205 College Ave
Property Description
Exceptional Three-Family Investment Opportunity Directly Across from Tufts University!Ideally situated on highly desirable College Avenue, this well-maintained three-family property offers 11 bedrooms, 5 bathrooms, and an outstanding opportunity to acquire an established income-producing investment property in one of Somerville's most sought-after rental locations.Currently generating $167,100 in annual rental income for 2026-2027, with contracted income increasing to $170,700 for 2027-2028, the property is leased through May 2028, providing immediate cash flow and income stability, with leases extending through May 2028. With two units renewed at existing rental rates, there is additional potential for future rental growth.Proudly owned and maintained by the same owner for over 32 years, this property has enjoyed a longstanding history of consistent occupancy and dependable rental income. The features include updated kitchens and bathrooms, beautiful hardwood floors, inviting front and rear porches, basement laundry facilities, generous storage space, and off-street tandem parking for at least three vehicles. New windows - 2023 and New Chimney liners.An additional investment advantage is the property's separately metered utilities. Each apartment has separate gas, electric, and water meters, along with individual heating and hot water systems. Tenants pay their own gas and electricity, while water usage is billed by the owner based on individual unit meter readings. This arrangement helps minimize owner-paid operating expenses.The location is truly exceptional-directly across from Tufts University and just a short distance from the Medford/Tufts Green Line station and the Joyce Cummings Center. Nearby university athletic and recreational facilities, vibrant Davis Square, Red Line connections, and convenient access to I-93 and downtown Boston further enhance the property's appeal.An outstanding opportunity to acquire a well-maintained, established investment property combining a premier university location, strong rental history, contracted rental income, and potential for future growth.
Key Property Information
| Listing Status: | Under Contract |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $2,288,000 |
| No. of Units: | 3 |
| Year Built: | 1900 |
| Lot Size: | 3,280.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $762,667 |
| Property Website | Click Here |
| Number of Bedrooms: | 11 |
| Number of Bathrooms: | 5 |
ID: 3yd-MLSPIN-73589869
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