Existing single story commercial building and parking area on a flat 10,006 sq/ft rectangular lot, last used as a print shop, and being delivered vacant together with plans to construct a new 19 unit residential building in its place. The property is located on a sleepy side street off of Broadway in a rapidly developing neighborhood with easy access to shopping + restaurants and is only a half mile from the Assembly Square Orange Line T. The property is offered w/the land, existing building + a full set of architect drawings ready to submit for permit. Plans call for 4-5 units per floor and a gross building area of 25,293 sq/ft. The unit mix includes (15) 2 bedroom/2 bath residences and (4) 1 bed/1 bath residences. Four units would be designated affordable, and the project can be built as apartment or condominium. Most residences have private outdoor space + the plans even call for a common roof deck! SEE THE POTENTIAL FOR YOURSELF. OPEN HOUSE WEDNESDAY 4/22 from 10AM-NOON
17 Kensington Avenue, Somerville, MA, 02145
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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