176 Broadway Somerville, MA 02145-3163

Property Details for 176 Broadway

Year built

1900

Lot size

0.11 lot acres

Property size

3,175 SF

Zone code

BA

Property type

Investment properties

Property subtype

Live-work space

APN

SOME M:90 B:C L:3

APU

SOMEM90BCL3

Description

This exceptional mixed-use development opportunity in Somerville, MA, presents a compelling investment prospect. Located at 176-182 Broadway, this property encompasses two parcels totaling 11,778 square feet of land, zoned MR5. The current asking price is $4,599,900, translating to $143.88 per square foot. Plans allow for the construction of a five-story building with a potential of 28 to 37 residential units, averaging approximately 1,125 square feet per unit, with the possibility of up to 5,000 square feet of additional commercial space. The site currently offers 20 parking spaces, with the potential for up to 23 on-site, though a special permit may be required to maximize unit count. The project's design allows for a net-zero building construction. The seller will cooperate with the buyer to secure necessary project approvals before closing. The buyer is responsible for all associated fees, including architectural and legal expenses. Somerville's affordable housing requirement mandates 20% affordability. This location boasts a Walker's Paradise score of 95, with proximity to Green and Orange Line subway stops within a mile. The property's assessed value is $1,772,400, and annual property taxes are $11,579. The existing structures are frame and brick with vinyl and brick exteriors and a fieldstone foundation. The lot is paved. This is a rare opportunity to develop a high-value property in a highly desirable location.

Location Insight

City

Somerville

County

Middlesex

State

Massachusetts

Longitude

-71.0866

Latitude

42.3886

CBSA code

14460

CBSA name

BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments