Selling a multi-family in Magoun Square

If you own a multi-family close to Magoun Square, Somerville and you’ve owned that property for at least 5 years, there is a high chance you are going to see an excellent return. And if you’ve owned that property for 10+ years it is very likely your property has doubled or potentially even more.

Why? Mainly because the new green line T stop located at Vernon St and Lowell St went into place a few years ago. And with it, young professional renters commuting to downtown Boston came to the Magoun Square area of Somerville in droves. The result has been some serious increases in rents which translates to much higher sales prices for multi-family homes.

So then the key becomes - what have you done or what do you plan to do to show a path forward to maximizing rents for your property. At the end of the day, higher rent potential for your property means the highest sold price for your property. The one exception is if you have a property that could be an owner-occupied multi-family - in that case, it’s demonstrating how a unit is or could easily become a true “owners unit”, meaning a unit that often times can accommodate a young professional couple with kids. And then another unit or multiple other units, that will offset the mortgage in a way where there is serious value to buying a multi-family and occupying it as opposed to just buying a really nice 4 bed condo or single family.

If you have a multi-family in Magoun Square that you’re considering selling, let me help you properly position your property to maximize your sale price! Just give me a ring at 617-833-7457.