A Rare Real Estate Investment Opportunity to purchase this parcel in hot Union Square of Somerville. Located across the street from the GreentownLab. The building can be used as: Marijuana Cultivation, Shared Office Space, Daycare, Catering,The parcel is zoned flex / fabrication office.The parcel contains approximately 5,000 sqft. Suitable for architect firm, engineers, scientists, innovators, creative professionals. Zoning allows 4 stories that could be built up between 12,000 to 16,000 sqft. See attached zoning page. Performa (commercial): $35 to 40 sqft triple net, 16,000 x $35= $560,000 triple net revenue yearly. A 5% cap gives an appraised value north of $11M, cost to build $300 per sqft $4.8M. Owner also believes that approximately 10,000 of residential use is also feasible with five units condo or rental. Also suitable for 40B project. See attached rendering.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
