Mixed-Use Quadplex with
For Sale
$1,599,000
148 Pearl, Somerville, MA 02145
Somerville, MA
Property Size3,115 SF
Price / SF$513.32
Days on Market64
Property Features for 148 Pearl
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
9
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 8, Bedroom 2, Bedroom 7, Bedroom 4, Bedroom 6, Bedroom 1, Bedroom 9, Bedroom 3, Bedroom 5
Standard status
Active
Size
3,115 SF
Building Details
Year built
1910
Listing Agency:
Engel & Volkers Boston · Engel & Völkers
(617) 936-4194
Listed By:
John Silk · License #9575295
Added: Jul 15
Changed: Sep 12
Last Checked: Sep 16 at 3:06AM
MLS# 73492514
Copyright © 2026 Engel & Völkers. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,115-square-foot mixed-use quadplex, built in 1910, includes three residential apartments and one commercial unit. Each apartment is configured with 3 bedrooms and 1 bath. The property also includes a large attached garage, updated systems throughout, and delivery in vacant condition.
Six off-street parking spaces are located behind the building. The property is in Somerville, near shopping, restaurants, and highway access. Potential uses identified for the property include continued rental operation, owner occupancy, commercial use, or conversion to condominiums.
Six off-street parking spaces are located behind the building. The property is in Somerville, near shopping, restaurants, and highway access. Potential uses identified for the property include continued rental operation, owner occupancy, commercial use, or conversion to condominiums.
Key Highlights
- 3,115 SF mixed‑use quadplex built in 1910
- Three residential units, each with 3 bedrooms and 1 bath
- One commercial unit with a large attached garage
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
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,293
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Vacant four-unit property combines residential apartments with a commercial space, updated systems, and rear parking.
Where is this quadplex 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: 3,115 SF mixed‑use quadplex built in 1910; Three residential units, each with 3 bedrooms and 1 bath; One commercial unit with a large attached garage
