Foxboro Investment Properties
This town, which is also commonly known as Foxborough, is located in Norfolk County. It is perfectly positioned between Boston and Providence, which makes it a great town to invest in. In fact, it is a great option for professionals to consider for their home because it is less than a 30-minute commute to either city. The median value for a home in this town is about $441,000, and the value has gone up incrementally in recent years. In fact, last year alone, the value of property in the area went up by 7.7 percent, and since the median price per square foot is about $25 less than it is in the Boston Metro area, this is definitely an area of Massachusetts worth investing in.
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Residential and Commercial Investment Properties
Looking for a residential or a commercial property to invest in? This town is full of options, but currently, there is only a 2.2 percent vacancy rate, which means that finding the ideal property to invest in may be difficult. If you are looking for a residential investment opportunity, there are quite a few options. 63 percent of the homes that are in the area are single-family homes. These are typically the cheapest investment options, but they do not offer as much opportunity for rental income as a multi-family home.
There are plenty of multi-unit homes available in the area as well, so if you are looking for this type of investment, you may want to check out apartments and the townhouses in the area to see if any of them have been listed. Since these types of properties have several units that can be rented out, they will provide the most rental income. Many of these homes are two-bedroom units, but there are also plenty of three- and four-bedroom options in case you want to have more options for your tenants. Don't forget to save about five percent of the rental income that you receive to cover any maintenance needs for the property.
Commercial properties offer the same type of income, so if you would sooner rent units out to corporations, small businesses, or business owners, you can also consider purchasing office space or retail space in the town. The major benefit of owning this type of property is that you will be able to secure a lease for a longer period of five to 10 years easily.
Real Estate Market Overview in Foxboro Neighborhoods
There are three unique neighborhoods in this town that you can consider, which are:
- Foxboro – This is an area of the town where the property is in high demand. In fact, the vacancy rate is 0.6 percent, which is lower than 96 percent of all of the neighborhoods in the entire country. The Gillette Stadium where the New England Patriots play is located in this neighborhood.
- Town Center – The center part of town, which is located along the I-95 corridor, is a combination of single-family homes and apartments that were built between the years 1970 and 2000. The average real estate rate in this neighborhood is $465,000.
- Camp Lincoln Hill – This is the easternmost part of town; the real estate prices in the area are roughly $431,000, but if you are planning on profiting from an investment here, a multi-family home is going to create the most profit. In fact, the average rental price for a unit in the area is about $3,245 a month. This rental price is higher than 97.8 percent of the neighborhoods in the state.
Choosing the Right Investment Property
Property value in this area has been increasing steadily, and it is expected to rise at least another four percent this coming year, which means that this is a great time to consider investing in residential or commercial property in the area. If you are unsure of the investment opportunities that are available to you, contact Boston City Properties today! We have an extensive list of properties that are for sale in the area, which allows us to help you consider your expenses, your potential rental income, and the profit that you will be able to make with each property so that you can make a great investment.
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