Peabody Investment Properties
Large cities are great places to invest, especially when they are located near major cities and transportation hubs within the state. Peabody, which is home to over 50,000 individuals, is a great place to consider for your next investment, and it is only about 15 miles from Boston. The average price for real estate in the area is comparable to the majority of the Boston Metro area, but the main reason that this is a great area to invest in is the growth that it is experiencing by being so close to Boston. Last year, the value of property in the area increased by nearly six percent, and it is expected to increase even more this year.
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Residential and Commercial Investment Properties
Deciding whether to invest in residential property or commercial property is a big decision that all investors need to make. All investments are not going to work for your investment needs, so it is important to consider all of the benefits of each type of property so that you can make an educated decision.
Residential
Residential property is going to be quite profitable, and you will be able to decide whether you want to invest in property with a single unit or property that has multiple units. Typically, more units bring in more rental income, but the rental income form a single-family home will still easily cover the mortgage and the cost of maintenance. Residential options worth considering in the area include:
- Single-family homes
- Apartments
- Condominiums
- Townhouses
- Duplexes, triplexes, and quadplexes
Commercial
When you invest in a commercial property, you will be dealing with business owners instead of families, which means that you will most likely have a rental agreement that lasts for a period of five to 10 years instead of one or two. Commercial property includes:
- Retail space
- Office space
- Warehouses
- Storage Space
Real Estate Market Overview and Neighborhoods
With real estate values in the area at about $423,000 and the market growing constantly, this is a great place to consider for an investment, but you are going to need to consider which or the nine neighborhoods in the community is the best for your investment. The nine neighborhoods include:
- Birch Street/Russell Street – This is an area with a lot of single-family homes, so if you are looking for rental property of commercial investments in the area, this is an area to consider.
- West Peabody – Multi-family homes are great investments to consider in this area, especially because rental rates in the area are about $2,604 a month.
- Southern Part of Town – This area of the city is known for single-family homes and small apartment buildings that were built between 1940 and 1969. The average real estate price in the area is about $452,000.
- Margin Street – This is an area that has a relatively dense population, which makes it ideal for both residential and commercial investments. In general, real estate prices in the neighborhood are about $415,000 on average.
- Jubilee Drive – Bordering Interstate 95 on the western side of the neighborhood, this is a great location for a commercial investment, but it is also ideal for multi-unit homes that will provide you with a rental income of about $2,000 a month.
- Lynn Street/Coolidge Avenue – With real estate prices averaging about $396,000, this is a great place to invest, especially if you are considering a rental property to invest in because this is a residential part of the city.
- Proctor – This area has a lot of rental properties and high-rise apartments that you can consider for your investment, but since it is more densely populated, there are also commercial retail opportunities here as well.
- Washington Street – This is an older section of the city, so properties will have been constructed mostly before 1939 in this area, which makes it an area that has a slightly lower median of about $324,000.
- City Center – The city center is a smaller area in this community, but there are a lot of apartments and commercial opportunities in the area that you can invest in.
Choosing the Right Investment Property
If you are considering investing in this area of Massachusetts, remember that it is a large city with quite a few options to invest in. Jumping on the first investment opportunity that you see could cause you to miss out on a more profitable investment. To get a full list of opportunities in the area, contact Boston City Properties today at 617-247-1933. We can even represent you through the process of purchasing a new investment so that you can make a profitable investment that fit your specific investment needs.
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