Porter Square Apartments, Condos and Houses

Porter Square is a vibrant commercial and residential area located on the border between Cambridge and Somerville. It offers the best features of both cities and is a short distance from Davis Square and other popular attractions. Whether you're ready to become a homeowner or prefer renting, Porter Square is an attractive alternative to pricier areas within Boston and more affordable outer suburbs that don't have the rich urban culture that many Bostonians love.

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Cambridge and Somerville Neighborhoods

Porter Square is located at the intersection of Massachusetts Avenue and Somerville Avenue. The neighborhood also includes well-known sections of Beacon, Elm and White streets. Depending on where you start your property search, you might be looking at properties in up-and-coming sections of Somerville or listings in pricier portions of Cambridge. North of Porter Square, most streets lie within the city of Somerville. Streets around the square and south of Massachusetts Avenue are generally located in Cambridge.

If you're interested in purchasing a condo, an investment property or a single-family home, it's important to note that property values and taxes vary by municipality. Homes in Cambridge are more costly, but taxes are low. In Somerville, properties are more affordable, but property taxes are higher. These are just a few of the differences to consider when purchasing a home around Porter Square.

Real Estate near Porter Square

Whether you're searching for an apartment, a condo or a home that you can customize and make your own, you'll find a variety of potential options near Porter Square. The heart of this bustling commercial area is made up of mixed-use buildings with first-floor businesses and apartments on the upper levels. These properties have a true urban feel with easy access to the square's many shops and restaurants.

As you move away from the main arteries, you'll find apartments and condos in brick walk-ups and multi-level apartment buildings that are professionally managed. These properties are a good middle ground for renters and buyers who want a quieter lifestyle while still being minutes from the action. Three-story multi-family homes and historic mansions are generally located further away from the square on quiet side streets that have low traffic levels and more of a suburban appeal.

Condos and Rentals

The median home value in Porter Square is about $550,000. As property values increase, more top-tier houses and condos are selling in the upper $600,000s. As a general rule, homes in Somerville are slightly more affordable than those in nearby Cambridge. In both areas, condominiums are the most common housing option. Single-family homes represent just under 15 percent of all local real estate listings. Multi-family homes are also more plentiful in Somerville. If you want to buy, the median cost per square foot is about $475. Renters will find that the average apartment costs $2,500 per month or about $2.20 per square foot.

If you're preparing to buy or want to rent a property near Porter Square, Davis Square or a neighboring community, Boston City Properties will make the process quick and easy. Our experienced agents and rental brokers maintain an up-to-date list of all available properties. Based on your unique requirements, we'll create a personalized selection of listings that are a perfect match. From locating properties to finalizing the details on a lease, we'll work with you through every step of the process. Make your next move easy and more pleasant. Call us today, or use our web-based system to request current listings.

This vibrant neighborhood is filled with commercial and residential properties. It is placed on the border between Somerville and Cambridge. From this thriving neighborhood, residents can enjoy having easy access to Davis Square and local amenities. Porter Square tends to have lower prices than the rest of Boston, so it is popular among residents who want affordable homes.

Placed at the intersection of Somerville Avenue and Massachusetts Avenue, this area includes popular areas like Elm, Beacon and White Street. Residents can find more expensive properties closer to Cambridge and good deals near Somerville. To the north of Porter Square, most of the streets are actually a part of Somerville. Streets that are around the square or placed to the south of Massachusetts Avenue are normally a part of Cambridge.

Within the neighborhood, residents will find a bustling commercial area. This section typically uses the first floor for business or retail shops. On the upper level, the mixed-use buildings include apartments. For an urban ambiance, this is the place to go. Meanwhile, other areas offer condos and homes that can be customized to suit your tastes. Away from the main commercial section, residents will discover condos and apartments within multi-level buildings and brick walk-ups. Many of these properties are professionally managed. They are an ideal option for buyers and renters who want to be close to the action, but want a quieter pace of life.

As residents head farther away from the commercial area, they will find more suburban homes. These homes are located on quiet side streets that enjoy limited traffic. The properties in this area range from historic mansions to three-story, multi-family homes. Homes in the Somerville area tend to be a bit more affordable than the sections in Cambridge. Single-family homes make up almost 15 percent of the real estate listings. For investors, multi-family homes are a viable option. Apartments in the area rent for around $2.20 per square foot.

The Real Estate Market

As a whole, areas like this neighborhood in Cambridge fetch a median sale price of $750,000. The market has increased by 8 percent over the last year. Since a year ago, the median sale price has risen by $54,500. Meanwhile, the price per square foot increased from $708 to $767.

In Porter Square specifically, the median listing price is $1.5 million. While this is higher than Cambridge's median price, the price per square foot is actually lower. In Porter Square, homes fetch an average price per square foot of about $674. The average home is on the market for just 52 to 58 days.

Over the years, this area has remained a popular area for investors and residents because of its proximity to Boston. It is close to the commuter rail and the MBTA. Commercial real estate can be found throughout the neighborhood, although many of the top shops are at the Porter Square Galleria. Considered one of the cleaner and safer areas of Boston, this neighborhood is known for having inexpensive real estate options. Residents can find single-family homes, condos, townhouses and multi-family units in this neighborhood.

Real Estate Developments in the Neighborhood

One of the most recent developments in the neighborhood was the Rand at Porter. This modern building includes elegant designs, luxury finishes and high-end construction. The Rand at Porter includes one-bedroom and two-bedroom condominiums. The boutique building also offers a single, three-bedroom townhouse. Once the units are for sale, the condominiums will sell for $600,000 and up.

Among other commercial projects, one of the latest is the Porter Square Hotel. This hotel includes 65 one-bedroom and two-bathroom units. It offers meeting facilities, an outdoor roof garden, an event space and a guest fitness area. The Porter Square Grill is located on the ground floor.

In January 2018, the Board of Zoning Appeals approved for developers to build a 40-unit property for affordable housing. It will be placed at 1-2 Frost Terrace and 1791 Massachusetts Avenue. Named Frost Terrace, the property will actually involve renovating and expanding three buildings that are already on the site. The developers chose to expand the buildings so that they would blend in with the architecture of the neighborhood. About two-thirds of the complex will consist of two-bedroom and three-bedroom units. Now that the property was approved, the developers will not need any more votes on Frost Terrace.

The plans originally called for just 27 units, but the developers added new units to the plans for more affordable housing options. Once complete, the entire complex will be served by just three parking spaces for handicapped drivers. Because the complex is for affordable housing, the approval and permitting process was easier than it normally would be for a market-rate units.

At 640 Boston Avenue, residents will find one of the newest buildings in the neighborhood. Just completed in 2017, the Sphere includes 42 luxury apartments. On the ground floor, there is commercial space for restaurants and shops. In total, the complex includes 22 one-bedroom units and 20 two-bathroom units. There is a total of nine floor plans used in the design. Residents at the Sphere can enjoy amenities like a roof deck, indoor bike storage, a fitness center and on-site parking. In addition, the residents' lounge is outfitted with HDTV and a wet bar.

A little over three years ago, another project was wrapped up at 18 White Street. Known as the Porter Square Lofts, this project was a 10,000-square-foot, luxury project. The land was originally purchased in 2007, but the permits and construction took nearly a decade to finish. The building uses the latest in green technology to create premium residential and commercial spaces. In total, the multi-family property cost $6 million to make.

At 260 Beacon Street, a new project will soon be underway. Designed by Peter Quinn Architects, it will include two new buildings. In total, there will be 17 residential units and 2,000 square feet of retail space. The $6 million project will encompass four stories in height and 35,500 square feet.

One of the newest condominiums in Porter Square is 290 Highland Avenue. This project was designed by Derek Bloom Architects. The mixed-use building includes seven luxury condos and commercial space on the ground floor. Each condo is outfitted with an open floor plan and state-of-the-art appliances. Boasting of luxury finishes, they offer direct elevator entry. For a three-bedroom unit, residents can expect to pay $1.275 million.

At 290 Highland Avenue, all of the homes include smart home technology. The heating and cooling system is controlled remotely. Every unit also boasts of Sonos sound integration. All of the units are designed according to Energy Star and LEED Gold standards. Depending on the residence, tenants can enjoy having panoramic views from a walk-out rooftop terrace. In addition, vehicle and bicycle parking is available on the site.

Another new project can be found at 15 Richdale Avenue. Known as the Hathaway Lofts, this building was originally constructed in 1910. It was once a bakery, but has been completely renovated to include 46 loft-style apartments. Each apartment includes 1,200 square feet of space and in-unit laundry. Throughout the unit, residents will find 10- to 15-foot ceilings. Boasting of industrial lighting, the apartments have been renovated in a way that maintains the historic character of the building. Tenants will find a reserved garage, an electric car charging station, a pet spa area and extra storage units. In addition, the entire building is Green LEED certifiable. Every unit contains energy efficient, industrial-style windows. For better energy efficiency, the roof is designed with solar panels.

Recent Sales and Listings

At 7 Frost Street, residents can find one of Porter Square's most beautiful homes. Spanning seven rooms, this 2,689-square-foot condo was originally built in 1987. It was extensively updated and renovated in 2016. The airy house extends three stories above the pavement and boasts of plenty of natural lighting. It has the potential for four bedrooms and comes with a two-car garage. Currently, the listing is offered at a price of $1,999,000.

For a live-work loft, residents can expect to pay up to $1.525 million. This luxury loft is placed at 75 Richdale Avenue #17. It boasts of 15-foot ceilings and two full bathrooms. The property includes built-in bookshelves and enough space for three bedrooms. Long ago, the property was once an elevator factory. The current loft-style condominium was redesigned to maintain the historic charm while bringing in modern amenities. It includes unique features like a parking space and two wood-burning stoves.

Luxury townhouses are also available within the neighborhood. In 2017, the townhouse at 8 Mount Vernon Street was placed on the market for a listing price of $1.2 million. It was designed with a garage that connected to the basement and laundry room. Encompassing three stories, the townhouse includes soaring ceilings, a fenced-in patio and an outdoor parking space. The main bedroom suite offers its own deck with beautiful views of the surrounding area.

Another townhouse hit the marketplace a few months ago with an asking price of $1.45 million. Unit 38 at 38 Regent Street boasts of natural light and contemporary architecture. Spanning a total of 1,898 square feet, it offers four stories of living space. The property comes with four bedrooms and a two-car garage attached to the unit.

Why You Should Be Investing in Real Estate

Right now, the Porter Square neighborhood offers a fairly good deal for new investors. Whether you are looking to buy your first home or want a rental property, there are a number of options available in the area. At a basic level, real estate investments will help you grow your net worth while providing you with a place to live. In many cases, you can get a larger property for a lower mortgage cost than you currently pay in rent.

Unlike other investments, real estate properties let your money grow on a tax-free basis. Normally, you pay taxes on the interest your investments earn during the year. With a rental property or a house, your investment grows in value without being taxed. The property appreciates over the long run while you enjoy the benefits of your investment.

Depending on how you invest your money, you may be able to get a tax write-off. If this is your primary residence, you can use the mortgage interest deduction. When you invest in a multi-family rental property, your tax write-offs are different. Depreciation and mortgage interest deductions can offset your tax liability. You are able to use business deductions like travel expenses, repair costs and employee wages to limit how much you end up paying in taxes every year.

When you are buying a property and hold it for a long period of time, your investment will almost always grow in value. With the stock market, a business could go bankrupt and cause your stocks to become worthless. In comparison, your real estate investment will always retain some value. Over multiple years, the value will naturally appreciate.

Tips on Investing in Real Estate

Before you invest, make sure to do your research. You need to compare the listing price to the price of similar properties that recently sold in the same area. Look for properties that have similar amenities and features.

In Porter Square, you will also want to consider your parking options. Like many regions of Boston, this area is fairly densely populated. It might be worth an extra few thousand dollars to get a property that includes outdoor or garage parking. At the very least, you will want to check for street parking options in the neighboring area.

Remember that the location matters. If your property is near an MBTA station or a popular amenity, it has a better chance of retaining its value over the years. At the very least, you will be able to enjoy having easy access to work, school or shopping options.

Investing in real estate is the first step toward growing your net worth. Whether you want a charming cottage or a small apartment complex, we can help. We have experts in the Porter Square neighborhood who can help you find the best real estate investments for your needs.

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