Four-Unit Multifamily with Off-Street
For Sale
$1,974,900
159 Pearl Street, Somerville, MA 02145
Two separate two-family homes on one lot with ample off-street parking and a paved driveway setup.
Property Size7,500 SF
Days on Market70
Property Features for 159 Pearl Street
General Information
Standard status
Active
Size
7,500 SF
Total Parking Spaces
8
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$19,800
Building Details
Building Size
7,500 SF
Year Built
1900
Listing Agency:
Century 21 Realty Network
Listed By:
Kevin Fernandes · License #121936
(508) 822-0500
Source:
Classifiedrealtygroup
Added: Jul 20
Changed: Sep 26
Last Checked: Sep 26 at 4:08AM
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 Century 21 Realty Network
Investment Insights
Based on property information with market context.
This property is configured as a four-unit multifamily offering, consisting of two separate two-family homes on one lot. The homes have been owned and cared for by the same family for decades and are currently fully occupied with long-term tenants, with one unit intended for delivery vacant. In addition to the four units, there is additional finished space in the lower levels, which can provide added flexibility; buyers should perform their own due diligence regarding its use.
The property includes ample off-street parking, supported by a paved driveway on both sides that is designed to allow easy tenant entry and exit. It is also described as convenient to major routes, public transportation, and nearby shopping and dining.
The property includes ample off-street parking, supported by a paved driveway on both sides that is designed to allow easy tenant entry and exit. It is also described as convenient to major routes, public transportation, and nearby shopping and dining.
Key Highlights
- Two separate 2‑family homes on one lot, configured as a four‑unit property
- Year built: 1900
- Fully occupied with long‑term tenants; one unit will be delivered vacant
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
$158,703
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
8.04%
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%
$3,174,060
$3.2M
Cap Rate 7%
$2,267,186
$2.3M
Cap Rate 9%
$1,763,367
$1.8M
Market Conditions
NOI Build-Up for 7,500 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
$238.5K $31.80/SF
− Vacancy
−$11.8K −$1.57/SF
EGI
$226.7K $30.23/SF
− OpEx
−$68.0K −$9.07/SF
NOI
$158.7K $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%
$3,174,060
Cap Rate 7%
$2,267,186
Cap Rate 9%
$1,763,367
Alternative Uses
Best Use
Multifamily LT 5
$2.27M
$1.98M – $2.65M
NOI $158,703 @ 7.0% cap · market cap 8.04%
Second Best
Apartment 5plus
$2.13M
$1.87M – $2.49M
NOI $149,225 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,798 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,311
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?
Quadplex - Two separate two-family homes on one lot with ample off-street parking and a paved driveway setup.
Where is this quadplex located?
The property is located at 159 Pearl Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,974,900.
What are key features of this property?
This property features: Two separate 2‑family homes on one lot, configured as a four‑unit property; Year built: 1900; Fully occupied with long‑term tenants; one unit will be delivered vacant
