Kingston Investment Properties
Kingston, Massachusetts, is about 33 miles away from Boston, which makes it a good town for professionals that are looking to settle down at the end of the day to suburbia. Commuting to and from town is fairly easy; drivers can use Massachusetts Route 3 as well as Routes 27, 53, and 106 to access many areas and towns in the state. For those that would prefer mass transit, the town also has access to the MBTA commuter line that's named after the town.
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This town has a stable home market that's experienced almost a six percent growth in the last year. Additionally, with its proximity and easy access to Boston, both commercial and residential real estate options are very viable here for savvy investors.
Residential and Commercial Investment Properties
So, not sure what type of property to invest in? Fortunately, you'll have options, and which type of property you pick will depend on your personal preferences and patience. Fortunately, many of the properties in town can be used to provide some extensive cash flow, but it's important to understand what's available before committing to a particular property type. Here are some options to consider:
Residential
- Single-Family Homes: Sale – Many people love the idea of a single-family home; these properties provide yard, privacy, and typically have more than enough space to raise a family. With enough time, standard appreciation can make you a nice return with this type of property, but if you want to speed things up a little, adding upgrades can increase the market value.
- Single-Family Homes: Rental – Are you the patient type? If so, purchasing vacant single-family homes and renting them out can provide you with significant profit and cash flow. For maintenance, you typically won't have to pay more than five percent of your annual rental income, and in many situations, you'll be able to attain a capitalization rate that will ensure that you'll be paid off on the property within 10 years.
- Multi-Family Homes: Sale – Condos and townhomes are two types of multi-family properties that are typically sold rather than rented. With this type of investment, you can purchase a few units in an established condo and rent them out for a profit. Additionally, townhomes can be converted from larger single-family homes, and once the conversion process is complete, you can sell each unit for a profit.
- Multi-Family Home: Rental – Typically, these include apartment complexes and small apartment buildings, though duplexes, triplexes, and quadplexes also tend to fall under this umbrella. Tenants in these homes typically sign a lease that ensures that they are paying rent in a timely fashion, which makes this type of multi-unit property fairly advantageous when it comes to cash flow. Additionally, rents increase periodically, and these types of properties have a tendency to provide fast capitalization rates so that you'll receive a return on your investment more quickly.
Commercial
- Office Space – In a town like this one that has a noteworthy population of white-collar workers, there are bound to be startups like marketing firms and media companies. These businesses need office space, and many will be willing to sign long-term leases. The leases here are often triple net leases in which the tenants will pay into the property's insurance, maintenance, and real estate taxes in addition to standard rent.
- Retail Space – Shopping malls, retail centers, and storefronts all have huge value to a town's population, and this town, with its population of 13,462 people is no different in this regard. Renting out retail space also has the advantage of being fairly long-term cash flow opportunities. These also have a tendency to include triple net lease agreements.
Real Estate Market Overview and Neighborhoods
There are two neighborhoods in this town:
- Camp Mishannock – This area of town is primarily owner-occupied, and home values are slightly higher than in other parts of town. The area also has a good share of historic buildings that are pre World War II.
- Town Center – Retail opportunities are easily reached in the town center. This part of town is also in the northern section, and it even has some coastal area. There is a mix of rental and owned properties in this neighborhood.
When looking at the town in general, the median home value here is about $406,727, which is fairly low for a town in the Boston Metro area. In fact, this town is cheaper than the majority of towns in the area by more than $50 per square foot.
Choosing the Right Investment Property
When you're looking for a property to invest in, it's a good idea to have help so that you can find the type that works best for your needs. Fortunately, an experienced brokerage like Boston City Properties has experienced, licensed representatives that can help you narrow down your search. Call us at 617-247-1933.
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