Lynn Investment Properties
One of the best features of Lynn, Massachusetts is the fact that it has so many varying neighborhoods that have a little bit of something for everyone. In fact, the city actually has more than 20 distinct neighborhoods that have both urban and suburban tones. Lynn also has another major advantage compared to the other cities and towns of Massachusetts: it's only about 10 miles from Boston. This proximity to the major city makes Lynn almost feel like an extension, which makes this city fairly ideal for commuters that want to travel to and from the city.
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Additionally, the city also has some distinct beauty; places like Nahant Street offer a truly suburban feeling that is rich with trees and picturesque vistas. As a result of the optimal placement and unique atmosphere, the city has been growing fairly steadily; in fact, in the last year, it's experienced a home value growth of over 11 percent.
Residential and Commercial Investment Properties
Finding the right investment in any neighborhood takes research, and in Lynn, there are a wide variety of considerations that you can make in order to receive a sizable return on investment. Let's take a look at some of the types of investments you can consider in the area:
- Single-Family Properties – Homeownership is one of the dreams that the majority of people have, and as a result, this is one of the types of investment that can make you a lot of cash if you execute due diligence. For example, from a cash flow perspective, renting homes like this is a great way to make money because renters prefer this type of housing; you get your own lawn, you won't have adjoined neighbors, and you'll even have a parking space. As a result, renters have a tendency to rent these properties for the long run.
On the other hand, from an appreciation perspective, these properties can be upgraded by an investor so that their market value increases. Once this "flip" happens, you can put the property back on the market for a significant markup.
- Multi-Family Properties – Multi-unit properties are properties like duplexes, apartments, condos, and townhomes. These properties stand out because you can actually live in them and rent or sell the other units. These present excellent cash flow and quicker capitalization rates for the investor.
- Commercial Properties – While multi-family homes are often considered inflation hedges due to the fact that rent rates tend to go up as fast as inflation, it's commercial properties that really shine when it comes to steady appreciation. Business owners certainly need space, and as a result, it's a fairly competitive market that can even be fairly stable when you find the right renter. Also, with triple net leases, you can also have expenses like maintenance, property tax, and insurance covered almost completely by your tenants.
Real Estate Market Overview and Neighborhoods
As mentioned, this city has many neighborhoods that are both large and small. For investors, it's always a good idea to track the neighborhoods with the highest degree of appreciation so that maximum capitalization rates can be obtained. The neighborhoods with the fastest rate of appreciation are:
- Essex Street / Liberty Street
- Eutaw Avenue / Chatham Street
- Washington Street / Hanover Street
- City Center
- East Lynn
- Eastern Avenue / Marianna Street
- Essex Street / Eastern Avenue
- Boston Street / Federal Street
- Western Avenue / Spencer Street
- Linwood Road / Walnut Street
Each of these neighborhoods has a mix of both renters and property owners, but unlike some of the other neighborhoods in the Boston Metro area, the homeownership rate in this area slightly favors renters. In fact, when it is broken down, about 56.2 percent of the properties here are rented and 43.8 percent are owned.
This certainly is a major indicator that there are opportunities for investment in both types of properties, and with many of the single-family homes being colonial and on the larger side, there are even options for investors to convert existing homes into multi-unit properties. Since the median home value in this area is around $334,370, purchasing new properties for investment can easily be financed or even bought outright.
Choosing the Right Investment Property
Not quite sure which kind of property you should invest in? This isn't uncommon; cities and towns throughout the Massachusetts landscape each have markets that are nearly constantly shifting, so it's a good idea to consult with a brokerage so that you can find the professionals that can help you invest in the right property. Boston City Properties is a brokerage that has extensive experience in the state; we understand the various markets throughout Mass, so consult with us so that we can help you find the property of your dreams. Call us at 617-247-1933.
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