Corner Triplex With
For Sale
$1,695,000
Pending
157 Elm Street, Somerville, MA 02144
Three residential units offer varied bedroom layouts, southern exposure, and unfinished basement space for future improvements.
Property Size2,719 SF
Days on Market71
Property Features for 157 Elm Street
General Information
Standard status
Pending
Size
2,719 SF
Property subtype
3 Family
Units
Unit Mix
1 x 2BR+den, 1 x 3BR, 1 x 1BR+unfinished
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Building Size
2,719 SF
Year Built
1920
Listing Agency:
Coldwell Banker Realty - Boston
(617) 678-6400
Listed By:
Iliyan Padinkov
(617) 678-6400
Source:
Iverty
Added: Jun 24
Changed: Aug 31
Last Checked: Sep 1 at 5:50PM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
This corner triplex, built in 1920, contains three residential units with distinct layouts. Unit 1 has two bedrooms and a den above street level, Unit 2 includes three bedrooms, and Unit 3 offers one bedroom with additional unfinished space. The property also features a partially finished basement with generous ceiling height, along with southern exposure and numerous windows that bring natural light into the units.
The property is located at 157 Elm Street in Somerville, within a five-minute walk of Porter Square Station and Star Market. Restaurants, cafés, and shops in both Porter Square and Davis Square are also nearby. Parking is available on the property.
The property is located at 157 Elm Street in Somerville, within a five-minute walk of Porter Square Station and Star Market. Restaurants, cafés, and shops in both Porter Square and Davis Square are also nearby. Parking is available on the property.
Key Highlights
- Three‑family corner property at 157 Elm Street, Somerville, MA 02144
- Unit mix includes 2 bedrooms plus den, 3 bedrooms, and 1 bedroom with unfinished space
- Partially finished basement with generous ceiling height
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
$57,535
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
3.39%
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%
$1,150,700
$1.2M
Cap Rate 7%
$821,929
$821.9K
Cap Rate 9%
$639,278
$639.3K
Market Conditions
NOI Build-Up for 2,719 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
$86.5K $31.80/SF
− Vacancy
−$4.3K −$1.57/SF
EGI
$82.2K $30.23/SF
− OpEx
−$24.7K −$9.07/SF
NOI
$57.5K $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%
$1,150,700
Cap Rate 7%
$821,929
Cap Rate 9%
$639,278
Alternative Uses
Best Use
Multifamily LT 5
$821.9K
$719.2K – $958.9K
NOI $57,535 @ 7.0% cap · market cap 3.39%
Second Best
Apartment 5plus
$772.8K
$676.2K – $901.7K
NOI $54,099 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,675 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,014
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?
Triplex - Three residential units offer varied bedroom layouts, southern exposure, and unfinished basement space for future improvements.
Where is this triplex located?
The property is located at 157 Elm Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Three‑family corner property at 157 Elm Street, Somerville, MA 02144; Unit mix includes 2 bedrooms plus den, 3 bedrooms, and 1 bedroom with unfinished space; Partially finished basement with generous ceiling height
