Live Here Now. Reposition It Later. A Unique Investment Play.

The property at 18 Elm St, Hatfield, known as the Lowell Mansion, is one of the most intriguing and complex real estate offerings in the Pioneer Valley.

At $500,000, it is priced roughly 47% below its tax-assessed value ($942,500), which reflects a high-risk, high-reward investment scenario.

Here is a breakdown of what the “industrial condo” status actually means for a potential owner or developer.

1. The “Industrial Condo” Paradox

Unlike a standard home, this property is legally structured as a Condominium. This is likely a strategic maneuver to allow residential use within a zone strictly intended for business.

• Structure vs. Land: You are buying the 5,912 sq ft Victorian structure as a “unit.”

• The Land Split: While the total parcel is 4.25 acres, you only have exclusive use of 27,095 sq ft (approx. 0.62 acres). The remaining ~3.6 acres is “common area,” likely controlled by an association that may have separate industrial development plans.

• The Fee: Even if there is “no HOA” in a traditional sense, there will be a master deed governing how the industrial land and the residential unit interact.

2. “Repositioning Potential” Explained

In real estate marketing, “repositioning” is a polite way of saying the current use (a house) is not the most profitable use for the land. Because the zoning is Industrial (I):

• Adaptive Reuse: The mansion could be “repositioned” into high-end professional offices, a boutique medical facility, or a corporate retreat.

• Redevelopment: Under industrial zoning, the house could potentially be demolished (after navigating historical commission delays) to make way for a warehouse or distribution center, which is the “highest and best use” for land near I-91.

3. Historical Significance & Constraints

Built in 1868, this Second Empire Victorian features a “Mansard” roof and was originally equipped with an advanced gravity-driven gas lighting system—a marvel of its time.

• Demolition Delay: In June 2023, the town issued a one-year demolition delay to protect the mansion. As of late 2025, that delay has expired, meaning the historic fabric is legally vulnerable to a developer’s “repositioning” plans.

• The Interior: With 14 rooms and 7 bedrooms, it is a massive undertaking. The $85/sq ft price suggests it may require significant mechanical and structural restoration.

From Zillow 

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