453 Somerville Avenue, Somerville, MA 02143 (MLS # 72677671)

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PRICE $1,950,000 dsIDX morgage calculator
SIZE n/a
LOT SIZE 4,792 sqft

A Rare Real Estate Investment Opportunity to purchase this parcel in hot Union Square of Somerville. Located across the street from GreentownLab. The parcel is zoned flex / fabrication office . This use is popular after the birth of GreentownLab located at 444 Somerville Ave. The parcel contains approximately 5,000 sqft zoned as flex that is suitable for architect firm, engineers, scientists, innovators, creative professionals and similar type-uses. Zoning allows 4 stories that could be built up between 12,000 to 16,000 sqft. See attached zoning page. Performa (commercial): $35 to 40 sqft triple net, 16,000 x $35= $560,000 triple net revenue yearly. A 5% cap gives an appraised value north of $11M, cost to build $300 per sqft $4.8M This is a great investment. Owner also believes that approximately 10,000 of residential use is also feasible with five units condo or rental. Also suitable for 40B project. See attached rendering.

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Listing provided by Robert Levine, Ronco Realty LLC
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