Address
1 Beacon St, Somerville, MA
Price
$ 4,600,000
Property Attributes
- MLS#73226159
- TypeMulti-Family
- CountyMIDDLESEX
- CitySomerville
- AreaInman Square
- Zip02143
- Style5-9 Family
- Year Built1900
- Taxes$ 30909
- Price$ 4,600,000
- Bedrooms16
- Full Bathrooms8
- Half Bathrooms0
- Sqr Footage6812
- Lot Size5,663 SqFt
Data Source:
Massachusetts MLS Property Info Network (MLSPIN)
Property Description
One Beacon, 6.41% cap rate with rental upside, is a turn-key asset exceptionally located in Somerville’s Inman Square neighborhood on the Cambridge border. The Property contains six units consisting of (4) 4-Bedroom/2-Bathroom units and two commercial units. The Property is fully leased and has undergone extensive interior unit renovations featuring condo quality finishes in the residential units including new kitchens with custom cabinets, quartz counter tops and stainless-steel appliances, updated bathrooms with new tile flooring and high-end fixtures, vinyl plank floors as well as new forced hot air and central air-conditioning systems and Navien tankless hot water systems. The commercial tenant, Trina’s Starlite Lounge and Parlor Sports (both leased by one tenant), recently extended their lease for 5-years (through August 31, 2029) and reimburse their pro-rata share of Real Estate Taxes, Insurance and Utilities. Common laundry for tenants is located on the 2nd and 3rd floor.
| Price History | |
|---|---|
| 4/19/2024 | Listed $4,600,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Forced Air |
| Cooling | Central Air |
| Roof | Rubber |
| Appliances | Washer,Dryer |
| Exterior Features | Balcony/Deck |
| Zoning | MR4 |
| Patio/Porch Features | Deck |
| Year Built | 1900 |
| Electric | Individually Metered |
| Property SubType | 5-9 Family |
| Tax Year | 24 |
| Gross Income | 364948 |
| Community Features | Public Transportation,Shopping,Pool,Tennis Court(s),Park,Walk/Jog Trails,Medical Facility,Laundromat,Highway Access,House of Worship,Private School,Public School,T-Station,University |
| County | Middlesex |
| Net Operating Income | 294966 |
| Operating Expense | 69983 |
| Property Type | Residential Income |
| Garage Y/N | No |
| Rent Includes | Unit 1(Water),Unit 2(Water),Unit 3(Water),Unit 4(Water) |
| Total Rooms | 24 |
| Status | Active |
| Directions | Please use GPS |
| City | Somerville |
| Disclosures | The rent for Trina's Starlight Lounge | Parlor Sports is based on their 07/01/2024 scheduled rent increase. Trina's Starlight Lounge | Parlor Sports Reimburses 43% of the Annual Real Estate Taxes and |
| Senior Community Y/N | No |
| Total Units | 6 |
| MLS Area | Inman Square |
| Lot Size Square Feet | 5662 |
| Waterfront Y/N | No |
| Street Name | Beacon St |
| Year Built Details | Approximate |
| Tax Annual Amount | 30909 |
| Home Warranty Y/N | No |
| Building Area Units | Square Feet |
| Standard Status | Active |
| Year Built Source | Public Records |
| Tax Assessed Value | 2296900 |
| Total Actual Rent | 28550 |
| Compensation Based On | Net Sale Price |
| Sub-Agency Relationship Offered | No |
Interior Features
| Basement | Unfinished |
|---|---|
| Total Stories | 10 |
| Air Conditioning Y/N | Yes |
| Heating Y/N | Yes |
| Fireplace Y/N | No |
| Full Baths | 8 |
| Total Bedrooms | 16 |
| Total Baths | 8 |
Exterior Features
| Parking Features | Off Street |
|---|---|
| Lot Features | Corner Lot |
| Water Source | Public |
| Total Parking | 4 |
| Lot Size Area | 0.13 |
| Foundation Details | Other |
| Spa | No |
| Building Area Total | 6812 |
| Lot Size Acres | 0.13 |
| Lot Size Units | Acres |
| Road Frontage Type | Public |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 02143
Price
Taxes
Visits
Year Built
Massachusetts MLS Property Info Network (MLSPIN) - The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and
