Price Reduced 6.57%

$1,195,000 ($276.24 per sqft)

Est. Mortgage $6,441/mo *

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359 Lowell, Somerville, (Magoun Square), MA, 02145

359 Lowell, Somerville, (Magoun Square), MA, 02145
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7 rooms

2 beds

2 Full / 1 Half baths

1910

4,326 sqft

Opportunity to acquire MR4 zoned parcel in Magoun Square, less than a ¼ mile from the newly opened Magoun Square GLX station. The 3,173 SF parcel abuts 3/4 of an Acre of MR4 zoned parcels on all sides and currently has a 4,350 SF existing structure generating $4,132/month with leases ending 8/31/24. An initial massing study indicated a 4-story 6,375 SF structure consisting of up to 8 units may be feasible. 359 Lowel Street’s proximity to Magoun Square station is situated within a Transit Zone affording no minimum parking requirements.Existing structure consists of Two Levels, 2,150 SF each. Renovated 2 Bed 2 Bath unit on the top floor and flex/open space on the first floor. Great ceiling height on both floors. Lots of possible options to increase value over the term of ownership. Prospective Purchasers should verify all development feasibility independently. Seller and Broker make no representations, expressed or implied with respect to the development potential of the property.

Status:

Active

Town:

Somerville

Type:

Single-family residential

Zoning:

MR4

Heating:

Central

Cooling:

Window Unit(s)

Parking:

Paved Drive

Acreage:

0.07

Est. Taxes:

$10,787

Assessment

$1,025,400

MLS #:

73213426

Buyer Agent Compensation:

2

Facilitator Compensation:

0

Compensation Based On:

Gross/Full Sale Price

Sub-Agency Relationship Offered:

No

Community Info

School Info

Walk Score

Mass Transit

Yelp

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Listing courtesy of Ryan Taylor, Fortune RE Phone: 617-874-1000