Address
250-256 Somerville Ave, Somerville, MA
Price
$ 8,400,000
Property Attributes
  • MLS#73222468
  • TypeMulti-Family
  • CountyMIDDLESEX
  • CitySomerville
  • AreaUnion Square
  • Zip02143
  • Style5-9 Family
  • Year Built1910
  • Taxes$ 37178
  • Price$ 8,400,000
  • Bedrooms24
  • Full Bathrooms12
  • Half Bathrooms0
  • Sqr Footage13543
  • Lot Size12,197 SqFt
Data Source:
Massachusetts MLS Property Info Network (MLSPIN)
Property Description

Prime investment opportunity in bustling Union Square! This 12-unit apartment property with 16 parking spaces is a cash flowing dream property! Immediately proximate to the new Union Square train station and significant area improvements to infrastructure, commercial property, and community spaces. All apartments are presently graciously sized two bedrooms, mostly updated, several with in-unit laundry (coin-ops also in basement). The current leasing season is supporting projected gross rents of approximately $580,000. Historical operating expenses of about $65,000. Projected NOI from operations of $515,000! Projected gross rents based on units renting at $3,950 and 4 parking spaces at $300. Private showings for qualified buyers only.

Price History
4/10/2024 Listed $8,888,000
5/16/2024 6% - $8,400,000

General Features

Sewer Public Sewer
Zoning Res
Year Built 1910
View City View(s)
Property SubType 5-9 Family
Tax Year 2024
Gross Income 580000
Community Features Public Transportation,Shopping,Park,Walk/Jog Trails,Medical Facility,Laundromat,Bike Path,Highway Access,House of Worship,Public School,T-Station,University
County Middlesex
Net Operating Income 520000
Operating Expense 60000
Property Type Residential Income
Garage Y/N No
Total Rooms 48
Status Price Changed
Directions Prospect Street to Somerville Avenue
City Somerville
Disclosures Revenue Expense Data is estimate based on pro forma. The principal broker has an interest in the property.
View Y/N Yes
Senior Community Y/N No
Total Units 12
MLS Area Union Square
Lot Size Square Feet 12194
Waterfront Y/N No
Street Name Somerville Ave
Year Built Details Approximate
Tax Annual Amount 37178
Home Warranty Y/N No
Building Area Units Square Feet
Standard Status Active
Year Built Source Public Records
Tax Assessed Value 3534000
Total Actual Rent 5150
Compensation Based On Net Sale Price
Sub-Agency Relationship Offered No

Interior Features

Basement Full
Flooring Wood
Total Stories 3
Fireplace Y/N No
Full Baths 12
Total Bedrooms 24
Total Baths 12

Exterior Features

Parking Features Paved Drive,Off Street,Assigned,Driveway
Water Source Public
Total Parking 12
Lot Size Area 0.28
Foundation Details Concrete Perimeter,Brick/Mortar
Spa No
Building Area Total 13543
Lot Size Acres 0.28
Lot Size Units Acres
Road Frontage Type Public
Open Parking Y/N Yes

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Multi-Family Average in 02143

Price
AVG $3.1M
$8.4M
Taxes
AVG $18,571
$37,178
Visits
AVG 623
55
Data Provided by Inside Real Estate®
Year Built
AVG 1926
1910

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