UPDATED ZONING STUDY – 7 units /1 Affordable. Opportunity to acquire MR4 zoned parcel in Magoun Square, less than a ¼ mile from the newly opened Magoun Square GLX station. The 3,173 SF parcel abuts 3/4 of an Acre of MR4 zoned parcels on all sides and currently has a 4,350 SF existing structure generating $4,132/month with leases ending 8/31/24. An initial massing study indicated a 4-story 6,375 SF structure consisting of up to 8 units may be feasible. 359 Lowel Street’s proximity to Magoun Square station is situated within a Transit Zone affording no minimum parking requirements.Existing structure consists of Two Levels, 2,150 SF each. Renovated 2 Bed 2 Bath unit on the top floor and flex/open space on the first floor. Great ceiling height on both floors. Lots of possible options to increase value over the term of ownership. . Seller and Broker make no representations, expressed or implied with respect to the development potential of the property.
Property Details
Price:
$1,044,900
MLS #:
73329727
Status:
Pending
Beds:
2
Baths:
2.5
Address:
359 Lowell
Type:
Single Family
Subtype:
Single Family Residence
Neighborhood:
Magoun Square
City:
Somerville
Listed Date:
Jan 27, 2025
State:
MA
Finished Sq Ft:
4,326
Total Sq Ft:
4,326
ZIP:
02145
Lot Size:
3,173 sqft / 0.07 acres (approx)
Year Built:
1910
Schools
Interior
Bathrooms
2 Full Bathrooms, 1 Half Bathroom
Cooling
Window Unit(s)
Heating
Central
Exterior
Parking Features
Paved Drive
Financial
Tax Year
2024
Taxes
$10,787
Map
Community
- Address359 Lowell Somerville MA
- CitySomerville
- CountyMiddlesex
- Zip Code02145
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359 Lowell
Somerville, MA
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