Ryan Taylor Of Fortune Realty Represents Sale Of 69-Unit Multifamily Development In Somerville For $7.3M
21 Allen Street
$7,300,000
$153/SF
Building Size
47,572 SF
Asset Type
MultiFamily
Closing
Jan 27, 2025
AI
A 69-unit multi-family development located at 21 Allen Street in Somerville, MA, recently sold for $7.3 million. This property has a total square footage of 47,572 and a price per unit of $105,797, translating to a price per square foot of $153. It is located in a Qualified Opportunity Zone and is part of Union Square’s $2 billion redevelopment project, with permits in place for sustainability as a Passive House.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,300,000
- Units: 69
- Square Footage: 47,572
- Price Per Unit: $105,797
- Price Per Square Foot: $153
- Broker: Ryan Taylor - Fortune Realty
Ryan Taylor represented the seller in this transaction, facilitating the sale of the multi-family asset within a development site poised for significant urban renewal and sustainability efforts in Somerville.
Players
Somerville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93