282 BroadwaySomerville, MA 02145

Property Details for 282 Broadway

Year built

1900

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.08 AC

Property size (Sq ft)

3,144 SF

Zone code

BA

Property type

Retail space

APN

SOME M:71 B:B L:1

APU

SOMEM71BBL1

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.

• CAP approach

  CAP return

  Valuation

  6%

  $764,102

  6.5%

  $705,325

  7%

  $654,944

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,035,204

  Geo Method

  $1,035,204

• Alternative Use

  Use

  Valuation

  Residential

  $594,968

  Hospitality

  $544,987

  Educational

  $453,423

  Medical

  $469,017

  Retail

  $705,325

Location Insight

City

Somerville

County

Middlesex

State

Massachusetts

Latitude

42.3915

Longitude

-71.0919

CBSA code

14460

CBSA name

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

Property Tax & Assessments

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