft includo h^at.)

Av*ragd rehabilitation coat par apartiaent 4i 333*00

Total square faot rehabilitated: 6,528
(Not Includinti; baaomdnts)

Coat par square foot 5 •97



TAX R STtJIJ^S TO T^i ^ CITY O F BOSTOK



Praaont total assa»siaj«t $8,300,00

Raturri to City prior to taking of tax

titl3 and final forsclosurd-p^r yaar .... 796,80

Preaant r^^tiim to City — —

3«tiisatQ3d ratum aft**r rehabilitation t

Raal Estate tax(»8 $1,368,00

Watar and Saw^r taxets 360 .00

§1,728,00



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Online LibraryBoston Redevelopment AuthorityRehabilitation package for alexander street foreclosed properties → online text (page 1 of 1)