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Home Massachusetts Multi-Family Homes for Sale

5-9 School St Somerville, MA 02143
5 Days on Jacob Realty
17
$3,995,000
Total Beds: 19 Total Baths: 11
Total Units: 9 SQFT: 7000
LOT size: 0.10 Acres
5-9 School St
Somerville, MA 02143
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Property Description

**$247,782 Proforma NOI** The School Street Apartments is a 9-unit apartment complex located in the heart of Somerville near Union Square, featuring (6) 2-bedroom, 1-bathroom, (2) 3-bedroom, 2-bathroom, and (1) 1-bedroom, 1-bathroom units. There is a value-add opportunity at the property to perform light unit updates and raise rents to competitive market levels. Also available (not included in 5-9 School St price) is the 2 Quincy Street lot, an abutting development site of 0.14 acres under Somerville’s “Urban Residence (UR)” zoning, which allows one apartment building by right. Current ownership has plans drawn up for a 20-unit building with 4 floors. Less than a half mile from both the Porter Square and Gilman Square T-stops on the Green Line and Commuter Rail, and steps away from MBTA Bus Routes on Somerville Ave, the property offers direct access to employment centers in Downtown Boston, Somerville, and Cambridge.
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Property Details

Building Information

  • Total Units: 9
  • Total Floors: 4
  • Total Bedrooms: 19
  • Total Full Baths: 11
  • Basement Features: Full

Financial

  • APOD Available: Yes
  • Gross Operating Income: 266982
  • Gross Expenses: 67994
  • Net Operating Income: 198988

Utilities

  • Water: City/Town Water, Private
  • Sewer: City/Town Sewer, Private

Unit 1 Description

  • Under Lease: Yes
  • Floors: 1
  • Levels: 2

Unit 2 Description

  • Under Lease: Yes
  • Floors: 1
  • Levels: 2

Construction

  • Year Built: 1920
  • Type: 5-9 Family
  • Construction Type: Brick
  • Foundation Info: Other (See Remarks)
  • Roof Material: Rubber
  • Lead Paint: Unknown
  • Warranty: No

Other Information

  • MLS ID# 73303433
  • Last Updated: 10/21/24

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Map

Seller's Representative: Nicholaus Jasinski, Berkadia Real Estate Advisors LLC
Sub Agent Compensation: n/a
Buyer Agent Compensation: n/a
Facilitator Compensation: n/a
Compensation Based On: n/a
Sub-Agency Relationship Offered: No

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The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information 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. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

MLS PIN data last updated at 2024-10-21 03:05:00

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