Hyde Park

Hyde Park is the southernmost Boston neighborhood, located east of West Roxbury and south of Roslindale. The area was a farming community along the Neponset River until the 1850s when urban Boston families desiring a more relaxed, suburban life began to settle here. Several subdivisions established during that time are still residential and economic hubs, including Fairmount, Cleary Square and Readville. Hyde Park residences today range from historic single-family homes, triple-deckers and apartments to modern luxury towers and townhomes.

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Hyde Park Residential Investments

Quiet streets and single-family homes predominate in Hyde Park. It has the highest rate of continuous residential occupancy in Boston. Hyde Park has a 6 percent vacancy rate, and 57 percent of the homes are owner-occupied. The foreclosure rate is 2.1 homes per 10,000, higher than Boston's rate of 1.2.

Homes in Hyde Park increased in value by 5.7 percent between May 2014 and May 2015. The median sales price of $323,000 in April 2015 is lower than Boston's $457,000. Zillow predicts a rise in median home values of 2.4 percent over the next year.

Rents are lower in Hyde Park than Boston as a whole. A one-bedroom in Fairmount Hills averaged $1,295 in May 2015. Cleary Square median rent for a one-bedroom was $1,450. Both areas are lower than Boston's rate of $2,230.

Choosing the Right Hyde Park Investment Property

Hyde Park has been attracting attention because of its proximity to downtown Boston, suburban atmosphere and lower home prices. Sales prices appreciated 38.6 percent between 2010 and 2015. Many single-family homes with desirable amenities like large lots, outdoor space and garages are being converted to multi-family units. Hyde Park may be attractive to investors looking for less expensive areas of Boston that have growth potential.

Boston City Properties has expertise in all aspects of the Boston real estate market, including marketing new developments, property foreclosures and financing. We make our statewide Multiple Listing Service database available without charge to clients. The MLS includes current listings for land, condos, single-family and multiple-family homes throughout Boston. You can preview properties, take virtual tours and see floorplans and photographs to help you identify investment properties suitable for your portfolio.

Hyde Park Real Estate Market Overview 2017

Rated cold on the real estate market, Hyde Park home values have risen just over 8 percent the past year. The current median home value is $408,600, while the median list price of homes for sale is $399,900 with a list price per square foot of $307, a price less than half that of the greater Boston area average of $661. The median price of homes sold during the past year was $391,419.

The foreclosure rate in the neighborhood is 41.5 out of 10,000 homes, which is much greater than the average Boston rate of 4.7 and the national average of 1.6.

2017 Real Estate Developments

Billed as the largest development in decades for Hyde Park, the construction of Roseville Campus, a four-building, 21-unit apartment complex, is planned to begin in 2018 and be completed the following year. The complex will sit on over 6 1/2 acres on Sprague Street and will include five- and eight-story buildings. Intending to create a college campus-like atmosphere, the developer plans to include a two-story work space, coffee house, gym, basketball court, putting green, rooftop pool, barbecue areas and fire pits in the project.

Targeted toward middle-class households, 68 affordable residences will be rented to those earning no more than 70 percent of median area income.

Landscaped green space will comprise nearly 2 1/2 acres of the development. Sprague Pond will be reopened, and a 5,980-square-foot, 150-seat restaurant constructed along the pond, along with a public pondside lounge designed for meetings and events. Parking will include a below-grade garage with space for 492 vehicles. Forty parking spaces will be constructed at ground level. A bike-share facility will also be located at the site.

The environmentally-friendly project will feature drought-tolerant landscaping, low-flow plumbing and solar panels on all buildings.

Presently located at the site are four warehouses and maintenance buildings.

A developer has proposed converting a former three-story nursing home at 735 Truman Highway in the neighborhood's Fairmount Hill area into a 46-unit apartment building. Conveniently located within one-half mile of the neighborhood commuter rail stop and costing $6 million, the project will retain 62 current parking spaces and is expected to be completed in the spring of 2018.

A realtor is offering a site at 1185-1203 River Street as a development opportunity. The site includes .63 acre of developable land and is bounded by River and Winthrop Streets and Central Avenue. Presently located on the site are three commercial buildings, including a 2,272-square-foot restaurant, a 1,801-square-foot auto body shop with parking area and a 6,080-square-foot retail building with three occupied storefronts and parking area.

The realtor suggests a four-story, 54-unit residential building, a 1,300-square-foot commercial building and 65 vehicle parking space could potentially be constructed on the site, which is a 20-minute drive to the heart of Boston and a 10-minute drive to Interstates 93 and 95.

Begun in September, The Residences Fairmount Station, is a $7 million four-story, 45-foot-high, 27-unit mixed-income apartment building located at 15 Natt Street. Included in the project are three studio units, three one-bedroom units, sixteen two-bedroom units and five three-bedroom units. Households earning no more than 60 percent of the area's median income will have the opportunity to rent 24 units, and 3 units will be available at market rate.

There will be 6,000 square feet of green and playground space exclusively for tenant use. Also on site will be a 585-square-foot community room and 27-space parking garage at ground level. The expected completion date is September 1, 2018.

In the planning stages is a project to develop a 119,034-square-foot parcel presently occupied by Orleans Packing Company at 1717 Hyde Park Avenue next to the Readville transit station at MBTA Fairmount into 240 apartment units.

Also in the process is a residential development on over 55,000 square feet of land at 1550 River Street. The project consists of renovation and construction of a commercial building transforming the property into 32 rental units, 4 of which will be designated affordable. Half the apartments will be one bedroom and the other half two. The plan also calls for 52 garage and 16 exterior parking spaces.

In June, The Boston Planning and Development Agency approved a project for the construction of a new 32,000-square-foot building at the Boston Preparatory Charter Public School at 885 River Street. The three-story building will allow the school to accommodate 300 more students for a total of 700 and 47 more staff members for a total of 110. A new cafeteria and instructional support are included in the project, along with six additional parking spaces for a total of 64.

Available Real Estate

Currently available for lease is 1,650 square feet of warehouse space at 100 Business Street. There are two offices on the industrial-zoned property that measure 500 square feet of semi-finished space. The space was formerly an electrical assembly factory. The unit for lease is in the back of a 1910-era building and features a front entrance and rear-loading platform. The rental rate is $13.02 per square foot annually.

Also at the Business Street address is 155,000 square feet of space on three levels. Built in 1970, the building has a rental rate from $5 to $6 per square foot annually. There's between 1,000 and 20,000 square feet of industrial space available on the lower level with 500 square feet of office space, 10,000 square feet of space on the first floor and between 5,000 and 100,000 square feet of industrial space on the second floor.

Another industrial property for lease is 6,000 square feet of space at 161 Reservation Road. Located within a fenced lot, the 1910-era building is available for $8.80 per square foot annually.

Additional property available for lease is a former D'Angelo's restaurant space at 1345 Hyde Park Avenue. The storefront includes between 2,300 and 3,300 square feet of retail space and 10-plus-vehicle off-street parking. The rental rate is $30 per square foot annually.

Located in a newly-constructed building, between 1,000 and 5,000 square feet of commercial property at 797 River Street is also available for lease. The rental rate is $19.95 per square foot annually and includes generous off-street parking.

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