Somerville, Massachusetts, offers a unique opportunity for investors to capitalize on the city's growing demand for office properties. With a population of approximately 80,000 people, Somerville is an attractive location for businesses looking to establish a presence in the Boston area. Office properties in Somerville represent a diverse range of investments, from small, boutique offices to larger, more traditional office spaces. These properties can cater to various industries, including technology, healthcare, and education, making them an attractive option for investors seeking to diversify their portfolios. Somerville's well-developed transportation system, including its proximity to Boston and Cambridge, makes it an ideal location for businesses that require easy access to these cities. The city's amenities, such as the Somerville Community Path and the Dilboy Stadium, also contribute to its appeal. Additionally, Somerville is home to Tufts University, which provides a steady stream of educated professionals and entrepreneurs who may be looking for office space. With its unique blend of infrastructure, education, and geography, Somerville is an excellent place to invest in an office property.
Currently, there are 5 office properties for sale in Somerville, offering a range of options for investors. The average price per square foot for these properties is $793 USD, with an average size of 4,820 square feet. The largest property available is 8,096 square feet. Somerville's office properties are not the only option for investors, as the city also offers commercial real estate, apartment buildings, shopping centers, and hotels. For example, commercial real estate in Somerville can provide investors with a steady stream of rental income, while apartment buildings offer a unique opportunity to capitalize on the city's growing demand for housing. Shopping centers, such as those found in Assembly Square, provide a hub for retail activity, while hotels cater to the city's tourism industry. Overall, Somerville's diverse range of properties makes it an attractive location for investors seeking to capitalize on the city's growth and development.
What is the average price per square foot for office properties in Somerville?
The average price per square foot for office properties in Somerville is $793 USD.
What should I know about office property classifications (Class A, B, C)?
When exploring office properties for sale in Somerville, it's essential to understand the classification system, which categorizes properties based on their quality, amenities, and location, to make an informed investment decision.
- Class A office properties are typically high-rise buildings with premium finishes, advanced technology, and prime locations, often attracting top-tier tenants and commanding higher rental rates.
- Class B office properties offer functional space with standard amenities, located in decent areas, and are suitable for a wide range of tenants, providing a balance between quality and affordability.
- Class C office properties are often older buildings with limited amenities, located in less desirable areas, and may require renovation, but can offer more affordable options for tenants and investors.
