Hull Investment Properties

Despite being the fourth smallest town in the state, Hull, Massachusetts, is a town with more than a few opportunities. One of the best opportunities is for commuters; the town is about 25 miles from Boston, which means that this town is an option as a place for professionals to come home to at the end of the workday. The town itself is on a peninsula, and with so much coastal land area, it's become a popular place for people that want a summer home. The bays that surround the town are also major in the fishing industry, and the town itself is known for its historic homes; many of which are pre-war.

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Residential and Commercial Investment Properties

When investing in a town like this one that has extensive vacation business, it's important to choose the right property type. Let's take a look at how different types of properties can benefit an investor in a town like this one:

• Residential – While there are high vacancy rates in the off-season, a property owner can make significant cash flow during the summer months in a town like this. Additionally, not every property is a summer home; town residents and people moving into the area need a place to live, and there's a great mixture of both rental and for-sale properties in the area that you can capitalize off of.
• Commercial – Commercial property typically includes office space, retail space, and hotels or resorts. As a town that ends up having significant amounts of vacationers during certain parts of the year, the last type of commercial property can be very profitable. With hotels and resorts, you can hire management teams to manage the majority of the red tape and regulations that a property has to go through in order to be run correctly.

Typically, these types of properties can be very profitable, but there are also options for the other two types of commercial property as well. Since Boston is about 24 miles from this town, startups and small businesses are present in the area, and if you invest in office space, you can usually profit off of them. Additionally, retail is important to just about any town's economy, and seizing on a retail real estate investment means that you can seize on the longer lease periods that retail requires.

Real Estate Market Overview and Neighborhoods

When it comes to neighborhoods, this coastal town has three that include:

• Nantasket Beach – Also known as Kenberma, this neighborhood is in the southernmost part of the peninsula. Most of the real estate here is owner-occupied, and the median real estate price here is about $443,918. Rental rates here are significantly low compared to other neighborhoods in the state; one can expect to spend about $1,770 per month.
• Town Center – With a median rent of $529,923, this neighborhood is one of the more expensive in town. There are several apartment complexes in this area, and as a rule, this area is very in-demand due to the fact that it has beautiful properties and coastal views.
• Straits Pond – This area of town has the most balanced mixture of owners and renters. As a result of having more than a few vacation properties, this particular neighborhood also has a vacancy rate of 14.5 percent.

When looking at the town as a whole, it's clear that both renters and owners have a home here. Of all of the properties in this area, 68 percent of the properties are owned and about 32 percent are rented. As a coastal location in New England, it's important to note that this is considered a prime vacation spot, and as a result, in the off-season, there tends to be a high number of vacancies. In fact, about 16.3 percent of the homes are typically vacant during this period.

In many areas, vacancies are often considered problematic for investors, but since this is a prime vacation destination, it's actually par for the course. In towns like this, during the summer months, the population tends to spike heavily, which means that revenue to the area increases significantly. As a result of this, rents tend to be higher, and there's quite a lot of demand for property in the area, which can translate to a lot of profit for a property owner.

Choosing the Right Investment Property

Investing in an area like this can be very profitable thanks to the vacation industry and a robust real estate market. With that said, picking the best property type for investment is highly personal and will depend on the workload that you want to put into the market. We always suggest that anyone looking to invest contact a real estate brokerage like Boston City Properties; we understand markets throughout the state and have licensed professionals that can help you find your ideal property – call us at 617-247-1933.

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