31 Western Avenue, Nantucket (Surfside), MA, 02554 | $6,000,000

Star of the Sea - This magnificent property has a rich history deeply intertwined with Nantucket's maritime heritage. Originally built in 1873 as a Life Saving Station, the main structure exudes timeless elegance with its Victorian Gothic architectural style. Situated on an expansive parcel of land with breathtaking ocean views, this property offers a truly enchanting setting. Directly across the street is a park with convenient public stairs accessing the beach. In addition to the main structure, there are three other buildings on site. A second dormitory-style structure, once a stable, a studio cottage, which was formerly a storage building and privy, lastly a finished storage building with a loft offers additional space for various purposes. The Star of the Sea is a recognized treasure, listed on the National Register of Historic Places and designated as a National Historic Landmark. It serves as a poignant reminder of the brave individuals who served at this life-saving station and contributed to Nantucket's remarkable maritime history. Preserving the integrity of this historic gem, a preservation easement with the Nantucket Preservation Trust ensures that the exterior facades will remain intact. This commitment to stewardship ensures that future generations can appreciate and cherish this remarkable property. This property has approvals in place to convert the property into a 16 bedroom hotel. These approvals include a full rework of the interiors to create living space and separate bedrooms, as well as a septic design to accommodate the permitted use. If one wanted to convert this property into a single family property, that would be possible as well. Please note that viewings of the property require advance notice, as it is occupied for the entire summer season.   Full set of the plans and septic design plans available upon request.

Features

  • Town: Nantucket
  • Parking: Ample Parking
  • Heating: None
  • Zoning: R-20
  • Year Built: 1873
  • Acreage: 0.6786
  • Property#: 91358
  • Days on Market: 93 days
  • Website: https://www.raveis.com
    /prop/91358/31westernavenue_nantucket_ma?source=qrflyer
Listing information has been assembled from various sources of varying degrees of reliability. Any information critical to the buying decision should be independently verified.Listing courtesy of Douglas Elliman of Ma. LLC

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Melissa CohnRVP, Mortgage Banker, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 16953

917.838.7300

Melissa.Cohn@raveis.com

Our Executive Mortgage Banker:

  • Is available to meet with you in our office, your home or office, evenings or weekends
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  • Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction

Sarah AlvarezVP, Mortgage Banker, William Raveis Mortgage, LLC

NMLS Mortgage Loan Originator ID 1880936

347.223.0992

Sarah.Alvarez@Raveis.com

Our Executive Mortgage Banker:

  • Is available to meet with you in our office, your home or office, evenings or weekends
  • Offers you pre-approval in minutes!
  • Provides a guaranteed closing date that meets your needs
  • Has access to hundreds of loan programs, all at competitive rates
  • Is in constant contact with a full processing, underwriting, and closing staff to ensure an efficient transaction

Allen GellermanInsurance Sales Director, William Raveis Insurance

617.686.2668

Allen.Gellerman@raveis.com

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31 Western Avenue, Nantucket (Surfside), MA, 02554

$6,000,000

Customer Service

William Raveis Real Estate

Phone: 888.699.8876

Contact@raveis.com

Melissa Cohn

RVP, Mortgage Banker

William Raveis Mortgage, LLC

Phone: 917.838.7300

Melissa.Cohn@raveis.com

NMLS Mortgage Loan Originator ID 16953

Sarah Alvarez

VP, Mortgage Banker

William Raveis Mortgage, LLC

Phone: 347.223.0992

Sarah.Alvarez@Raveis.com

NMLS Mortgage Loan Originator ID 1880936

5/6 (30 Yr)
Adjustable Rate Jumbo*
30 Year
Fixed-Rate Jumbo
15 Year
Fixed-Rate Jumbo
Loan Amount $4,800,000 $4,800,000 $4,800,000
Term 360 months 360 months 180 months
Initial Interest Rate** 5.000% 5.875% 5.625%
Interest Rate based on Index + Margin 8.125%
Annual Percentage Rate 6.963% 5.983% 5.805%
Monthly Tax Payment N/A N/A N/A
H/O Insurance Payment $125 $125 $125
Initial Principal & Interest Pmt $25,767 $28,394 $39,539
Total Monthly Payment $25,892 $28,519 $39,664

* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.

** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.

The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.