Winthrop Multi-Family Homes

Winthrop is a small city in Suffolk County that is situated upon a peninsula that's 1.6 square miles in size. It was settled in 1630, and today, it's located near Logan International Airport. Its coastline is 7 miles in length, and its beaches and marinas are exceptionally family-friendly. Winthrop even has three different yacht clubs. Further, not only can you take an MBTA train into Boston from Winthrop, but the city provides a nifty water shuttle there and back. From the shores of this community, you can look to the west and see the shimmering buildings of downtown Boston. To put it simply, Winthrop is always a beautiful place to be.

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If you're in the market for a Winthrop multi-family property, you're in luck: There's a tremendous assortment from which to pick. You might opt for a new structure or for a residence that was built at the end of the 1800s. The architectural styles include Colonial Revival, Gothic Revival, Queen Anne, and Italianate. In addition, in Winthrop, you'll be able to find a duplex, a triplex, a townhome, a small apartment building, or a low-rise condominium development.

In May 2015, the average price of a Winthrop multi-family residence stood at nearly $604,000. If that amount of money sounds somewhat steep for your current budget, consider that your lending institution is likely to calculate your income by adding your current salary to a figure that represents 75 percent of the annual rent that you expect to collect from your tenants. Therefore, you'll be able to secure a much larger loan than you would if you were buying a single-family home in Winthrop. Not to mention, in many instances, many multi-family residences in this city scarcely cost more than many single-family residences. Thus, the multi-family route is the wiser one for many homeowners ― first-time homeowners certainly included.

Encompassing just 1.5 square miles in size, this beautiful city has 7 miles of coastline. Because of its local amenities, many renters are drawn to the area for its family-friendly beaches and shops. In addition, landlords will find renters who are drawn to the community's MBTA trains and water shuttle.

The median sales price in this area is $399,999. In the last year, the median price has increased by 5 percent. While the average price per square foot was $277 last year, it is now at $293. This reflects the broader trend for rising real estate prices in Boston. While the prices may be higher than a year ago, they are still significantly lower than nearly every Boston neighborhood.

Investors in the area can find plenty of multi-unit properties. These homes are built in styles like Queen Anne, Colonial Revival, Victorian, Italianate or Gothic Revival. Many of the units were built in the late 1900s. Investors can also buy a single-family property to convert into multiple units. Within this area, residents can find low-rise condominiums and small apartment complexes. There are also plenty of townhouses, duplexes and triplexes to choose from.

multi-unit residence tends to sell for a decent amount more than a single-family home. While single-family properties can be readily found for under $400,000, most multi-unit homes are priced at more than $600,000. The added price reflects the potential rental income that these properties can generate. If you are a first-time home buyer, the added cost might be worthwhile since the additional rental income can cover some of all of your monthly mortgage.

From duplexes to traditional apartments, this area has many multi-unit homes. To discover all of the investing options available in this area, contact Boston City Properties today. We can help you find the exact unit you need to match your budget and income needs.

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