If we had the money, I’d buy a multi family in Union Square this winter while prices are dropping and mortgage rates are low. I’d keep it as a rental for the next 15 years. Then when the T goes in, I’d gut it and sell it as fancy schmancy condos and make a mint right about when my kids start college. Or, maybe I’d sell it then and let somebody else to the hard work with my investment. In any case, Union Square is getting more interesting all the time. It’s full of good restaurants, independent stores and now, they’ve even got a new Diesel Cafe. Here’s some cool multi-families that I’ve got my eye on.
I’d start this Sunday’s tour between 12-1:30 with this two family at 27 Tyler Street for a very reasonable $439,900. The apartments seemed like they are livable. Rents in that neighborhood, for a 2 bedroom range from $1100-$1400 per month. If I had the down payment, this might be a great investment in a very up and coming neighborhood.
This three family at 116 Glenwood road looks like what we in the Nohth East call a Bahgain at $479,000. It’s open from 12-2. It’s on top of Winter Hill, a few short blocks to the proposed Gilman Square Greenline stop that will hopefully be a reality in the next ten years. Sure, it has wood paneling in some of the apartments but if the place is clean and in good shape, tenants are usually willing to overlook such historical faux-pas of carpentry. I used to live a few blocks away from this hilltop neighborhood with easy buses to the red, orange and green lines. My husband biked to his job downtown and later had an easy Northern commute via 93 when he changed jobs. I took the bus to Lechmere and was door to door to my downtown job in 30 minutes most days. For the parental units out there, there are lots of parks and it is very close to the Healy School, home to Somerville’s popular Choice Program. One of the units is even deleaded.
Or, if my budget were a little bigger, I’d set my sights on this huge two family in Porter Square at 21 Linden Ave. It’s open from 1-2. At $589,900 it’s priced very well for the neighborhood. It’s got two 2 bedroom units, but at nearly 3000 square feet, I wonder if there are opportunities for adding a third unit. This place is literally a five minute walk to the Porter Square T, and all the cool restaurants and shops in that area. Plus it has parking and the units look very livable. This would be a great property to live in or to rent. Proximity to the T is a key selling point to a lot of Somerville renters. Even though this place is similar in amenities to the other two, it’s proximity to Porter Square makes it the most pricey.