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$3,800,000
Est. payment /mo
10,660 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 10,660 sqft
Price per Sqft $356
MLS Listing ID 73567685
HOA Y/N false
Year Built 1900
Annual Tax Amount $3,886
Tax Year 2026
Lot Size 1,742 Sqft
Acres 0.04
Property Description
Gibson Commercial is introducing a 7-unit Mixed use property, located at 497 Broadway, Somerville, Ma. Thie property is a generational asset ,with single owner for decades , in Magoun Sq. The mixed-use property consists of 4 residential units and 3 commercial street level units. The property is 100% occupied. The property offers quality stable tenants with potential for additional revenue via market increases, in line with location and local developments in the adjacent area. The building has been impeccably maintained , eliminating capital ex requirements Magoun Sq is a prime location for multifamily and mid-rise investors , in the thriving Somerville market, the area offers an appealing blend of cultural amenities, vibrant entertainment, and convenient transportation options. With its strategic position in this sought-after location, 497 Broadway presents a promising investment prospect for those seeking to capitalize on dynamic appeal and growth potential. Magoun Square is one of Somerville's more understated neighborhood centers. Centered at the convergence of Broadway, Medford Streets, and the nearby Green Line Extension Station, the area blends older multi-family homes, local restaurants, corner businesses, and easy access to neighboring Davis, Ball, Spring Hill, sections of Somerville. It is steps away from bordering Medford. A walkable, transit-connected neighborhood with a low-key local feel. Magoun Square is becoming more connected while keeping a lived-in, local character. The arrival of the MBTA Green Line Extension has made the area much easier to reach by transit, for commuters heading toward Cambridge, downtown Boston, or Tufts, and other Somerville and Medford neighborhoods. The station at Magoun Square adds a major convenience factor, though the neighborhood still retains a quieter rhythm than some of Somerville's better-known squares. The side streets are residential, with a mix of older homes, condominiums, apartments, and multifamily buildings that give the area a familiar Somerville look and feel.
Location
State MA
County Middlesex
Area Magoun Square
Zoning MR4
Direction Magoun Square between Broadway and Dexter St
Exterior
Utilities Available Public Water, Public Sewer
Others
Senior Community false
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Listed by Gibson CRE
NEARBY SCHOOL & BUSINESS
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