Newburyport Investment Properties
This small city in Essex County is located around 35 miles north of Boston, directly on the sea. As a seaport, the city offers a range of appealing water activities and recreational options, making it a desirable choice for many people looking for their next hometown. The community is located near the Newbury Marshes and has a direct access to the Atlantic Ocean, meaning that properties here may offer valuable water views and oceanfront land.
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The historic community was incorporated in 1764 and developed until it became a city, with the port's economic action driving growth and development in the city. The community is also well-known for many contributions to American history, from the development of the first Coast Guard station to the first so-called "Tea Party" in the pre-Revolutionary War period. Properties in the city often show the legacies of these historic days, with many fine examples of colonial architecture and design. Its downtown area has been thoroughly renovated while preserving the historic structures that help to define the seaside community.
In addition to historic properties and waterfront views, the community also has much to offer people who enjoy outdoor activities. There are multiple parks and beaches around the community as well as Newburyport Forest, all offering space for hiking, biking and water sports. There are numerous parks in the city, including one located on Plum Island, a part of which is included in the city limits, as well as Maudslay State Park, a great place for camping or hiking. The city is well-networked, with Interstate 95 passing through the community along with Route 113, Route 1 and Route 1A. The city is also the northern endpoint of the Newburyport/Rockport commuter rail line. Commuter rail access can make the area a more appealing destination for both residential and commercial tenants for whom access to Boston is critical.
Multi-Family Homes
There is a range of options available to the investor looking to select a multi-family property here. There are a number of small apartment buildings in addition to duplex, triplex and quad-plex homes. These buildings are often appealing to professionals, couples and families, so an investment in this type of property can be repaid with escalating property value as well as significant monthly income from renters. Apartments in the community are desirable, so finding tenants to live in the multi-family property can often be an easy task. Because the community is well-connected via both highways and public transit, many people are seeking out apartments here. Investors can find great support from banks and even government-backed loans, as residential rentals can provide a strong upside over years of ownership.
Single-Family Properties
Single-family homes can make wonderful investments. Whether an investor is looking to renovate the home for resale or maintain it as a rental property, there are a number of options that can fit their financial goals. There are homes of all ages in the area, from truly historic buildings to new construction. Classic homes from the mid-20th century can be well-built, but a renovation that gives a modern touch to the kitchen and bathroom can spike both resale value and potential rental income.
Condominium Investments
Condos are another option to explore in this community. The natural surroundings have inspired many people to seek a home here, and condo complexes have been developed more recently. As these complexes may offer a range of enticing amenities like gyms and community rooms, busy professional tenants may be particularly intrigued by rental properties of this type. It can be easy to find a great tenant for an appealing condominium, and the fee structure can help to keep upkeep costs under control.
Exploring Commercial Real Estate
Active highways in the area also mean an active business community. Office and commercial spaces here are attractive to large, national firms as well as local businesses. By investing in commercial real estate here, you could enjoy substantial, stable income over the years even as the underlying property accumulates additional value.
Average home prices in the community hover at just above the half-million mark, at $505,700. This reflects an ongoing upward trend that can be seen consistently in the area since 2013, pointing to a continued improvement in valuation and real opportunities for investment in the area. The real estate market is active, and the stunning natural amenities of the area point to the inherent value in investing here in real estate. In addition, rental income here provides healthy cash flow. The average monthly rental price for an apartment in the city is $2,465, above the average cost of rent in the Boston metro area. As your investment property continues to increase in value, you will be able to enjoy steady flows of income from tenants. If you would like to explore more about investing in property here, contact us at Boston City Properties. We can provide you with detailed information about investment opportunities in the city.
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