Medford Multi-Family Homes

Medford is a community that offers something for just about everyone. It's 8.6 square miles in area, and more than 56,000 people call this city home. Swimmers and those who love to fish adore Sandy River, Wright's Pond, and Mystic River. Fells Reservation is a great place to commune with nature and look for birds. The rest of the city has a residential feel and plenty of open space, but it's also home to many different kinds of businesses as well as public transportation stops. Plus, downtown Boston is a mere 5 miles away.

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The opportunities to buy multi-family properties in Medford are ample, and tax rates are lower in this city than in almost any other place in the greater Boston area. To a surprising degree, Medford is full of real estate bargains too. You might opt for an enormous old house with six, seven, or more bedrooms, one that you could rent to three or perhaps four families at a time. If you'd prefer, smaller two-family houses are readily available too. Many such homes have been renovated since the year 2000, and many are close to MBTA stations and come with a garage, off-street parking spaces, or both. Medford also has a range of low-rise apartment buildings, and a few high-rises are in the mix as well.

Another creative option would be to purchase a commercial building or an industrial warehouse in Medford, especially if you were able to locate an attractive deal for such a place. Perhaps a parking lot would come with the property. You could then turn the structure into an apartment building, and if you had the funds and the zoning permits, you could even add an extra floor or two.

Spanning 8.6 square miles in size, Medford boasts of homes in a wide variety of styles and price ranges. Residents can find the exact property they need within this residential area. While Medford may have a suburban ambiance, it is only five miles away from downtown Boston. Because of this, it regularly attracts renters who want city access without the city prices.

Last year, the median price for a home in the area was $460,000. Now, the same homes sell for a median price of $562,000. Like many regions in and around Boston, Medford has enjoyed a period of growth as more residents buy in the area. Home prices have risen by 22 percent in the last year. During the same time period, the average price per square foot for a Medford home has increased from $349 to $384.

Home buyers and investors can find many different options in this area. Best of all, Medford has lower tax rates than most places in greater Boston. Multi-unit homes are readily available, and there are still a number of bargains on the marketplace. Many of the older houses have been converted into complexes with six or more rental units. At the same time, there are a number of two-family homes available as well.

Many of the two-family homes have been renovated in the last decade or two. The most popular rentals are close to the MBTA stations. Since a number of residents use their car to commute, off-street parking and garage options are important. For larger rental buildings, investors can find high-rise properties and low-rise apartment complexes.

In recent years, loft buildings and industrial chic designs have grown in popularity. Investors can transform industrial warehouses into loft apartments to attract renters. To find out the different options in Medford, call Boston City Properties today.

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