Leominster Investment Properties

As the second largest city in Worcester County, Leominster is a great place to invest, especially if you are new to real estate investment options. Located about 43 miles west of Boston, this area is experiencing some of the growth that Boston is experiencing. In fact, in the past year, the property in the area has increased by nearly seven percent, and it is expected to continue to grow another three percent or more in the coming year. Right now, the median value of homes in the area is about $247,000, which is much lower of a price per square foot than much of the Boston Metro area.

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Residential and Commercial Investment Properties

If you are new to real estate investments, then you are going to have to decide between residential and commercial properties in the area. Fortunately, there are a few different types of investments worth considering. Here's a breakdown that you can consider before you choose a property to purchase:

• Residential: Single-Family – This is a type of unit that is going to appreciate well over time. You can decide to rent it or live in the home yourself, but either way, as long as the property is maintained and updated, the home will appreciate.
• Residential: Multi-Family – This is a type of investment that has more than one unit for you to rent out. This can include apartments, condos, townhouses, and duplex-style homes, so if you want to invest in a rental unit, make sure that you consider what is available in the area. In addition, you will be able to occupy one of the units if you'd like, which can also make it easier to find financing.
• Commercial: Retail and Office Space – Both of these options are great for an investor who wants to rent out property on a corporate level. Even small businesses will tend to lease the property for a period of five to 10 years so that their customers can locate them with ease.

Real Estate Market Overview and Neighborhoods

There are nine unique neighborhoods in this area worth considering when you are investing in property in the area. These neighborhoods are:

• Wachusett Street – In this area, you will find a lot of single-family homes and small apartment buildings that were built between 1940 and 1999. The median for homes in the area is about $347,500, which makes it an area that is a bit more in demand in the community.
• Harvard Street – This is an area that is made up of small apartment buildings and single-family homes that have a median price of about $346,000.
• Northern Part of the City – There is a large number of apartment complexes and high-rise apartments in this neighborhood. This makes it a great place to invest in rental property, and the rental rates in the area are about $1,200 for a two-bedroom unit.
• Grant Street – Most of the homes in this area were built between 1970 and 1999, which makes it a well-established place to invest. The median real estate rate in the area is about $280,000.
• Western Part of the City –This is a great area of the community to invest; homes have a median price of $264,000, and there are plenty of commercial investment options available as well.
• Grove Avenue – This area consists of both renters and owners, and the vacancy rate is only about three percent, which makes it a great option if you are looking to invest in older homes that were built before 1939.
• City Center - This is a relatively historic part of town, which means that many of the homes in the area were built pre-World War II.
• Mohawk Drive – This is a town with a lot of renter-occupied real estate, which means that finding a multi-family unit in the area to invest in could be worth considering.
• Gates Crossing – With a median real estate rate of $177,000, this is a great area to consider investing. In fact, there is a 3.3 percent vacancy rate in the area, which means that residential property is in demand in the neighborhood.

Choosing the Right Investment Property

Investing in property in this community can be a great decision to make. Nearly 32 percent of the homes in the area are multi-unit properties, which can provide you with a great rental income. There are also quite a few single-family homes to consider in the area as well as commercial properties. Not every investment is going to work well for your needs, but if you would like to invest in the area, contacting a professional like Boston City Properties is going to help you make the right decision for your financial future. Call us today at 617-247-1933 so that we can help you build your portfolio.

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