$ 3,995,000
5-9 School St Somerville, MA 02143
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$ 3,995,000
Est. payment /mo
Active
5-9 School St Somerville, MA 02143
19 Beds
11 Baths
7,000 SqFt
UPDATED:
10/29/2024 08:49 PM
Key Details
Property Type Multi-Family
Sub Type 5-9 Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,000 sqft
Price per Sqft $570
MLS Listing ID 73303433
Bedrooms 19
Full Baths 11
Year Built 1920
Annual Tax Amount $28,902
Tax Year 2024
Lot Size 4,356 Sqft
Acres 0.1
Property Description
**$247,782 Proforma NOI** The School Street Apartments is a 9-unit apartment complex located in the heart of Somerville near Union Square, featuring (6) 2-bedroom, 1-bathroom, (2) 3-bedroom, 2-bathroom, and (1) 1-bedroom, 1-bathroom units. There is a value-add opportunity at the property to perform light unit updates and raise rents to competitive market levels. Also available (not included in 5-9 School St price) is the 2 Quincy Street lot, an abutting development site of 0.14 acres under Somerville’s “Urban Residence (UR)” zoning, which allows one apartment building by right. Current ownership has plans drawn up for a 20-unit building with 4 floors. Less than a half mile from both the Porter Square and Gilman Square T-stops on the Green Line and Commuter Rail, and steps away from MBTA Bus Routes on Somerville Ave, the property offers direct access to employment centers in Downtown Boston, Somerville, and Cambridge.
Location
State MA
County Middlesex
Zoning UR
Direction gps
Rooms
Basement Full
Exterior
Waterfront false
View Y/N Yes
View City View(s)
Roof Type Rubber
Garage No
Building
Lot Description Level
Story 4
Foundation Other
Sewer Public Sewer
Water Public
Others
Senior Community false
Listed by Berkadia Real Estate Advisors LLC