Somerville Mixed-Use Building For
For Sale
$1,599,000
148 Pearl, Somerville, MA 02145
Mixed-use building with three residential units and one commercial unit.
Property Size3,115 SF
Price / SF$513.32
Days on Market161
Property Features for 148 Pearl
General Information
Standard status
Active
Size
3,115 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Zoning
RB
Taxes and HOA fees
Annual Taxes
$11,500
Building Details
Building Size
3,115 SF
Year Built
1910
Stories
4
Listing Agency:
REMAX Executive Realty
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 26
Changed: Aug 31
Last Checked: Sep 1 at 3:34PM
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 REMAX Executive Realty
Investment Insights
Based on property information with market context.
This East Somerville mixed-use building is comprised of three residential units, each featuring three beds and one bath, along with one commercial unit that includes a large attached garage. Updated systems are present throughout the property. The building offers potential as a rental property for generating monthly income or as a condo conversion project. It is suitable for investors, business owners, or owner-occupants. The property includes six off-street parking spaces located on the backside of the building. The property will be delivered vacant. The building spans 148-150 Pearl St and 18 Flint Ave. The property is situated in an ideal Somerville location, with proximity to shopping, highway access, and restaurants. The building has a size of 3115 square feet.
Key Highlights
- Delivered vacant, offering immediate occupancy or renovation potential.
- Mixed‑use building with three residential units (3 beds, 1 bath each) and one commercial unit with a large attached garage.
- Six off‑street parking spaces.
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
$65,915
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
4.12%
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%
$1,318,300
$1.3M
Cap Rate 7%
$941,643
$941.6K
Cap Rate 9%
$732,389
$732.4K
Market Conditions
NOI Build-Up for 3,115 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
$99.1K $31.80/SF
− Vacancy
−$4.9K −$1.57/SF
EGI
$94.2K $30.23/SF
− OpEx
−$28.2K −$9.07/SF
NOI
$65.9K $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%
$1,318,300
Cap Rate 7%
$941,643
Cap Rate 9%
$732,389
Alternative Uses
Best Use
Multifamily LT 5
$941.6K
$823.9K – $1.10M
NOI $65,915 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$885.4K
$774.7K – $1.03M
NOI $61,978 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $129,085 @ 7.0% cap · market cap 8.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 02145, MA
27,520
Population
12,669
Households
2.2
Avg Household Size
33
Median Age
55%
College-Educated
89%
High-School Grad
1.4 sq mi
ZIP Area
19,657
Density / Sq Mi
$119,167
Median Household Income
$63,629
Median Earnings
$2,377
Median Rent
$784,900
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?
Mixed-use property - Mixed-use building with three residential units and one commercial unit.
Where is this mixed-use property located?
The property is located at 148 Pearl Somerville, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Delivered vacant, offering immediate occupancy or renovation potential.; Mixed‑use building with three residential units (3 beds, 1 bath each) and one commercial unit with a large attached garage.; Six off‑street parking spaces.
