12 unit development site
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in Weymouth, MA, US
Listing was updated on: 04/04/2021
Property Overview
| Price/Rent PSF | $ 450,000.00 |
| Asset Type | Multifamily |
| Trade Type | Sale |
| SQ. FT. Available | Inquire |
| Date Available | 03/30/2021 |
| Additional URL | Link |
| Parking | 18 |
| Floors | 2 |
| Building size | 9379 |
| Additional parameters | Show |
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Description
Location
This building was the old site for the Immaculate Conception nuns convent. Located in a desirable part of Weymouth -just 17 miles from downtown Boston and 1/2 mile from the Weymouth commuter rail. This site was just permitted for 12 market-rate apartments and is currently on a 99 year land lease with the Roman Catholic Archdiocese of Boston.
Sale
This building was the old site for the Immaculate Conception nuns convent. The actual building is in excellent condition. This site has recently been permitted for 12 market-rate apartments and will be on a 99 year land lease with the Roman Catholic Archdiocese of Boston. Land Lease structure is $2,400/month with ONLY 1% per year inflation adjustment for the land lease at a term of 99 years; land lease doesn't begin until C/O are obtained by the new owner. Fully leased 12 units will achieve a gross income of approximately $252,000 per year in rental income assuming each one-bedroom is rented for $1750/month. Site is being offered at $450,000. All permits in hand and site is ready to go, please email me with any questions at: [email protected]
Location