Dennis Investment Properties
Owning property in Cape Cod can be quite an investment, and Dennis, Massachusetts, which is located right in the middle of this beachfront town, has quite a few opportunities worth considering. Located in Barnstable County, this town is home to 18 beaches, which means that it is a great place to own rental property, especially during the summer months. Currently, the median price for real estate in this area of the state is about $350,000. Finding property to invest in for this price is rare, especially when you are looking for beachfront opportunities.
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Residential and Commercial Investment Properties
Investing in property in this area is a great idea. Boston is thriving when it comes to real estate, and so are the surrounding communities. That being said, this town of 14,000 is a great place to invest regardless of whether you choose a residential property or a commercial one.
Both types of property are going to be heavily reliant on vacationers who come to this area during the summer, so before you decide which type of property you want to invest in, consider the price of the property and the expenses that you will need to cover each year. Remember, if you are thinking about investing in a residential property that you expect to rent out to beachgoers, then it is important that you consider the price of utilities.
Also, this is an area of the state that is seasonal, which means the rate of occupancy drops when the temperature drops, which means that you may not have a renter for a few months out of the year. If this happens, will the rental income that you receive the rest of the year be able to cover all of the annual costs that you have and still produce a profit? Typically, you should have at least a five to 10 percent overage each year.
Real Estate Market Overview in Dennis Neighborhoods
This small coastal town has a total of five unique neighborhoods that you can invest in. This is an area that is low in crime, so there will be plenty of investment opportunities to explore, in all of the neighborhoods, which are:
- Town Center – This nautical neighborhood is mostly made up of townhouses that were built between 1970 and 1999. Currently, the median price for a home in this area is about $652,700, which is more expensive than the homes in 91 percent of the country.
- East Part of Town – Full of beaches and golf courses, this is a great area to invest if you are looking for a vacation property to rent. With rental prices at about $1,800 a month, small apartment buildings with four units can give you quite a bit of rental income.
- West Part of Town – This is an area that has a vacancy rate of 65.9 percent because it is a vacation area, so before you decide to invest here, make sure that you calculate your capitalization rate to make sure that you can get a return on your investment. Most of the buildings in this area were built between the year 1940 and 1969.
- The Port of Town – The vacancy rates in this neighborhood are an astounding 73.7 percent, which means that if you purchase property in this area, chances are that you will be renting it out as a vacation property for a few months out of the year. That being said, the median price for the real estate in the area is also only $354,600, which means that making more money from rental income than you spend on the property each year may still be doable.
- South Part of Town - This is an area of town that has both commercial and residential opportunities. With a median price of $340,500 for property in the area, this is definitely a neighborhood worth investing in.
Choosing the Right Investment Property
This is a vibrant nautical town that is worth considering, especially if you are looking for investment opportunities in the area. Since this is a vacation area, you are going to need to be able to choose which type of property is going to give you the most profit. In the last year, the value of real estate in the area has increased by 4.6 percent. Boston City Properties is one of the leading real estate companies in the area, and we know what is available that will help your portfolio grow. We will work closely with you to find property that matches your investment goals, so call us today for representation.
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