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Fortune Realty is pleased to present 121 Prospect Street, a fully permitted and approved 32 unit transit-oriented residential development opportunity situated on the Somerville/Cambridge line, less than a quarter of a mile away from the highly anticipated Union Square Station and a stone's throw away from Cambridge's vibrant Inman Square. The four story structure consists of three wood framed residential floors over a single steel podium parking level. 121 Prospect offers 18 covered parking spaces, with multiple modes of public transit at its front door. Strategically positioned within a mile radius of esteemed educational institutions such as Harvard, MIT, and Central Square, 121 Prospect Street provides future residents with unparalleled convenience to public transportation, suburban employment hubs and a myriad of eateries, shopping, and entertainment amenities the area has to offer. The property presents a remarkable opportunity to build market rate housing in a coveted submarket.
Attention developers, builders and landlords, amazing By-Right 6 units condo or apartment development opportunity in primary Somerville location 2 blocks from Tufts University, 0.4 miles from Davis Square. The current lot of 9,284 SQFT has been approved to be split to 3 lots. 4 condos and two side by side duplexes. 6 surface parking spaces. Designed by renowned architect Peter Quinn, total buildout allows for about 14,000 SQFT, total sellout projected to up to $10M. No Affordable units required. If you desire to keep the current building, you will have total 12 bedrooms, 5 full baths in a multi-family with about 4,500 SQFT, two car garage, two driveways, 4 more parking, and high ceiling in unfinished basement. A cash cow for rental in the hottest area of Somerville. Condo conversion permit in hand, lot split approved, HPC green lighted the demolition of the current building, building permit well underway. All architectural and structural plans and docs will be transferred to the buyer.
Rare development opportunity located between Cambridge’s Inman Square and Somerville’s Union Square. Less than two minutes from the new MBTA station, this property is in the center of it all. For a more extensive project, the owner is also selling an abutting lot at 91 Prospect Street, an approximately 1,040 SF industrial building sitting on a 4,356 SF lot positioned in UR zoning. Buyers to perform their own development due diligence and feasibility. Don’t miss out on this opportunity.
Listed by William Senne, Britany Caruso, Jake King and Moises Morin-Martinez of Senne
Somerville Vacant Land FOR SALE /// Being offered as a package deal with MLS #:73160505 , a mixed-use commercial building housing Royal Pizza & Subs and a 1-bedroom apartment above. Vacant land currently being used a parking for pizza shop and apartment with 9-10 off-street parking spaces on gravel. Extra wide curb cut for parking on Mount Vernon Street. This property is also being advertised as a larger 3-parcel development opportunity including 25 Washington Street (MLS: 73146318), a neighboring 2-story CMU commercial warehouse and a 2-story mixed-use building (MLS: 73160505) The 3-parcel opportunity offers a 3,847 SF buildable lot with a max allowed 11,541, 3-story building with 8 units and 8 parking "BY-RIGHT". Zoning is MR3, Ask agent for more information. Asking $4.2M for the 3 parcels
Federal 30-year interest rate: 7.03% last updated on 2023-12-07
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