Sturbridge Multi-Family Homes

Located in Worcester County, Sturbridge, Massachusetts, is a beautiful city that grants fairly easy access to neighboring towns like Springfield and Worcester. Several key highways connect to the town including Interstate 90, Route 20, and Connecticut Route 14. For the most part, residents get around by car in this town, but the area is also very walkable as well.

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When it comes to the real estate market, Sturbridge has a fairly active market; in the last year, the town has experienced an 8.3 percent growth. The town's low real estate values (around $278,000) makes it a great place to invest in a multi-unit property, and the town has several of these opportunities for savvy investors.

Purchasing a Multi-Family Home

A property that can accommodate more than a single family can be a really smart investment. Typically, these properties are safe from inflation, have tax-deductible expenditures, and provide a steady income. A town like this one has several opportunities that can include:

• Apartments – These typically work with tenants that live under a lease agreement. Tenants pay monthly rent and usually live in a complex or converted home that has multiple units per floor. These are great short-term living arrangements for people that can't afford expensive mortgages. For an investor, these are fairly convenient and can be managed by a management company.
• Condos – Condos are typically managed by a homeowner's association and each unit is typically owned by the tenant. You can own the units and choose to rent them out or you can own the property that sells the units to condo buyers. In any situation, you can make money fairly quickly in a condo.
• Townhomes – Townhomes are, in many cases, converted homes that split the floor space between two or more tenants. Like condos, townhomes are typically owned on a unit-by-unit basis by the tenants.
• Duplexes – Duplexes, like townhomes, are typically converted homes. Unlike townhomes, the individual units are split by floor, and properties with three floors are called triplexes and ones with four are called quadplexes.

With all of these types of properties available for investors, it can be a bit confusing which might be best for you. Contact us at Boston City Properties, and we'll show you the pros and cons of each and help you find the property that's best for you.

Selling a Multi-Family Home

If you're thinking to sell your property quickly, you can take a few steps to ensure an expedited sale:

• Offer Financing – If you really want to make a quick sale, tell potential buyers that you're willing to allow them to pay off the asking price gradually. Of course, this is a somewhat risky thing to do, but having them contracted in and providing a down payment can significantly sweeten the deal. It also provides them with something to lose so that they don't fall behind.
• Find Fellow Owners – In towns like this one, there are sometimes situations where local and non-local investors own several properties in an area. If there is an owner like this near your property, approach them about your sale, this will most likely be attractive for them because it expands their holdings and they can use their current staff to manage and maintain your sold property.
• Hire Boston City Properties – An experienced brokerage like Boston City Properties has a lot of experience in the field, so you can rely on earned expertise to help you find buyers that will make a purchase. They have extensive contacts, so contact them today.

Neighborhoods in the Area

Currently, this town is comprised of three neighborhoods:

• Fiskdale – This neighborhood is actually considered an incorporated village that has its own zip code. Fiskdale has a very traditional suburban feel with many of the homes being both rented and owned.
• Old Sturbridge Village – This neighborhood is very rural and has fairly spread out real estate. In fact, in this area, most of the property is owner-occupied, but there are rental opportunities as well.
• Town Center – With rents around $1,305 at the average level, town center is an excellent neighborhood for rental properties. Many new properties have been built in this area, which is a prime indicator that it's growing consistently.

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