This blue-chip investment opportunity is located at the intersection of the Waterfront, North End and Financial District. This is the first time in 50 years that this property has been available for purchase. The building comprises five units, including three floor-through two-bedroom units, one studio and an owners’ penthouse duplex with three bedrooms. With appropriate permits, the building could be reconfigured to offer five floor-through two-bedroom units. There is a full basement providing an owners’ office, storage, and a utility room.
109 Fulton Street was one of several empty warehouses offered for sale by the Boston Redevelopment Authority in the early 1970s. According to a news article at the time by Estelle Bond Guralnick, the BRA took 18 buildings by eminent domain with the stated intent of reselling the buildings to North End and Waterfront residents. The obligation of the buyers would be to turn these buildings into owner-occupied residences.
To be eligible for consideration by the BRA as a buyer, each applicant had to complete a developer’s kit showing their ability to finance both the acquisition and the renovation the property. The names of the 164 qualified applicants were entered into a lottery via which the BRA chose 14 North End residents and 4 waterfront residents to become the new owners. The current owner of 109 Fulton Street was one of successful applicants and purchased the building in 1972.
The building was gutted to the studs in the early 70’s and the renovation was completed in 1975. The property has been meticulously maintained ever since. In the summer of 2021, a new roof was installed, and the façade of the building was repointed, as necessary. The opportunity now exists for a new owner to modernize the interior and align the rental prices with current market conditions. Alternatively, the building is ideal as a family investment where multiple generations could live.
Please download the floor plans (see link on this page) for individual unit square foot calculations. Income and expense information is available upon request by contacting Jonathan Radford on 1-617-335-1010, or emailing Jonathan at [email protected]