176 BroadwaySomerville, MA 02145

Property Details for 176 Broadway

Year built

1900

Lot size

0.11 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $524,922

  6.5%

  $484,544

  7%

  $449,933

• Comparable approach

  Method

  Valuation

  Relative Method

  $414,846

  Geo Method

  $414,846

• Alternative Use

  Use

  Valuation

  Residential

  $600,834

  Hospitality

  $550,361

  Educational

  $457,894

  Medical

  $473,641

  Retail

  $712,279

Location Insight

City

Somerville

County

Middlesex

State

Massachusetts

Latitude

42.3886

Longitude

-71.0866

CBSA code

14460

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].