Five-Unit Storefront
New
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 Market6
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
(774) 280-2745
Source:
Broadboutique
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 29 at 10:25AM
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 = 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
$146,848
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
5.44%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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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
