Salem Land for Sale

Why Investing in Property Here is a Good Idea

Salem is an excellent place to buy land, especially given the city's North Shore location and historic character. Contact one of our real estate professionals to get started with the buying process.

Geographic Location

The city of over 41,000 is in Essex County and was one of two county seats before the end of county government in the state. Neighborhoods in the city include Downtown, The Point, Witchcraft Heights, the McIntire Historic District, and Pickering Wharf.

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Land for Sale

This community is on the Danvers River, which flows into Massachusetts Bay. Another river that goes through here is the Forest River that has conservation land along its shores.

Here, you are 15 miles from Boston, 16 miles from Gloucester, and 19 miles from Lawrence. The nearby cities and towns include Marblehead, Swampscott, Lynn, Peabody, Danvers, and Beverly.

Routes 1 and 1A provide a lot of the quickest access to surrounding areas like Beverly. Routes 114 and 107 also go through town, and there is a commonly-used bike path. There is also MBTA commuter rail and bus access, as well as a ferry operating on a seasonal basis.

What Types of Developments Could You Build?

This city is perfect for developing several types of properties, from beautiful new homes and condos to suit every taste to commercial properties that provide spots for major industries and serve the needs of tourists. Getting an undeveloped property will help you maximize all your possibilities.

Homes

Newer-construction homes in cul-de-sac locations with easy access to downtown have become popular in recent years. Split-level floorplans are popular with many buyers, as well as larger lots with conservation trail access. Open floorplans and decks will encourage buyers looking for an excellent housing option.

Townhouses with two or three floors are also popular choices for buyers. Rooms that offer vaulted ceilings and deck access offer a more enjoyable living space. Offering garage spaces, as well as additional outdoor parking spots, will help provide broader appeal.

In addition to new houses or condos to use as residences, these homes are also suitable to rent out as vacation homes, which are in demand in the area. A vacation home is a better option for many travelers than staying in a hotel, especially when traveling in a bigger group. There is a high chance of getting a good return on your investment of your pursue this option.

Apartment Buildings

Luxury-style buildings with easy access to the downtown area are always worthy of consideration. A combination of floorplans that includes a mixture of flats and townhouses will suit almost any need among such apartment shoppers. Community amenities to consider might include a pool, jogging trail, business center, and fitness center.

Renting out apartments is an excellent way to enjoy returns on your investment, with most units rent out at prices well over $1,500 a month. The demand has grown, especially with redevelopment going on.

Commercial Investment Properties

The healthcare industry plays a role in the local economy, creating a need for office space that is certain to have a high demand. Another recent trend that has brought in a lot of interest is local redevelopment in the waterfront area, which is likely to bring in interested buyers or renters from other industries.

Commercial condos offer some of the best opportunities to attract both buyers and renters. These units provide the possibility of ownership for companies that occupy the individual space. There is also a chance of renting out the units as well.

Retail Space

The community has a significant place in local tourism because of its association with the witch trials in 1692. Over a million tourists visit the location yearly, with 25,000 visiting on Halloween weekend alone. This high rate of tourism makes the city an ideal place for retail-related pursuits.

Retail spaces are likely to get $1.25 a month per square foot, a price that works out well for investors. If the building is in a prime location, retailers will be ready to take advantage of what you have available. A retail building here will be a win for you and anyone who needs your space.

Salem has to lot to offer that will make both residential and commercial prospects worth pursuing.

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Land for Sale