Somerville, Massachusetts, is a densely populated city with a strong economy, making it an attractive location for commercial real estate investments. With a total population of approximately 80,000 people, Somerville offers a diverse range of industries, including food service, moving services, 3D printing technology, and publishing. Commercial real estate in Somerville can represent a variety of investments, from office buildings to retail spaces, and can provide a stable source of income for investors. The city's well-developed transportation system, including the MBTA subway stations and bike paths, makes it easily accessible for employees and customers. Additionally, Somerville is home to Tufts University, which provides a steady stream of educated and skilled workers. The city's amenities, such as the Somerville Community Path and the Dilboy Stadium, also make it an attractive location for businesses and residents alike. With its proximity to Boston and Cambridge, Somerville is an ideal location for companies looking to establish themselves in the Greater Boston area.
Currently, there are 29 commercial real estate listings available in Somerville, with an average price per square foot of $594 USD and an average size of 6,407 square feet. The largest commercial real estate listing available is 25,000 square feet. In addition to commercial real estate, Somerville also offers a range of other property types, including industrial properties, which can be used for manufacturing and logistics; apartment buildings, which provide a steady source of rental income; office properties, which are ideal for businesses looking for a professional space; and hotels, which cater to the city's tourism industry. With its diverse economy and range of property types, Somerville is an attractive location for investors and businesses looking to establish themselves in the Greater Boston area. The city's unique blend of industry, education, and culture makes it an ideal location for companies looking to grow and thrive.
What financing options are available for purchasing commercial real estate?
When it comes to financing options for purchasing commercial real estate in Somerville, Massachusetts, there are several alternatives to consider, including:
- SBA 504 loans, which offer fixed-rate financing for up to 20 years and require a down payment as low as 10%;
- Conventional commercial mortgages, which can provide financing for up to 75% of the property's value and offer flexible repayment terms;
- Private money lenders, which can offer short-term, high-interest loans for fix-and-flip projects or other unique financing needs.
It's essential to carefully evaluate your financing options and consider factors such as interest rates, repayment terms, and fees when selecting the best financing solution for your commercial real estate investment in Somerville.
How do cap rates factor into commercial real estate purchases?
When considering commercial real estate purchases in Somerville, it's essential to understand the role of cap rates in your investment decision. The average cap rate in Somerville is 4.84%, which can help you determine the potential return on investment for a property, and is a crucial factor in evaluating the viability of a commercial real estate purchase - to learn more about how cap rates work, check out our article on what is a cap rate.
In Somerville, with 29 available listings of commercial real estate, investors can find opportunities that align with their investment goals and risk tolerance. By considering the cap rate, along with other factors such as the average price per square foot of $594 USD and average property size of 6,407 square feet, investors can make informed decisions about their commercial real estate purchases in this densely populated city.
What is considered a commercial property?
In Somerville, Massachusetts, a commercial property is typically defined as a building or land used for business or commercial purposes, such as office spaces, retail stores, restaurants, warehouses, and other types of properties that generate income through rental or operational activities.
With 29 available listings of commercial real estate in Somerville, investors and business owners can explore a range of options, from small office spaces to large industrial facilities, with average prices per square foot of $594 USD, average sizes of 6,407 square feet, and average cap rates of 4.84%, making Somerville an attractive location for commercial investment and development.
