Mixed-Use Retail and
For Sale
Contact for pricing
Pending
16 Union Square, Somerville, MA 02143
Two-story brick building with street-level retail and four residential units on the second story.
Property Size7,558 SF
Lot Size0.08 Acres
Days on Market341
Property Features for 16 Union Square
General Information
Standard status
Pending
Size
7,558 SF
Lot size
0.08 Acres
Property subtype
Mixed Use, Multifamily, Retail
Zoning
CC5
Occupancy
83%
Lease Type
Modified Gross
Investment Type
Value Add
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Year Built
1900
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Construction
brick
Listing Agency:
Bernazzani Real Estate, LLC.
Listed By:
Brendon Bernazzani · License #MA 9566442-RE-B
Source:
Crexi
Added: Oct 3, 2025
Changed: Aug 8
Last Checked: Jul 25 at 8:46AM
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 Bernazzani Real Estate, LLC.
Investment Insights
Based on property information with market context.
16 Union Square is a two-story brick, mixed-use property consisting of two street-level commercial/retail spaces and four residential units on the second story. Originally constructed in 1900, the building totals 6 units and contains 7,558 square feet of gross living area across two stories.
The property is located in the heart of Union Square in Somerville, with easy access to the MBTA Green Line extension and major regional routes including I-93, I-90, and Routes 2 and 28. It is also described as being near E. Somerville/Sullivan Square, Porter Square, Inman Square, and Harvard/MIT.
The building sits on a 0.08-acre parcel and is being offered for sale. Additional information, including the OM and rent roll, is available by contacting the listing broker directly.
The property is located in the heart of Union Square in Somerville, with easy access to the MBTA Green Line extension and major regional routes including I-93, I-90, and Routes 2 and 28. It is also described as being near E. Somerville/Sullivan Square, Porter Square, Inman Square, and Harvard/MIT.
The building sits on a 0.08-acre parcel and is being offered for sale. Additional information, including the OM and rent roll, is available by contacting the listing broker directly.
Key Highlights
- Two‑story brick 6‑unit mixed‑use building at 16 Union Square
- Contains 4 residential units on the second story and 2 street‑level commercial/retail spaces
- Built in 1900 on a 0.08‑acre parcel
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
$150,379
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
6.40%
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%
$3,007,580
$3.0M
Cap Rate 7%
$2,148,271
$2.1M
Cap Rate 9%
$1,670,878
$1.7M
Market Conditions
NOI Build-Up for 7,558 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
$288.4K $38.16/SF
− Vacancy
−$15.0K −$1.98/SF
EGI
$273.4K $36.18/SF
− OpEx
−$123.0K −$16.28/SF
NOI
$150.4K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$3,007,580
Cap Rate 7%
$2,148,271
Cap Rate 9%
$1,670,878
Alternative Uses
Best Use
Apartment 5plus
$2.15M
$1.88M – $2.51M
NOI $150,379 @ 7.0% cap · market cap 6.40%
Second Best
Retail
$1.55M
$1.36M – $1.81M
NOI $108,630 @ 7.0% cap · market cap 4.62%
Theoretical Best
Office A
$4.47M
$3.92M – $5.22M
NOI $313,202 @ 7.0% cap · market cap 13.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,606
Businesses Nearby
Explore this area
Business Placement
Demographics for 02143, MA
26,022
Population
12,901
Households
2
Avg Household Size
33
Median Age
74%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
17,348
Density / Sq Mi
$126,102
Median Household Income
$73,055
Median Earnings
$2,424
Median Rent
$930,200
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?
Apartment building - Two-story brick building with street-level retail and four residential units on the second story.
Where is this apartment building located?
The property is located at 16 Union Square Somerville, MA.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Two‑story brick 6‑unit mixed‑use building at 16 Union Square; Contains 4 residential units on the second story and 2 street‑level commercial/retail spaces; Built in 1900 on a 0.08‑acre parcel
