4 North Water Street, Nantucket MA

Rare opportunity to Purchase an Oversized Commercially Zoned Property (CDT) in the heart of Downtown Nantucket with established rental income. Just moments to Main Street, the property is currently configured as 3 separate offices and a one bedroom apartment, and has one of the largest backyards available in Town including parking spaces for up to 8 cars. Surrounded by beautifully maintained and updated properties, 4 North Water Street is a historical Nantucket property with unique architecture built in 1846 for whaling captain Obed Joy. The house has been well maintained with continued investment to ensure its continued historic integrity with Obed Joy’s silver nameplate still on the front door today. The high ceilings and large windows including unique stained glass leaded windows flood the rooms with natural light. With land area of 7,710 sf, it is sufficient in size to allow for a sub-division into two conforming lots plus allow for significant expansion to the existing structure. CDT zoning allows many commercial uses: Separate Condominum Ownership, Guest House or Inn, Duplex, up to 6 or 7 Apartments, Office, Retail, Restaurant, Take Out, Tavern, Theater, Bike Shop, Yacht Club, Health Spa.

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Floor 1: The first floor 827 square-foot office is accessed through the elevated front porch which leads to a foyer with stairs to the second-floor apartment. This office area features a large reception/work area and three private offices. A hall leads to a half bath, closet and HVAC closet. Tenant occupied until January 30, 2024. A continuation of the first floor leads to an additional 819 square-foot office which is accessed via a stone stairway to the right of the main section of the building. The office features four separate rooms plus a full bath and half bath. Tenant occupied until January 31, 2024. While the front and back first floor offices are currently separate, a wall that was installed after original construction can be removed to restore flow from the front door all the way to the back of the building.,
Floor 2: Front stairwell entry: The top floor apartment features a bedroom overlooking North Water Street, a bath with tub and shower and 20’ x 23’ open living space with a full kitchen, vaulted ceiling and small loft. Off this space is a large second floor deck with stairs to the yard. The 1,113 square feet of total living space will is currently vacant and ready for occupancy.

The lower level 717 square feet of office space was renovated in 2018 and features new tile flooring, a reception area, three work stations and a private office. There is a new bath with shower and a mechanical room and heat and air conditioning is by a split system. The recently vacated tenant ran a bookkeeping service