5-9 School St Somerville MA 02143 MLS #73303433

5-9 School St
Somerville, MA, 02143
$3,995,000
19 Beds
11 Baths
7,000 SqFt
0.1 Acres
$3,995,000
5-9 School St
Somerville, MA, 02143
**$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.

Property Details

Price:
$3,995,000
MLS #:
73303433
Status:
Active
Beds:
19
Baths:
11
Address:
5-9 School St
Type:
Multi Family
Subtype:
5-9 Family
City:
Somerville
Listed Date:
Oct 17, 2024
State:
MA
Finished Sq Ft:
7,000
Total Sq Ft:
7,000
ZIP:
02143
Lot Size:
4,356 sqft / 0.10 acres (approx)
Year Built:
1920
Units:
9

Schools

Interior

Bathrooms
11 Full Bathrooms

Exterior

Construction Materials
Brick
Roof
Rubber

Financial

Net Operating Income
$198,988
Tax Year
2024
Taxes
$28,902
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Marie Andrews

Marie Andrews

Realtor®, Broker/Owner, GBREB, Notary Public

Marie Andrews is an award-winning, licensed real estate broker with licenses in Massachusetts and Florida. She has been selling real estate in the greater Boston area for over 20 years. Over the past two decades, Marie has worked for Century 21 Advanced Realty, building a reputation as a multi-million dollar producer. She has developed an extensive network of investors, lenders, and attorneys. Marie has a wide knowledge base on property management, Massachusetts real estate law, and building…

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Courtesy of United Multi Family Corporation. The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
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5-9 School St
Somerville, MA