Corner-Lot
For Sale
$1,250,000
138 North Street, Somerville, MA 02144
Two residential units feature flexible layouts, an additional front room upstairs, and basement space.
Property Size2,260 SF
Price / SF$553.10
Days on Market181
Property Features for 138 North Street
General Information
Standard status
Active
Size
2,260 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Centre Realty Group
Listed By:
Tim Walls
(617) 846-8000
Source:
Highlandre
Added: Mar 2
Changed: Aug 29
Last Checked: Apr 22 at 7:44AM
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.
Built in 1920, this 2,260-square-foot duplex contains two residential units on a corner lot. The layouts include adaptable rooms, with the upper residence offering an additional front room. Certain rooms may support bedroom reconfiguration, subject to buyer review and required permitting. A spacious basement adds usable area and may support future expansion, also subject to due diligence.
The property is located at 138 North Street in Somerville, near Davis Square and Tufts University. Shops, restaurants, public transit, and university amenities are identified in the surrounding area. The combination of two units, flexible interior arrangements, and proximity to these destinations provides a range of residential income property considerations for an owner-occupant or investor.
The property is located at 138 North Street in Somerville, near Davis Square and Tufts University. Shops, restaurants, public transit, and university amenities are identified in the surrounding area. The combination of two units, flexible interior arrangements, and proximity to these destinations provides a range of residential income property considerations for an owner-occupant or investor.
Key Highlights
- Two‑family duplex on a corner lot at 138 North Street, Somerville, MA 02144
- 2,260 SF property built in 1920
- Upper unit includes an additional front room
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
$47,822
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
3.83%
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%
$956,440
$956.4K
Cap Rate 7%
$683,171
$683.2K
Cap Rate 9%
$531,356
$531.4K
Market Conditions
NOI Build-Up for 2,260 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
$71.9K $31.80/SF
− Vacancy
−$3.6K −$1.57/SF
EGI
$68.3K $30.23/SF
− OpEx
−$20.5K −$9.07/SF
NOI
$47.8K $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%
$956,440
Cap Rate 7%
$683,171
Cap Rate 9%
$531,356
Alternative Uses
Best Use
Multifamily LT 5
$683.2K
$597.8K – $797.0K
NOI $47,822 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$642.4K
$562.1K – $749.4K
NOI $44,966 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$1.34M
$1.17M – $1.56M
NOI $93,654 @ 7.0% cap · market cap 7.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
986
Businesses Nearby
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature flexible layouts, an additional front room upstairs, and basement space.
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 $1,250,000.
What are key features of this property?
This property features: Two‑family duplex on a corner lot at 138 North Street, Somerville, MA 02144; 2,260 SF property built in 1920; Upper unit includes an additional front room
