Brookline’s real estate market is the most expensive among Boston’s suburbs by a considerable margin. In fact, out of all metro neighborhoods including Boston’s core city markets, Brookline has the 4th highest single family median price and the 3rd highest multifamily price at $2.2M and $2.01M respectively. Condos in Brookline are priced a bit more modestly at a $956K median, making it the 7th most expensive neighborhood to buy a condo.
For property investors eyeing Brookline real estate for potential investments, high prices like these can seem like an obstacle. In this post we’ll break down what the net operating income might look like for all property types based on median sales prices and average rents in Brookline.
Estimated NOI For Brookline Single Family Homes
If you’re looking for single family homes for sale in Brookline, expect to see gorgeous New England homes in a beautiful suburban setting. You can also expect to see huge price tags, as Brookline’s single family median price is the highest among all Boston suburbs.
At a $2.2M median sale price, your estimated annual expenses for a Brookline property would be $100K. That would include a standard mortgage payment (30 years, 30% down, 3% APR), property taxes, average homeowner’s insurance, and 10% maintenance.
Your estimated revenue would be $33,180 at the average rent price for Brookline apartments ($2,765) multiplied by 12.
| Brookline | Avg. Rent x 12 | Estimated Annual Expenses | NOI |
| Brookline SF | $33,180 | -$100,748 | -$67,568 |
As you can see, the estimated net operating income (NOI) of a single family in Brookline would leave you -$67.6K yearly when you apply these averages.
Estimated NOI For Condos
Brookline condos do come at a lower asking price, with a 1 year median of $956K. That makes yearly expenses a bit more reasonable at $48K per year. This accounts for a $300 HOA fee in lieu of the 10% maintenance fees used in the single family NOI calculation. Still, at $33.1K per year expected revenue from Brookline’s average rent price, that is still a $14.8K loss in yearly NOI for condo properties.
| Brookline | Avg. Rent x 12 | Estimated Annual Expenses | NOI |
| Brookline Condo | $33,180 | -$48,061 | -$14,881 |
Brookline Multi Family Estimated NOI
Interestingly, the 1 year median price for multi-family homes for sale in Brookline is lower than that of single-family properties. At $2.02M, the estimated yearly expenses of a Brookline multifamily would be $91.9K. So for a 2 family home in Brookline, the estimated NOI would be a -$25.6K loss per year, while a 3 family would yield at $7,600 profit.
| Brookline | Avg. Rent x 12 | Estimated Annual Expenses | NOI |
| Brookline 2 Family Home | $66,360 | -$91,940 | -$25,580 |
| Brookline 3 Family Home | $99,540 | -$91,940 | $7,600 |
Of course each individual property for sale is its own opportunity, and these estimates by no means entail that there are no good investment properties in Brookline. The inventory of houses in Brookline is unique in that it has many large sprawling estates that pump up median prices.
A savvy investor can always find opportunities where they exist. Brookline may not have the lowest prices, but it is a very active market with lots of listings for condos and single family homes. Among the 64 active Brookline properties in MLS, 16 are under $1M, and there are bound to be some among all 64 that might present a good investment opportunity.