24 Union Street, 24A&24B&24, Cambridge, MA, 02141

Property Details: • Type: Single Family Residence • Bedrooms: 12 • Bathrooms: 12 • Square Footage: 16,240 sq ft

Description:

Note: This report is for non-professional use, generated with the assistance of AI search and data compilation. It is for reference only. For an accurate valuation, please consult the City of Cambridge Assessing Department or a professional appraiser. Property Market Value Report: 24 Union Street, Cambridge, MA 02141 ,

IMPORTANT: All square footage calculations are estimates. Final buildable square footage must be determined by a licensed architect based on a detailed land survey and City of Cambridge zoning regulations.

1. Executive Summary

Located in the heart of Cambridge, the property's value is primarily driven by its redevelopment potential. By strategically utilizing Cambridge's zoning regulations, particularly those regarding underground space, the site is expected to achieve approximately 16,240 square feet of gross buildable area and approximately 14,014 square feet of gross habitable/saleable area.

2. Property Details and Location Advantages

* Address: 24 Union Street, Cambridge, MA 02141 * Lot size: Approximately 6,337 square feet * Land Features: Located on a quiet one-way street with residential areas behind, providing excellent tranquility; favorable setback requirements (5 feet on the side/rear) improve building efficiency.

3. Zoning Analysis and Area Calculation (Updated)

* Zoning: Residence C-1. Target is to achieve 1.90 FAR through Inclusionary Housing Policy (IZP). * Underground Space (Cellar Strategy): Take advantage of the fact that underground space is not counted towards the GFA, providing significant bonus area. Area Potential Summary: We base our calculations on the following assumptions: FAR 1.90; estimated building footprint of approximately 4,200 square feet (approximately 66% coverage); above-ground building efficiency of 85%; and underground building efficiency of 90%. MetricAbove-GradeCellarTotal Gross Building Area (GFA)12,040 sq ft4,200 sq ft16,240 sq ft NSF (Natural Selling Area)10,234 sq ft3,780 sq ft14,014 sq ft 4. Highest and Best Use (HBU)

HBU stands for: High-density Luxury Condominiums . * Development strategy: Maximize GFA and basement space. The basement space should be designed to be connected to the first floor duplex (duplex-down) to add a family room or bedroom to maximize its market value.

5. Valuation and Pricing Strategy (Updated)

We use a residual land value (RLV) analysis to explicitly factor in the value contribution of underground space and construction costs. We assume the underground space sells for approximately 50% of the above-ground space. RLV comprehensive estimation model (based on luxury apartment development): Project (Metric)AssumptionEstimate Above Grade Revenue10,234 NSF @ $1,650 / NSF$16,886,100 Total Development Cost (TDC)12,040 GFA @ $675 / GFA$8,127,000

Underground part (Cellar) Revenue3,780 NSF @ $825 / NSF (50% value)$3,118,500 Total Development Cost (TDC)4,200 GFA @ $500 / GFA$2,100,000

Project Totals Total Revenue$20,004,600 Total TDC$10,227,000 Developer Profit18% (ROC)$1,840,860

Residual Land Value (RLV)(Revenue - Cost - Profit)$7,936,740 Valuation Conclusion (Update): Taking into account the potential to maximize the use of above- and below-ground space, the property's fair market value is approximately $7.94 million . The valuation range is between $7.6 million and $8.2 million. Suggested target selling price: $8 million - $8.3 million This updated valuation strongly supports the $8 million sale price. Key factors supporting the premium include the extreme scarcity of the land, its exceptional tranquility (micro location), the efficient site conditions (high overhang potential), and the potential for amalgamation with 22 Union Street.

Property Analysis Report: 24 Union Street, Cambridge, MA 02141 (In-Depth Update)

Important Disclaimer: All area calculations are estimates. Final buildable area must be determined by a licensed architect based on detailed surveys and the City of Cambridge Zoning Ordinance.

1. Executive Summary

This property is located in the core of Cambridge, and its value is primarily driven by its redevelopment potential. By strategically leveraging Cambridge zoning regulations, particularly regarding below-grade space, the site is estimated to yield approximately 16,240 sq ft of Total Built Area and 14,014 sq ft of Total Net Sellable/Livable Area (NSF).

2. Property Details and Location Advantages

* Address: 24 Union Street, Cambridge, MA 02141 * Parcel Area: Approx. 6,337 sq ft * Site Characteristics: Located on a quiet one-way street with a residential rear boundary, offering superior tranquility; favorable setbacks (5ft side/rear) increase building efficiency.

3. Zoning Analysis and Area Calculation (Updated)

* Zoning: Residence C-1. The goal is to achieve 1.90 FAR through the Inclusionary Zoning Program (IZP). * Below-Grade Space ("Cellar" Strategy): Utilizing the exclusion of below-grade space from GFA calculations provides significant "bonus area." Area Potential Summary: Assumptions: FAR 1.90; Estimated building footprint of approx. 4,200 sq ft (approx. 66% coverage); Above-grade efficiency 85%; Below-grade efficiency 90%. MetricAbove-GradeCellar (Below-Grade)Total GFA / Built Area12,040 sq ft4,200 sq ft16,240 sq ft Livable / Sellable Area (NSF)10,234 sq ft3,780 sq ft14,014 sq ft 4. Highest and Best Use (HBU)

HBU is: High-Density Luxury Condominiums . * Development Strategy: Maximize GFA and Cellar space. The below-grade space should be designed to duplex-down from the first floor, adding family rooms or bedrooms, to maximize its market value.

5. Valuation and Pricing Strategy (Updated)

We use the Residual Land Value (RLV) Analysis, explicitly incorporating the value contribution and construction costs of the below-grade space. We assume below-grade space sells at approximately 50% of the value of above-grade space. Comprehensive RLV Estimation Model (Luxury Condominium Development): MetricAssumptionEstimate Above Grade Revenue10,234 NSF @ $1,650 / NSF$16,886,100 Development Cost (TDC)12,040 GFA @ $675 / GFA$8,127,000

Cellar (Below Grade) Revenue3,780 NSF @ $825 / NSF (50% Value)$3,118,500 Development Cost (TDC)4,200 GFA @ $500 / GFA$2,100,000

Project Totals Total Revenue$20,004,600 Total TDC$10,227,000 Developer Profit18% (ROC)$1,840,860

Residual Land Value (RLV)(Revenue - Cost - Profit)$7,936,740 Valuation Conclusion (Updated): Considering the potential to maximize the use of both above-grade and below-grade space, the Fair Market Value of the property is approximately $7.94 Million . The valuation range is between $7.6 Million and $8.2 Million. Recommended Target Sale Price: $8.0 Million - $8.3 Million This updated valuation strongly supports an $8.0 Million sale price. Key factors supporting the premium include the extreme scarcity of land, superior micro-location (tranquility), efficient parcel conditions (high coverage potential), and the assemblage potential with 22 Union Street.

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