Five-Unit Storefront
For Sale
$2,700,000
1167 Broadway, Somerville, MA 02144
Partially occupied commercial property with street-level retail or office space and MR4 zoning.
Property Size9,358 SF
Lot Size0.11 Acres
Price / SF$583.41
Days on Market64
Property Features for 1167 Broadway
General Information
Standard status
Active
Size
9,358 SF
Lot size
0.11 Acres
Property subtype
Commercial
Zoning
MR4
Occupancy
40%
Building Details
Year Built
1910
Buildings
1
Building Size
9,358 SF
Tenancy
Multi
Listing Agency:
Gibson CRE
Listed By:
Albert Bouchie · License #9522540
(617) 908-6775
Source:
Benoitrealestate
Added: Aug 12
Changed: Oct 7
Last Checked: Oct 12 at 9:01PM
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 Gibson CRE
Investment Insights
Based on property information with market context.
This five-unit storefront property contains 9,358 square feet of commercial building area, including 4,628 square feet at street level that can accommodate retail or office use. Constructed in 1910, the building currently reports 40% occupancy. The property sits on a 4,910-square-foot lot and carries MR4 zoning.
The asset is located at 1167 Broadway in Somerville, within the Tufts-Teele Sq and Davis Sq triangle. The surrounding area includes local businesses, restaurants, and boutique shops, with educational, cultural, and entertainment destinations nearby. MR4 zoning is identified as permitting vertical mixed-use development, adding a redevelopment consideration to the existing storefront configuration.
The asset is located at 1167 Broadway in Somerville, within the Tufts-Teele Sq and Davis Sq triangle. The surrounding area includes local businesses, restaurants, and boutique shops, with educational, cultural, and entertainment destinations nearby. MR4 zoning is identified as permitting vertical mixed-use development, adding a redevelopment consideration to the existing storefront configuration.
Key Highlights
- 9,358 SF five‑unit commercial building
- 4,628 SF of street‑level retail or office space
- 40% current occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$146,848
Cap Rate
5.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,936,960
$2.9M
Cap Rate 7%
$2,097,829
$2.1M
Cap Rate 9%
$1,631,644
$1.6M
Market Conditions
NOI Build-Up for 4,628 SF
Gross rent
$251.0K $54.24/SF
− Vacancy
−$55.2K −$11.93/SF
EGI
$195.8K $42.31/SF
− OpEx
−$48.9K −$10.58/SF
NOI
$146.8K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,936,960
Cap Rate 7%
$2,097,829
Cap Rate 9%
$1,631,644
Alternative Uses
Best Use
Office B
$2.10M
$1.84M – $2.45M
NOI $146,848 @ 7.0% cap · market cap 5.44%
Second Best
Retail
$950.2K
$831.5K – $1.11M
NOI $66,517 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$2.74M
$2.40M – $3.20M
NOI $191,783 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
40%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,106
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 02144, MA
25,497
Population
11,881
Households
2.1
Avg Household Size
31
Median Age
75%
College-Educated
96%
High-School Grad
1.1 sq mi
ZIP Area
23,179
Density / Sq Mi
$140,591
Median Household Income
$74,639
Median Earnings
$2,654
Median Rent
$987,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Storefront property - Partially occupied commercial property with street-level retail or office space and MR4 zoning.
Where is this storefront property located?
The property is located at 1167 Broadway Somerville, MA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 9,358 SF five‑unit commercial building; 4,628 SF of street‑level retail or office space; 40% current occupancy
