Woburn Investment Properties
Are you looking for property to invest in that is situated close to Boston without being in the city itself? Well, Woburn, which is located in Middlesex County, is a great city to invest in. It is only nine miles from Boston, which means that it is an area that professional will be interested who want to live in an area outside of Boston. The city has a population of over 38,000, and the median value for homes in the area is about $473,980. This is less than the median of the Boston Metro area in general, which makes it a great investment opportunity.
Click Here to Search Investment Properties
Residential and Commercial Investment Properties
There are quite a few residential and commercial investments in this city that you should look out for. Here are some of the most profitable investment types to consider in the area:
- Single-Family Homes – This is a great option that you can consider if you simply want to flip the home and increase the value of the property. This can be done by updating appliances, renovating the floors, and revitalizing the property. Typically, this is a good investment option because the single-family home values are lower than other options, which allows you to build your portfolio more quickly.
- Multiple-Family Homes – This is an option that is going to provide you with quite a bit of rental income. Most townhouses, apartments, condos, and duplexes in the area have two-to-four units that can be rented out, and if you opt for an apartment complex, you can have even more units.
- Commercial Office and Retail Space – This is an option that allows you to rent the units to a business instead of a family. Typically, this type of investment will secure rental income for a period of five to 10 years because tenants want their customers to easily be able to find them.
Real Estate Market Overview and Neighborhoods
Since this is a large city, it is a versatile place to search for an investment. The majority of the homes in the area were built between 1940 and 1999, but there are also pre-World War II homes in the area as well. The type of homes in the area are split down the middle between single-family homes and multi-family homes, so regardless of the type of investment that you are looking for, there are options in this city. In fact, nearly 39 percent of the real estate property in the area is rental property.
There are seven neighborhoods in the area worth considering:
- Shakerhill – This is an area of the town that is mostly three- to four- bedroom single-family homes and apartment complexes. Currently, the median real estate value in the area is $498,000.
- South Wilmington – Most of the homes in this area were built between 1970 and 1999. There are quite a few rental opportunities in the area, with rental prices that are around $2,400 a month.
- Walnut Hill – This is a neighborhood that is in high demand; the vacancy rates in the area is only one percent. Many of the homes in this area were built between 1940 and 1969.
- Salem Street – Consisting of mostly small apartment buildings and single-family homes, this neighborhood offers a lot of investment opportunities. There are a lot of Victorian-style homes in the area that have been converted into apartments as well.
- City Center – This is the most built-up part of the city, which means that there are high-rise apartments and single-family homes in the area that were built before the year 1969. Currently, the median real estate price in the area is $443,463.
- Woburn Highlands – This is an area where there are plenty of apartment buildings and single-family homes. Most of the real estate here was built between the year 1940 and 1969.
- Lake Avenue – This is one of the neighborhoods with a lower median real estate value. With an average of about $399,000, you can invest in small apartment buildings and single-family homes in the area that were built before the year 1939.
Choosing the Right Investment Property
Right now, it is a seller's market in this city, which means that there is quite a bit of growth in the area. This is to be expected because Boston has been growing quite a bit, but this city nearly reached an eight percent increase in property values in the past year. In addition, the real estate market here is expected to grow an additional four percent this year.
Not every piece of property is going to increase in value the same way, so it is important that you find an investment opportunity that is going to work for you. Boston City Properties knows the area and is experienced at finding investment opportunities for their clients, so call 617-247-1933 today for a listing of the available properties in the area.
Click Here to Search Investment Properties