38 Laurel St Somerville, MA 02143

Property Details for 38 Laurel St

Property type

Commercial real estate

Description

This exceptional commercial land parcel, located at 38 Laurel St in Somerville, MA (02143), presents a unique investment opportunity. Spanning 9,935 square feet, the property boasts approved plans for a three-unit multi-family building, offering over 5000 square feet of approved interior space. Currently an empty lot with an accessory garage, the site comes complete with existing plans already submitted and approved by Inspectional Services for a building permit. The approved design features a 7-7-4 room layout and a 4-4-2 bedroom configuration per floor, along with a full unfinished basement. Four non-tandem parking spaces are included in the approved plans. Situated in a highly desirable neighborhood, this property benefits from a Walk Score of 93 and a Bike Score of 91, reflecting its exceptional walkability and bikeability. Its proximity to public transportation is another key advantage, with less than half a mile to the Green Line at Gilman Square, and less than a mile to both the Red Line at Porter Square and Union Square. The property is zoned NR and has an asking price of $1,899,900, an assessed value of $1,068,400, and annual property taxes of $11,240. This is a rare chance to acquire a ready-to-build site in a thriving Somerville location. Plans are available upon request.