Somerville Triplex in Spring
For Sale
$1,775,000
15 Atherton St, Somerville, MA 02143
Three-unit property in desirable location with strong rental appeal.
Property Size4,426 SF
Days on Market112
Property Features for 15 Atherton St
General Information
Standard status
Active
Size
4,426 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$17,092
Building Details
Building Size
4,426 SF
Year Built
1890
Stories
3
Units
3
Listing Agency:
(617) 634-9665
Listed By:
Maggie Dee + Charles Cherney Team
(617) 634-9665
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 12 at 9:56AM
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 Maggie Dee + Charles Cherney Team
Investment Insights
Based on property information with market context.
Located in the Spring Hill neighborhood of Somerville, this three-unit property offers an investment opportunity. Each unit features three bedrooms, high ceilings, well-proportioned rooms, and an excellent layout suitable for roommate living or flexible configurations. All three apartments include a covered rear deck overlooking a spacious fenced yard. The property is situated between Porter Square, with access to the MBTA Red Line and commuter rail, and Union Square, with access to the MBTA Green Line, providing access to shops, services, and restaurants. Current lease agreements are in place through May 31, 2027. The location has a bike score of 89, indicating it is very bikeable, a walk score of 97, indicating it is a walker's paradise, and a transit score of 85, indicating excellent transit options.
Key Highlights
- Prime location offering excellent transit access to Porter Square (Red Line & Commuter Rail) and Union Square (Green Line).
- Three income‑generating units, each with 3 bedrooms, providing a strong investment opportunity.
- Current leases in place through May 31, 2027, ensuring immediate rental income.
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
$93,656
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
5.28%
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%
$1,873,120
$1.9M
Cap Rate 7%
$1,337,943
$1.3M
Cap Rate 9%
$1,040,622
$1.0M
Market Conditions
NOI Build-Up for 4,426 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
$140.7K $31.80/SF
− Vacancy
−$7.0K −$1.57/SF
EGI
$133.8K $30.23/SF
− OpEx
−$40.1K −$9.07/SF
NOI
$93.7K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,873,120
Cap Rate 7%
$1,337,943
Cap Rate 9%
$1,040,622
Alternative Uses
Best Use
Multifamily LT 5
$1.34M
$1.17M – $1.56M
NOI $93,656 @ 7.0% cap · market cap 5.28%
Second Best
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,062 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$2.62M
$2.29M – $3.06M
NOI $183,412 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,379
Businesses Nearby
Explore this area
Business Placement
Demographics for 02143, MA
26,022
Population
12,901
Households
2
Avg Household Size
33
Median Age
74%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
17,348
Density / Sq Mi
$126,102
Median Household Income
$73,055
Median Earnings
$2,424
Median Rent
$930,200
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?
Triplex - Three-unit property in desirable location with strong rental appeal.
Where is this triplex located?
The property is located at 15 Atherton St Somerville, MA.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Prime location offering excellent transit access to Porter Square (Red Line & Commuter Rail) and Union Square (Green Line).; Three income‑generating units, each with 3 bedrooms, providing a strong investment opportunity.; Current leases in place through May 31, 2027, ensuring immediate rental income.
