Medway Land for Sale
Why Invest in a Lot Here?
Medway is a good place to buy real estate, particularly land. There is a lot of beautiful, open land that will make you glad you decided to take a chance on building here because the prices in the $200,000 to $300,000 range are a great bargain for this area. Contact us to get started with buying the right lot for your needs.
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Land for Sale
Geographic Location
About 13,000 people call this Norfolk County community home. One unique part of its location is how it is located between Boston, Providence, and Worcester, leading to one possible explanation of how it got its name.
Massachusetts Routes 109 and 126 both go through this town and provide much of its access. I-495 also has exits in Bellingham and Milford, both of which are close enough to have streets going into town.
Nearby Norfolk and Franklin offer MBTA train service. As of spring 2018, these were the two closest commuter rail stations.
What Are Some of the Developments You Could Build?
One of the best things about developing property in this area is that there are so many opportunities ripe for you to take advantage of as you build the types of properties most in demand. This small town's location makes it ideal for a full range of developments.
Homes
Newer homes built here include 3 or 4-bedroom Colonials on lots with beautiful landscaping that sell in the $300,000's. Building houses in this style that have an inviting appearance with interior features like moldings are certain to bring in willing buyers looking for a stylish home.
If you find a lot that's heavy on scenic views, this can be a good location to build townhouse-style condos with resale values in the mid-$200,000's for a 2-bedroom. One of the best features that many of these types of units boast is having deck areas with beautiful river views.
Buying three or four lots to build a smaller subdivision with homeowners have an acre of space apiece is one way to make the most out of the lots you wish to develop. Many buyers want houses with larger lots, and deed restrictions that help protect the value of the properties make these types of newer houses all the more attractive.
Apartment Buildings
Most of the apartments in town are in the form of condos for rent or conversions in houses. With this being the case, there is a need for new complexes.
Average rents of $1,500 a month for a 2-bed, 1-bath unit give you a good idea of what you could make from one of these buildings. Constructing the building with built-ins and washer/dryer hookups in each unit is a smart choice to pursue.
Another good option for apartment buildings is styling them after the condo buildings that are popular in the area. Many of these buildings are townhouse or duplex-style to maximize the space they provide.
Commercial Investment Properties
The industrial-zoned areas on Route 109 and near I-495 are some good areas to consider buying lots for development. Most of these lots are at least an acre in size, with the potential to enjoy lease prices of $1.35 or more per square foot on your bigger spaces.
Main Street is also a prime area to build office or other commercial spaces that are more suited to the small-town character of the Historic District. If you select a location with good parking, you can be pretty sure that the building will attract buyers or tenants that need high traffic.
Retail Space
Another advantage of building developments in this town is providing retail space in the Main Street area, which enjoys fairly high traffic for a small town. Designing the building so that it blends in beautifully with the rest of the properties in the area is an ideal way to attract retailers concerned with making sure their space blends in with everything else in the area.
The town hosted a variety of businesses in early 2018 that included gift and specialty stores, hardware and automotive stores, and cafes. Buildings that provide the space to include several stores in one location, especially locations that would be new to this area, would be certain to pay off in the long run.
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Land for Sale