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    40 Lake St Somerville, MA 02143

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    Flex industrial building near Union and Harvard Square.

    Property size:
    24,657 SF
    Lot size:
    0.69 Acres
    Added:
    Jan 27, 2026
    Days on Market:
    97
    Last Refresh:
    Apr 5 at 8:18 pm

    Property Features for 40 Lake St

    General Information

    Standard status
    Active
    Size
    24,657 SF
    Lot size
    0.69 Acres

    We can help!

    Listing Contact
    Daniel Alper
    Daniel Alper

    Listing agent Daniel Alper License #9526383

    Listing office Boston Realty Advisors

    Listing date Jan 27, 2026

    Source Bradvisors

    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 Boston Realty Advisors

    Overview

    Somerville Flex Industrial Building

    The property at 40 Lake Street in Somerville, Massachusetts, is a flex industrial building with approximately 24,657 square feet of gross leasable area, situated on a 29,967 square foot lot. Its location between Union and Harvard Square provides convenient access to the region’s expanding commercial and residential areas. The property is located approximately a quarter-mile from Union Square’s emerging life science and mixed-use developments, near the Somernova innovation campus and established manufacturing and distribution businesses. Positioned between Somerville Avenue and Washington Street, the property provides direct access to Route 28 and I-93. The building offers a versatile layout suitable for investors, owner-users, or future redevelopment. It features two 15-foot drive-in doors and clear heights ranging from 12 to 18 feet, with flexible buildout options. Somerville is adjacent to Boston and Cambridge and is emerging as a life science hub with new life science facilities, residential units, and retail spaces near the new Green Line Stop.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    H D Chasen ... Industrial Manufacturer

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Similar Places Nearby

    • Cuisine en Locale — 156 Highland Ave, Somerville, MA 02143
    • Wade BBQ LLC — 5 Sanborn Ct, Somerville, MA 02143
    • Jules Catering — 66 South St, Somerville, MA 02143

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.1008
    Latitude
    42.3803

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    FAQs

    What type of property is this?
    Flex space - Flex industrial building near Union and Harvard Square.
    Where is this flex space located?
    The property is located at 40 Lake St Somerville, MA.
    What are key features of this property?
    This property features: Strategically located flex industrial building in a dynamic and evolving Somerville district, poised to be the next Kendall Square.; Exceptional proximity to Union Square (steps away) and Harvard Square (less than one mile).; Versatile layout suitable for investors, owner‑users, or future redevelopment.
    (617) 768-7333
    We can help!
    Listing Contact
    Daniel Alper
    Daniel Alper
    Real Estate License ID: 9526383
    Learn More
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    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
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    40 Lake St, Somerville, MA 02143

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