Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    10 Prospect St Somerville, MA 02143

    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Retail space available in a revitalized Union Square area.

    Property size:
    2,167 SF
    Lot size:
    0.77 Acres

    Property Features for 10 Prospect St

    General Information

    Size
    2,167 SF
    Lot size
    0.77 Acres

    We can help!

    Listing Contact
    Jesse Baerkahn
    Source: Moodyscre

    Listing Agent: Jesse Baerkahn

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Retail Space in Union Square

    This retail space is located within the revitalization of 15 acres in the heart of Union Square, Somerville, MA. The property is part of a project supported by a new MBTA Green Line station. The project encompasses the construction of 2.4 million square feet of new commercial, residential, and community space. The available retail space is part of the first phase of the project. The property offers 2167 square feet of space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    10 Prospect Street Corporate Office

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.091868
    Latitude
    42.378201

    Nearby Similar for Lease

    • Contact for pricing
      30,590 SF

      Class A Office Space Available

      126,000 SF office space for lease in Somerville, MA.
      455 Grand Union Blvd, Somerville, MA 02143
      View Details
    • Contact for pricing
      2,465 SF

      New Retail Space in Somerville

      New retail and restaurant spaces in Union Square, Somerville.
      50 Prospect St, Somerville, MA 02143
      View Details
    • $5,500 /Mo
      1,000 SF

      Union Square Retail/Office Space

      High-visibility, renovated retail/office space with excellent foot traffic.
      322 Somerville Ave, Somerville, MA 02143
      View Details
    • $55 SF/Yr
      722 SF

      Davis Square Second-Floor Office Suites

      Three office suites for lease in Somerville's commercial hub.
      377 Summer St, Somerville, MA 02144
      View Details
    • $55 SF/Yr
      1,082 SF

      Davis Square Second-Floor Office Suites

      Three office suites available in Somerville's vibrant Davis Square.
      377 Summer St, Somerville, MA 02144
      View Details
    • $55 SF/Yr
      3,387 SF

      Davis Square Second-Floor Office Suites

      Three office suites for lease in Somerville's Davis Square.
      377 Summer St, Somerville, MA 02144
      View Details
    • Contact for pricing
      9,063 SF

      Class A Office Space

      Class A office space in established neighborhood with many amenities.
      450 Artisan Way, Somerville, MA 02143
      View Details
    • Contact for pricing
      2,600 SF

      Assembly Square Restaurant Opportunity

      Restaurant space available in thriving Assembly Square neighborhood in 2024.
      74 Middlesex Ave, Somerville, MA 02145
      View Details
    • Contact for pricing
      4,489 SF

      Somerville Retail Space For Rent

      Retail space available in dynamic mixed-use development near Assembly Row.
      290 Revolution Dr, Somerville, MA 02143
      View Details
    • Contact for pricing
      20,000 SF

      Somerville Warehouse: Prime Flex Space

      20,000 SF Warehouse - Immediate Occupancy
      321 Washington St, Somerville, MA 02143
      View Details
    • Contact for pricing
      5,667 SF

      Somerville Office and Retail Space

      Office, retail, fitness, and entertainment spaces for rent in Somerville.
      21-29 Rev Nazareno Properzi Way, Somerville, MA 02143
      View Details
    • $6,500 /Mo

      Davis Square Retail Space

      Prime retail space in vibrant Davis Square, Somerville.
      51 Holland St, Somerville, MA 02144
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail space available in a revitalized Union Square area.
    Where is this retail space located?
    The property is located at 10 Prospect St Somerville, MA.
    What are key features of this property?
    This property features: - Located in USQ, a 15-acre revitalization project in Union Square, Somerville, MA.; - Supported by a new MBTA Green Line station.; - Part of a 2.4M SF development of commercial, residential, and community space.
    (617) 669-6171
    Request Owner's contact information
    10 Prospect St Somerville, MA 02143
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    10 Prospect St
    Somerville, MA 02143
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    10 Prospect St Somerville, MA 02143
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Jesse Baerkahn
    (617) 669-6171
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.