Massachusetts multi-family locations

[Christopher Petrigno]

Long time reader, first time poster. Happy to be here. This question is geographically specific. I’m looking at making my first multi-family purchase to hold and rent, and am looking specifically in Worcester Ma and Chelsea Ma. I’m looking at Worcester because Multi-families are cheap compared to the rest of the state and I feel like it is a decent rental market due to the many colleges, universities, hospitals, and commuter access into Boston. The lender at my bank also said he’s starting to see more money being invested in that area and I feel there is a lot of room for growth in that city. Chelsea is a rougher area but flanked by a budding East Boston and a new casino in Medford where people with a lot more money than me are investing in. It is very industrial but sits on Boston’s waterfront. Could it be prime for a renaissance? You’ll notice I use the term “I feel” multiple times here. My insights aren’t complete guesses but are there any real estate pros out there with Massachusetts knowledge that could give me more substantial insight? Thank you to all.

[Joe DeFarias]

Hey Chris,

Welcome to the Boston Area! The new casino you speak of is going up in Everett not Medford.

The best time to buy was a few years ago before the casino received their building permit but there a couple of deals that pop up every now and then. I purchase a three family in Everett in 2012 and a two family in Medford in 2016. Both cash flow very well and have appreciated significantly.

You're right about Chelsea and I would add Revere to that list as well if you didn't list it in your previous comment. I recommend these cities not because of the casino but because of the new silver line extension and major development within the Seaport region. 

I personally have been targeting Dorchester recently because there's a lot of value add projects in that area of Boston. Good luck on your search!