38 Crescent St Kingston, MA 02364

This exceptional 4.27-acre parcel in Kingston, MA, presents a compelling development opportunity. The property includes preliminary approvals for a planned 54-unit residential development, comprising 30 one-bedroom, 18 two-bedroom, and 6 three-bedroom units. The project anticipates 65 parking spaces to accommodate residents. Importantly, the buyer will inherit a pre-existing single-family home currently occupied by a tenant, adding immediate value and potential rental income. Significant groundwork has already been laid, including a finalized sewer betterment agreement with the Town of Kingston and a wetlands conservation agreement with the Massachusetts Department of Environmental Protection, both of which will transfer to the new owner. It's crucial to understand that obtaining final state-level 40B approval is the responsibility of the purchaser. This presents a unique chance to acquire a largely permitted project, requiring only the final 40B approval to commence construction. The existing single-family home provides a valuable asset while the substantial groundwork already completed minimizes potential delays and streamlines the development process. This property offers a strong return on investment for a developer seeking a ready-to-finalize residential project in a desirable location. The existing agreements with the town and state significantly reduce the hurdles typically associated with large-scale residential developments. This is a prime opportunity to capitalize on the existing infrastructure and move quickly towards construction.