Groton Investment Properties
Looking for a place to invest in Northern Massachusetts? Groton, which is located in Middlesex County, is a town full of artists. This helps bring character to the historic town, which makes it a great place to raise a family. Boston is only 42 miles from this town, which means that it will take less than an hour to commute to the city. Currently, the average home value in the area is about $458,800, which is about $50 less per square foot than most of the property in the Boston Metro area.
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Residential and Commercial Investment Properties
Investing in this area of Massachusetts is a great option that will be quite profitable, especially if you know which property to invest in. In this town, there has been a lot of growth in the past year, and it is expected to continue, which is why investing in either residential or commercial property now would be a sound investment to make. Some of the different types of properties to consider are:
- Single-Family Homes – These are homes that are designed for a single family to enjoy. They can be a single floor or multiple, but regardless of the design, they are spacious options that tend to appreciate quickly when they are maintained. In fact, single-family homes are often the cheapest real estate option, but it is only an investment on one unit, which means that you cannot live in the unit and rent it out.
- Multi-Family Homes – This type of home is a great investment to make, especially if the rental rates for the area are able to provide you with a higher income than the expenses for the building. The rental income that you receive needs to cover the mortgage, maintenance for the building, and money to put back for emergency repairs. The type of homes that fit into this category are apartments, townhouses, condos, and duplex-style units. These opportunities make up about 16 percent of the homes in the area.
- Commercial Properties – These are typically office buildings or storefront opportunities. The reason that these buildings are great investment options is that they typically secure a tenant for a period of five to 10 years.
Real Estate Market Overview and Neighborhoods
Overall, the market in the area has been doing well. In fact, in the past year, the value of homes in the area has increased by 4.3 percent, and it is expected to rise another three percent in the next year. In this area, 83.5 percent of the homes that you will find to invest in are single-family homes; however, there are some multi-family units and commercial properties that you can invest in as well. There are two neighborhoods in this town that can be considered for investment opportunities. They are:
- Town Center – Located in the eastern part of town, this neighborhood has a median price for real estate of about $477,000. Since this is the most built-up portion of the area, you will be able to find commercial real estate options as well as single-family homes and small apartment buildings. The majority of the homes here were built between the years 1970 and 1999, though some were built as early as 1940.
- West Groton / Vose – This neighborhood, which is located in the western part of town, has a median price for real estate of $438,600. This is a bit lower than the average price for the town, but the rental rates in this area are higher than 70 percent of the neighborhoods in the state, which means that you will be able to make a good rental income if you decide to invest in a multi-unit home in the neighborhood. Many of the homes in the area were built between 1970 and 1999, but there are several options that were built before the 1940s. In fact, some of the small apartment buildings in the area were converted from single-family homes that were built during this time.
Choosing the Right Investment Property
Finding property to invest in can be difficult, especially if you are unfamiliar with the town and the real estate options that are available there. Having difficulties finding an investment opportunity in the area? Contact Boston City Properties at 617-247-1933 so that we can help you find your dream investment.
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