282 Broadway, Somerville, MA 02145-2950
- Retail space
- 3,144 SF
- 0.08 lot acres
Current Use by Public Records
- noro de paulo llc / Tax Preparation
Property Details for 282 Broadway
- Year built
- 1900
- Construction
- MASONRY/CONCRETE MASONRY UNITS (CMUS)
- Lot size
- 0.08 lot acres
- Zone code
- BA
- Property type
- Retail space
- APN
- SOME M:71 B:B L:1
- APU
- SOMEM71BBL1
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Apr 16, 2025 | $855,000 | Dogwood Realty LLC | 282 Broadway Nt | Deed | $655k · 282 Broadway Nominee |
Description
This exceptional redevelopment opportunity presents a rare chance to invest in Somerville, MA's thriving real estate market. Located at 282 Broadway, this 2,850 square foot vacant convenience store sits on a 0.08-acre lot and is zoned MR5. The property offers significant potential for residential development, given its prime location near the MBTA Red Line at Porter Square, commuter rail, bus service, and the Green Line extension at Union Square. Its proximity to Harvard, MIT, and Tufts Universities, along with Assembly Row's amenities, ensures strong demand. The existing building provides an immediate canvas for redevelopment, with the added benefit of a vacant site allowing for swift commencement of permitting and construction. The fee-simple ownership and distressed sale condition offer an attractive investment proposition. This is a unique chance to capitalize on Somerville's high barriers to entry for similar residential projects, creating a highly desirable residential development in a walkable, amenity-rich neighborhood. The asking price is $1,100,000, translating to $385.96 per square foot. This one-story building presents a compelling opportunity for investors seeking to contribute to Somerville's growing residential market. The property's environmental condition is clean.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $750,000
- ML approach
- $790,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $755,000
- 6.5%
- $695,000
- 7%
- $645,000
-
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $850,000 Current use
- COMMERCIAL (GENERAL)
- $1,080,000 Change: +27% Conversion: Easy
- AUTO REPAIR, GARAGE
- $885,000 Change: +4% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $870,000 Change: +3% Conversion: Moderate
- OFFICE BUILDING
- $690,000 Change: -19% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Somerville
- County
- Middlesex
- State
- Massachusetts
- Longitude
- -71.0919
- Latitude
- 42.3915
- CBSA code
- 14460
- CBSA name
- BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA
