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. Prospective Purchasers should verify all development feasibility independently. Seller and Broker make no representations, expressed or implied with respect to the development potential of the property.
— MLSPIN #: 73294937Map of 359 Lowell Street, Somerville, MA 02145
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| List Price: | $1,044,900 |
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| Status: | Active |
| MLS ID: | 73294937 |
| Town: | Somerville |
| Neighborhood: | Magoun Square |
| County: | Middlesex |
| Zip: | 02145 |
| Property Type: | Land |
| Property Sub Type: | Residential |
| Acres: | 0.07 |
| Taxes: | 10,787 |
| Lot Features: | Level |
| Status: | Active |
| Water Source: | Public |
| Directions: | Google Maps |
| Electric: | On-Site |
| Listing Contract Date: | 2024-09-25 |
| Lot Size Area: | 0.07 |
| Lot Size Square Feet: | 3,173 |
| Bathrooms Total Integer: | 0 |
| Gas: | On-Site |
| Living Area Units: | Square Feet |
| Lot Size Units: | Acres |
| Parcel Number: | 753403 |
| Sewer: | Public Sewer |
| Zoning: | MR4 |
| Disclosures: | Property Owner has interest in Fortune RE |
| Electric On Property?: | Yes |
| Farm Land Area Units: | Square Feet |
| Listing Agreement: | Exclusive Right To Sell |
| Disclosure: | Yes |
| Dpr Flag: | No |
| Listing Alert: | No |
| Page: | 1 |
| Original List Price: | $1,049,000 |
| Tax Assessed Value: | $1,025,400 |
| Tax Year: | 2024 |
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MLS Property Information Network, Inc. data last updated on November 23, 2024 08:35 AM
Property Last Updated: October 13, 2024 03:06 AM
Listing Courtesy of: Fortune RE
Listing Agent: Ryan Taylor
774-270-4020
