Newton Multi-Family Homes

Newton, which is approximately 7 miles from downtown Boston, is divided into more than a dozen official villages, and most of them have their own parks, schools, and centers of business activity. Despite this somewhat unusual municipal arrangement, Newton is definitely a great city in which to own a multi-family property.

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For starters, there are quite a few attractive condominium buildings in the parts of Newton that are nearest to Interstate 93. Be aware that if you purchase a multi-family property that's close to the Massachusetts Turnpike or to a public transportation station, you'll be able to charge considerably more for rent than you would in properties that are located elsewhere. For their part, multi-families that are in Newton Centre ― which is one of those aforementioned villages ― are the closest to many of the finest restaurants and shops in the city.

In addition, Newton has a large number of attractive duplexes and triplexes, many of which look like suburban mansions and include sprawling yards. Some of those buildings are truly historic: several of the distinctive and colorful Victorian-era mansions, for example. On the other side of the spectrum, there are multi-family developments in the city that offer their tenants affordable living. However, those kinds of homes are becoming less common in Newton these days. In any event, keep in mind that because Newton is spread out to such a great extent, most residents must rely on their own transportation.

Property values throughout this city are generally high, but if you can afford them, you should find that they'll increase at a healthy rate over time. Thus, your multi-family should make you a good deal of money in the end. As a tip, if you find a previously-owned multi-family that you like, be sure to look at its history before you buy it to confirm that it's had an adequate number of renters over the years.

Within Newton, investors can find affordable properties placed within a suburban area. This city is located only seven miles away from downtown Boston. Within the city, there are more than a dozen different villages with unique charm and diverse housing stock.

Many of the multi-unit properties are located in and around Newton Centre. For condominium properties, residents can head to the areas around Interstate 93. While properties around public transportation options, Interstate 93 and the Massachusetts Turnpike cost more, landlords can also charge a higher rent. Depending on your budget, it might be worthwhile to check out a more expensive property and gain a higher income stream.

With its growing popularity, Newton has enjoyed rising real estate prices in recent years. Newton has prices that match many of Boston's more luxurious neighborhoods. Many of the former mansions have been converted into modern duplexes and triplexes. These units boast of large yards, Victorian architecture and a historic ambiance. For an investor who just wants to start out with a smaller property, these Victorian homes are an excellent option.

Within this city, residents can expect to pay $1,025,000 for a home. The median sales price has risen by $145,000 in the last year. While the average price per square foot was at $461 last year, it has now reached $521. Investors can expect this trend to continue, so an investment today can pay off in the future.

To find the right property, investors have to look at their budget. To ensure a good income stream, investors need to consider the building's vacancy rate. To get help finding the perfect Newton property, contact Boston City Properties today.

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