Lawrence Investment Properties
Lawrence, Massachusetts is a city that is located in the northeastern part of the state. With a population of about 80,000 residents, this is actually the 12th largest city in the state. In addition, this city is only about 30 miles from Boston, so it is experiencing some of the same growth, making it a great place to invest. This location makes commuting to Boston simple, meaning that the real estate market here will be in high demand, especially when you take into account the professionals in the area that are looking for a home outside of Boston.
Click Here to Search Investment Properties
Residential and Commercial Investment Properties
This city is full of both residential and commercial investment opportunities. There is a high amount of rental properties in this neighborhood that you can consider for an investment. When you are looking into which properties are best to invest in, you will want to consider:
- The Income Potential – If you invest in a multi-unit home in the area, then you are most likely going to rent out one or more of the units. This means that you will receive a monthly income from the tenants that will cover the cost of the mortgage, the real estate taxes, utilities, insurance, and maintenance needs. Ideally, you should set aside five to 10 percent of your annual rental income for emergency repairs and maintenance needs of the property.
- Growth Potential – In addition, to the monthly income that you will receive, you will also want to invest in an area that is growing. An additional five percent a year will help increase the value of the property quite a bit over a period of 10 years, especially if you upgrade the units and improve the property value on top of natural appreciation.
- Location – Location is everything this means that if you are looking to invest, you want to find property in an area that is convenient to reach. Highways should be close by and train and bus transportation should be an option as well. This makes the area more inviting to professionals and students looking for a rental property in the area.
Real Estate Market Overview and Neighborhoods
Since this is such a large city, this community has more than 10 neighborhoods to consider for your investment. Here are the most popular:
- Walnut Street
- East Haverhill
- Park Street
- Reservoir Street
- Park Street
- Winthrop Avenue
- Howard Street
- Andover Street
- South Lawrence
- Riverside Drive
Currently, this city is experiencing a warm housing market. Home values, at the median level, are only about $256,700, which is much lower per square foot than the average property value in Boston. Even though the purchase point for real estate is fairly low, the market itself has experienced a nearly 10 percent growth rate in the past year. This means that investors can easily make a profit, especially if they purchase property in the community before major growth occurs. In the next year, this area is expected to grow at least another five percent, which means that this is a neighborhood with potential that you will want to keep an eye on if you are looking for an investment-friendly city.
Each of the constituent neighborhoods has an active housing market with varying median home values, types of homes, and commercial investments for you to consider. If you are interested in investing in homes from the pre-World War II era, this city has more than its fair share of this type of housing; in fact, nearly 55 percent of the homes in this area were built before the year 1939.
This city also has a very strong percentage of multi-unit properties available to invest in. In fact, apartments alone account for 74 percent of the housing market in this area of Massachusetts. With that being said, the homeowner rate is about 28 percent, which means that there are opportunities for single-family home investments as well.
Choosing the Right Investment Property
When you are considering a real estate investment, it is a good idea to know what type of investment opportunities will work best for you and your money. Not every investment type is for everyone, which is why it is important to tackle each town with a bit of foreknowledge and planning. First, you need to get an idea of the type of properties that are available; this particular city has a very strong multi-unit property base, but there are opportunities for other types of investments as well.
It helps to consult with a professional when you are new to investing in a particular market. At Boston City Properties, we have years of experience helping our clients find the right properties for investment. We have a professional staff of licensed real estate brokers that have thousands of contacts in the Boston Metro area, so call us today at 617-247-1933 for representation.
Click Here to Search Investment Properties