250-256 Somerville Avenue

Somerville, MA 02143

$8,888,000
Price
24
Beds
12
Baths
13,543 Sq. Ft.
$656 / Sq. Ft.
13,543
Sq. Ft.
$656
per Sq. Ft.

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...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.

Property Details for 250-256 Somerville Avenue

Town
Somerville
MLS Area
Union Square
Area
MA-Somerville-Union Square, MA-Somerville
Garage Spaces
0
Parking Spaces
12.00
Parking Spaces Total
12

Location

Add your commute
LISTING UPDATED: 04/14/2024 03:09 AM

Property Details for 250-256 Somerville Avenue

StatusActive
MLS #73222468
Days on Market20
Taxes$37,178 / year
HOA Fees-
Compass TypeMulti Family
MLS TypeMulti-family / 5-9 Family
Year Built1910
CountyMiddlesex County

Location

Add your commute

Building Information for 250-256 Somerville Avenue

Stories3Residences12Year Built1910Building Size-Lot Size0.28 AC / 12,194 SF

Payment Calculator

$51,604 per month

30 year fixed, 7.25% Interest

Principal and Interest

$48,505

Property Taxes

$3,098

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 250-256 Somerville Avenue

General Details
Property Details
  • Building Area Units: Square Feet
  • Community Features: Public Transportation, Shopping, Park, Walk/Jog Trails, Medical Facility, Laundromat, Bike Path, Highway Access, House of Worship, Public School, T-Station, University
  • Living Area: 13543.0
  • SqFt with Basement: No
  • Total Units: 12
  • Waterfront: No
  • Year Built Details: Approximate
  • Year Built Source: Public Records
Features
Interior Features
  • Basement Features: Full
  • Num of Baths: 12.0
  • Num of Full Baths: 12
  • Num of Half Baths: 0
  • Bathrooms Total Decimal: 12.00
  • Bathrooms Total Integer: 12
  • FireplaceYN: No
  • Fireplaces: 0
  • Flooring: Wood
  • SpaYN: No
Exterior Features
  • View: City View(s)
  • View: Yes
Parking Features
  • Covered Spaces: .00
  • Garage: No
  • Garage Parking: Paved Drive, Off-Street, Assigned, Improved Driveway
  • Open Parking: Yes
  • Parking Features: Paved Drive, Off-Street, Assigned, Improved Driveway
  • Parking Features: Off-Street, Assigned, Improved Driveway
Utilities
  • Sewer: City/Town Sewer
  • Water: Public
Property Information
Property Info
  • Farm Land Area Units: Square Feet
  • WARRANTY: No
  • Lot Size Units: Acres
  • Road Frontage Type: Public
  • Disclosures: Revenue Expense Data is estimate based on pro forma. The principal broker has an interest in the property.
Tax Information
  • Assessments: $3,534,000
  • Book: 71416
  • Tax Year: 2024
  • Zoning: Res
Building / Association Information
Living Characteristics
  • Beds Total: 24
  • Total Living Levels: 3
Other Building Characteristics
  • Foundation: Concrete Perimeter, Brick/Mortar
Income / Expenses
  • Annual Expenses Source: Estimated, Pro. Forma Available
  • GOI: $580,000.00
  • GRE: $60,000
  • NOI: $520,000.00
  • Operating Expense: $60,000.00
Complex & Association Information
  • Adult Community: No
Unit Information
Unit 1 Description
  • Floor U1: 1
  • Lease U1: Y
  • Levels U1: 1
Unit 2 Description
  • Floor U2: 0
  • Lease U2: N
  • Levels U2: 0
Unit 3 Description
  • Floor U3: 0
  • Levels U3: 0
Unit 4 Description
  • Floor U4: 0
  • Levels U4: 0
Rental Info
Rental Info
  • Total Actual Rent: $5,150.00
Market and Agent Information
Sale Info
  • Buyer Broker Comp: 2.0%
  • Other Agent Compensation: 2.0%

Property History for 250-256 Somerville Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 250-256 Somerville Avenue

This home is within Somerville School District.
Rating
School
Type
Grades
Distance
Public - PK to 8
Public - 9 to 12
Public - K to 8
Public - 7 to 8
Rating
School
Distance
Somerville High School
Public9 to 12

E Somerville Community
PublicK to 8

Next Wave Junior High School
Public7 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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250-256 Somerville Avenue is a multi-family home for sale in Somerville, MA 02143. This property was listed for sale on April 10, 2024, it's currently listed at $8,888,000. This listing's school district is Somerville School District. Nearby schools include Albert F. Argenziano School At Lincoln Park, Somerville High School and E Somerville Community. 250-256 Somerville Avenue is a 24-bed, 12-bath, 13,543 sqft multi-family home built in 1910.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

The property listing data and information, or the images, set forth herein were provided to MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS. The property listing data and information, and the images, 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., Martha's Vineyard MLS, CCIMLS, Link MLS, and Berkshire County Board of REALTORS and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the images, set forth herein.