Newly Renovated Three-Family
For Sale
$3,300,000
174 Walnut Street, Somerville, MA 02145
Renovated three-family property with three spacious residences, in-unit laundry, and driveway off-street parking.
Property Size5,921 SF
Price / SF$557.34
Days on Market71
Property Features for 174 Walnut Street
General Information
Standard status
Active
Size
5,921 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
NR
Net Operating Income
$90,000
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$15,766
Amenities
in-unit laundry
private deck access
skylights
off-street parking
outdoor areas
Building Details
Building Size
5,921 SF
Year Built
1900
Stories
4
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 27
Changed: Sep 4
Last Checked: Sep 5 at 4:41AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
174 Walnut Street is a newly renovated three-family property with three separate residences. Unit 1 is a large duplex with multiple bedrooms and three full bathrooms, plus private deck access. Unit 2 offers three bedrooms, two full bathrooms, and an in-unit laundry setup, with a modern kitchen/living layout. Unit 3 is a top-floor unit featuring two bedrooms, two full bathrooms, skylights, and in-unit laundry, with an efficient living/dining arrangement.
The building includes driveway/off-street parking and outdoor exclusive-use areas. It is positioned for access to Somerville’s local amenities and conveniences, including transit, restaurants, shopping, and major employment centers.
This configuration provides a mix of larger and more compact unit layouts within a single three-family structure.
The building includes driveway/off-street parking and outdoor exclusive-use areas. It is positioned for access to Somerville’s local amenities and conveniences, including transit, restaurants, shopping, and major employment centers.
This configuration provides a mix of larger and more compact unit layouts within a single three-family structure.
Key Highlights
- Renovated three‑family at 174 Walnut Street with approx. 5,921 total gross SF across three residences
- Unit 1 duplex: approx. 3,044 SF with 6 effective bedrooms, 3 full baths, and private deck access
- Unit 2: approx. 1,532 SF with 3 bedrooms, 2 full baths, and in‑unit laundry
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
$125,290
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
3.80%
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%
$2,505,800
$2.5M
Cap Rate 7%
$1,789,857
$1.8M
Cap Rate 9%
$1,392,111
$1.4M
Market Conditions
NOI Build-Up for 5,921 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
$188.3K $31.80/SF
− Vacancy
−$9.3K −$1.57/SF
EGI
$179.0K $30.23/SF
− OpEx
−$53.7K −$9.07/SF
NOI
$125.3K $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%
$2,505,800
Cap Rate 7%
$1,789,857
Cap Rate 9%
$1,392,111
Alternative Uses
Best Use
Multifamily LT 5
$1.79M
$1.57M – $2.09M
NOI $125,290 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$1.68M
$1.47M – $1.96M
NOI $117,808 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$3.51M
$3.07M – $4.09M
NOI $245,365 @ 7.0% cap · market cap 7.44%
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
1,972
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?
Triplex - Renovated three-family property with three spacious residences, in-unit laundry, and driveway off-street parking.
Where is this triplex located?
The property is located at 174 Walnut Street Somerville, MA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Renovated three‑family at 174 Walnut Street with approx. 5,921 total gross SF across three residences; Unit 1 duplex: approx. 3,044 SF with 6 effective bedrooms, 3 full baths, and private deck access; Unit 2: approx. 1,532 SF with 3 bedrooms, 2 full baths, and in‑unit laundry
