Corner-Lot Two-Family
138 North Street Somerville, MA 02144
138 North Street, Somerville, MA, 02144
$1,330,000
For Sale
$1,330,000
Two-family corner-lot property with upper and lower units and a spacious basement for potential expansion.
Property Size2,260 SF
Price / SF$588.50
Days on Market131
Property Features for 138 North Street
General Information
- Standard status
- Active
- Size
- 2,260 SF
- Property subtype
- Multi-family / 2 Family - 2 Units Up/Down
Building Details
- Year Built
- 1920
Listing agency
Centre Realty Group
(617) 332-0077
Listed by
Tim Walls · License #9518268
(617) 332-0077
Source
Compass
Added: Mar 15 Updated: Jul 23 at 1:58AM Checked: Jul 23 at 1:58AM
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 Centre Realty Group
Investment Insights
Based on property information with market context.
This corner-lot two-family residence offers two separate units with flexible room layouts. The upper unit includes an extra front room, and the property is described as having potential for additional bedrooms with proper due diligence and permitting. A spacious basement provides further possibilities for expansion, with the buyer to perform due diligence.
The property is located near Davis Square and Tufts University, with access to nearby shops, restaurants, public transit, and university amenities.
Overall, the building presents a straightforward two-unit configuration with an additional basement area that may support future improvements, subject to permitting and buyer review.
The property is located near Davis Square and Tufts University, with access to nearby shops, restaurants, public transit, and university amenities.
Overall, the building presents a straightforward two-unit configuration with an additional basement area that may support future improvements, subject to permitting and buyer review.
Key Highlights
- Corner‑lot two‑family property in Somerville with upper and lower units and a spacious basement for potential expansion
- Built in 1920 with frame construction
- Each unit includes a full bathroom and interior spaces such as living room, dining room, kitchen, and office/den
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.9k | $31.80 |
| − Vacancy | −$3.6k | −$1.57 |
| EGI | $68.3k | $30.23 |
| − OpEx | −$20.5k | −$9.07 |
| NOI | $47.8k | $21.16 |
2,260 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$683.2K
$597.8K – $797.0K
NOI $47,822 @ 7.0% cap · market cap 3.60%
Second Best
Apartment 5plus
$642.4K
$562.1K – $749.4K
NOI $44,966 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,654 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two-family corner-lot property with upper and lower units and a spacious basement for potential expansion.
Where is this duplex located?
The property is located at 138 North Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,330,000.
What are key features of this property?
This property features: Corner‑lot two‑family property in Somerville with upper and lower units and a spacious basement for potential expansion; Built in 1920 with frame construction; Each unit includes a full bathroom and interior spaces such as living room, dining room, kitchen, and office/den
