Renovated 6-Unit Building
For Sale
$3,260,000
109 Walnut Street, Somerville, MA 02145
Fully renovated 6-unit building in desirable Winter Hill neighborhood.
Property Size8,060 SF
Price / SF$404.47
Days on Market134
Property Features for 109 Walnut Street
General Information
Standard status
Active
Size
8,060 SF
Property subtype
Multi-family
Building Details
Year Built
1920
Listing Agency:
Keller Williams Realty Evolution
Listed By:
Lior Rozhansky
(978) 922-3683
Source:
Jbarrettrealty
Added: Apr 1
Changed: Aug 8
Last Checked: Jul 16 at 1:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This 8,060 square foot building features six units, each with three bedrooms and one bathroom, characterized by large rooms and high ceilings. The property is located in the Winter Hill neighborhood of Somerville, directly across from the new Gilman Square green line stop. The building has undergone extensive renovations between 2021 and 2023, including kitchen, bath, and laundry work, as well as plumbing and electric improvements in each unit. A new roof was installed in 2023, and the rear decks were fully rebuilt in 2024. The property includes split utilities, a driveway, and a fenced-in yard. Leases are in place throughout. The gross rent roll is $20,400 per month. This property presents an opportunity for investors, close to the development around Winter Hill, Assembly, and Union Square in Somerville.
Key Highlights
- Prime location directly across from the new Gilman Square green line stop.
- Fully renovated units (kitchen/bath/laundry, plumbing/electric) between 2021‑2023.
- Stabilized 6‑unit building generating a gross monthly rent roll of $20,400.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$160,367
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,207,340
$3.2M
Cap Rate 7%
$2,290,957
$2.3M
Cap Rate 9%
$1,781,856
$1.8M
Market Conditions
NOI Build-Up for 8,060 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$307.6K $38.16/SF
− Vacancy
−$16.0K −$1.98/SF
EGI
$291.6K $36.18/SF
− OpEx
−$131.2K −$16.28/SF
NOI
$160.4K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,207,340
Cap Rate 7%
$2,290,957
Cap Rate 9%
$1,781,856
Alternative Uses
Best Use
Apartment 5plus
$2.29M
$2.00M – $2.67M
NOI $160,367 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.77M
$4.18M – $5.57M
NOI $334,004 @ 7.0% cap · market cap 10.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,178
Businesses Nearby
Explore this area
Business Placement
Demographics for 02145, MA
27,520
Population
12,669
Households
2.2
Avg Household Size
33
Median Age
55%
College-Educated
89%
High-School Grad
1.4 sq mi
ZIP Area
19,657
Density / Sq Mi
$119,167
Median Household Income
$63,629
Median Earnings
$2,377
Median Rent
$784,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 6-unit building in desirable Winter Hill neighborhood.
Where is this apartment building located?
The property is located at 109 Walnut Street Somerville, MA.
What is the asking price?
The asking price for this property is $3,260,000.
What are key features of this property?
This property features: Prime location directly across from the new Gilman Square green line stop.; Fully renovated units (kitchen/bath/laundry, plumbing/electric) between 2021‑2023.; Stabilized 6‑unit building generating a gross monthly rent roll of $20,400.
