Lowell Investment Properties
As the fourth largest city in Massachusetts, Lowell has a lot going for it. The town has a population of over 110,000 people, and with areas that feel both suburban and urban, this might just be one of the most welcoming cities in the state. In addition to having its own urban experience, the city is also part of the Boston Metro area, and as such, it's only about 30 miles away from Boston itself. As a result, this area is growing with the bigger city, and the real estate market grows right alongside it; in fact, in the past year alone, home values in the area have increased by 7.5 percent.
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With steady growth like this, it's clear that investment possibilities in the area are worth looking into. This is a city with a healthy mix of apartments, single-family homes, condos, and various commercial property types.
Residential and Commercial Investment Properties
Making a smart investment is crucial, and this particular city has a wide array of potential properties that you can invest in, but it's always a good idea to do some research first. If you're looking to make a steady cash flow and take advantage of natural market appreciation, then you can invest in a rental property like an apartment building, high rise, duplex, or commercial rental property. In fact, you can even purchase single-family homes and rent them out for a profit.
That being said, purchasing property for sale is also a smart move; with many of the single-family homes here, you can purchase, renovate, and then sell the property at an appreciated price. This is a much more short-term means of making money on your investment, which can be advantageous.
Real Estate Market Overview and Neighborhoods
Lowell has various neighborhoods throughout the city, but the 10 most popular are:
- Fletcher Street / Dutton Street – One of the more densely urban neighborhoods in town, Fletcher street is also a part of the city that has apartment complexes and high rises. In addition to this, some of the properties here have origins that predate the 20th century.
- Middlesex Street / Wilder Street – With a slightly more spread out population and property density, Middlesex Street is still an urban neighborhood. Rents here, on average, are some of the highest in the city, and there are also more owner-occupied properties here than in many other parts of town.
- City Center – One of the best features of the city center is the fact that home values here are very affordable. In fact, it's possible to find property here that's cheaper than $300,000. Rents also are lower than in many Boston Metro suburbs; you can easily expect to pay below $1,500 per month.
- Liberty Street / Powell Street – If you're looking for a property that will have some history, Liberty Street has its share of properties that predate World War II. Rents here are slightly higher than other parts of town, which means that capitalization rates can potentially be higher here for an investor.
- Riverside Street – In the neighborhood of UMASS, there are more than a few property types that cater to both professionals living in the area as well as students. Unlike many college neighborhoods, this part of the city has a relatively low vacancy rate of five percent.
- Middlesex Village – With a property market that's primarily renter-occupied, this part of the city is a great area to invest for investors that prefer multi-unit dwellings. The vacancy rate here is also only four percent, which is significantly lower than many areas of the country.
- Pawtucketville – Home values at the median level in this neighborhood are at a relatively low $276,000. This is particularly interesting for investors because this part of town has a fairly even mix of both owner-occupied and rental properties.
- Varnum Avenue / Totman Road – Another area that is primarily populated by a mix of renters and owners, Varnum Avenue is also an area with rents that are fairly low compared to other Massachusetts neighborhoods. On average, renters can expect to pay around $1,377 per month.
- Chelmsford Street / Stevens Street – This is a good neighborhood for an investor looking for historically low vacancy rates. In fact, this area has a vacancy rate that's lower than two percent. Additionally, many of the residents here work in management and industry.
- Central Street / Gorham Street – Gorham Street has a mixture of renters and owners, and both home values and rental values are fairly low, especially compared to other Boston Metro neighborhoods. If you're in the market for multi-unit properties like duplexes, apartments, or townhomes, there are several to choose from.
When looking at the city as a whole, this is a market that's steadily warming up. Currently, the median home value here is around $273,000, which is certainly cheaper than many towns in the Boston Metro. In fact, on a price per square foot basis, this town is cheaper than the Boston Metro averages by about $84.
Choosing the Right Investment Property
We understand that there's a lot to learn about property investment in this city, but with a brokerage in your corner like Boston City Properties, the process can be made significantly easier. We understand the markets throughout Massachusetts, and we have thousands of satisfied clients that illustrate how reliable we are. Give us a call at 617-247-1933 so that we can help you make a smarter property investment.
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