Charlestown Multi-Family Homes

Charlestown was founded by the Puritans in 1628, and it saw the Battle of Bunker Hill in 1775. Yes, the past comes alive at practically every turn in this neighborhood, the oldest in Boston and one that's still largely lit by gas lamps once the sun goes down. Equally appealing, Boston's Waterfront District and the North End are located within walking distance of Charlestown.

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A profound sense of history is also palpable in many of Charlestown's multi-family homes. For example, many of its luxurious condominiums can be found inside converted buildings that were built during the 1800s and the early 1900s. Some multi-unit properties once served as workers' cottages, and some are located in the Navy Yard, the place where many important ships were constructed over the centuries. This community can further claim a rich variety of townhouses and brick colonial structures. It has an array of gorgeous brownstones as well, edifices that have been carefully and lovingly maintained as the decades have gone by.

At the same time, new construction projects seem to be going on all the time in Charlestown, and many of its multi-family units ― its condos in particular ― are of recent vintage. Indeed, this intermingling of the old and the new is part of Charlestown's distinct charm.

Throughout Charlestown, many multi-family properties have been converted into single-family homes since this century began. In fact, between 2000 and 2008, approximately one out of every 10 duplexes in this neighborhood became a single-family unit. Many condo and apartment complexes underwent similar changes too. Naturally, though, when multi-family units become less common within a community, they become more valuable. Thus, if you purchase such a property in Charlestown, you very well might discover that your prospective tenants are willing to pay comparatively high rents.

Known for its historic architecture, Charlestown is the oldest neighborhood in Boston. Even in the modern era, the streets are still brightened by gas lamps after the sun sets. Placed close to the North End and the Waterfront District, this historic neighborhood is home to a number of multi-unit homes.

Compared to some neighborhoods, multi-unit and single-family homes are fairly affordable in Charlestown. In the last year, the median sales price in Charlestown has risen by $94,500. It advanced 16 percent from $594,500 to $689,000. During the same year, the average price per square foot rose from $655 to $688.

Many of the multi-unit homes in this area are placed within historic, older properties. Investors have transformed buildings from the 1800s into luxury condos. Some of the investment properties are placed in former workers' cottages. Residents can also find many beautiful brownstones in the community that have been carefully maintained over the years. This neighborhood also offers brick colonial buildings and many different townhouses.

In more recent years, the community has seen a growth in condominium properties. New construction projects have moved into the area. The additional condos and apartments in the area are often made from redesigned mansions, cottages and warehouses. This blend of historic architecture and modern amenities is one of the things that brings renters and investors into the area.

Multi-unit rentals are in demand right now since many of the rentals in the neighborhood were previously combined into single-family homes. From 2000 to 2008, residents converted 10 percent of duplexes into single-family homes. While this is great news for the homeowner, it means that Charlestown is in need of other rental options. Savvy investors can find a ready audience for rentals in the area as tenants struggle to find a perfect Charlestown home.

With the desirability of this area, investors have worked to create large complexes for area residents. An example of this trend is at 55 Bunker Hill. This complex includes 1,108 units and is one of the 10 largest complexes in all of Boston. While 55 Bunker Hill might be large, it is still not enough to meet the pent-up demand for rentals in Charlestown.

Compared to many parts of the city, this neighborhood also boasts of fairly high rents. Because of this, investors can expect a fairly steady income stream after they buy a property. To get started on your next investment idea, call us at Boston City Properties today.

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