Cambridge Multi-Family Homes
Cambridge, which is just across the Charles River from Boston, is a dynamic and fashionable city that's divided into four sections: Cambridgeport, East Cambridge, North Cambridge/Fresh Pond, and Harvard Square. Buses and the MBTA Red Line make getting around all of those areas a breeze.
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In many ways, Cambridge is a dream come true for anyone who owns property and collects rent from tenants. For one thing, it has a wide-ranging assortment of multi-families. Some are available at exorbitant prices, and others are affordable places to buy and to live in. In particular, the North Cambridge/Fresh Pond part of the city is full of lower-priced apartments and condos, and those who live in those places can take the Red Line to reach locales throughout Boston.
Meanwhile, a fairly large number of duplexes and three-family homes are located near the world-famous Harvard Square. If you're interested in offering short-term housing, it would certainly be easy to find people in this area who would want to rent from you one year at a time ― especially if you set your rents at competitive rates. Housing units in Harvard Square can be extremely difficult to acquire, but if you do manage to purchase such a residence, you'll likely find that it will be at maximum occupancy all the time.
Indeed, if you're willing to do a little exploring, you should be able to find in Cambridge whatever kind of multi-family development appeals to you. You can check out historic rowhouses and townhomes, for instance, and condominium buildings in all shapes and sizes. This eclectic spirit is reflected in just about every aspect of the Cambridge experience, and the city boasts locally-owned establishments, national chain stores and restaurants, and classy bars.
Known for its many multi-unit homes, Cambridge is placed across the Charles River from the city of Boston. This fashionable region consists of the neighborhoods of North Cambridge, Cambridgeport, Harvard Square and East Cambridge. Because of its chic abodes, public transportation options and excellent location, this neighborhood is a popular spot for investors and renters.
Within this neighborhood, investors will find a range of housing options. Many of the three-family homes and duplexes are placed around Harvard Square. This area is extremely popular among renters and homeowners, which makes multi-unit properties somewhat difficult to find. If you are able to buy one of these properties, you can enjoy having constantly filled units and a profitable income stream.
Other areas have more affordable prices and more availabilities. In North Cambridge, investors will find more affordable condos and apartments. These units are still close to the Red Line, so they are appealing to renters and landlords on a budget. If you are interested in short-term leases, this area is a good place to offer them.
For a typical property, residents can expect to pay a median price of $545,000. The median sales price has risen by 8 percent in the last year. Currently, residents will pay an average price per square foot of $767. While there are cheaper neighborhoods in Boston, Cambridge offers surprisingly low prices considering how desirable it is among homeowners and renters.
Within this neighborhood, investors will generally find whatever type of multi-unit home they want. There are townhouses, duplexes and historic rowhouses. From Victorian mansions to luxury condos, this neighborhood is filled with just about any type of property that you can imagine. To get started on your real estate journey, call Boston City Properties today.
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