Active
New
5-9 School St
Somerville MA, 02143
$3,995,000
$570.71 per sqft
Active
New
19 Beds
11 Baths
7,000 sqft
Multi-family
Built in 1920
**$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.
73303433
MLSⓇ ID
October 17, 2024
Listed
October 17, 2024
Updated
Map
5-9 School St
Somerville MA, 02143
Interior Features
Total Stories
4
Bedrooms
19
Total Bathrooms
11
Full Bathrooms
11
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.1 Acres
Lot Features
Level
Roof
Rubber
Sewer
Public Sewer
Other Property Details
Taxes
$28,902
Tax Frequency
Annually
Garage
No
Parking Total
0
View
Yes
View Description
City View(s)
County
Middlesex
Water Source
Public
Pool
No
Zoning
UR
Courtesy of Nicholaus Jasinski, Berkadia Real Estate Advisors LLC
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Data last updated 3:39 PM UTC, 10/17/2024
