Six-Unit Apartment
For Sale
$1,700,000
185-187 Lowell Street, Somerville, MA 02144
Multifamily property with varied unit layouts, gas service, basement laundry, and outdoor yard space.
Property Size3,621 SF
Price / SF$469.48
Days on Market35
Property Features for 185-187 Lowell Street
General Information
Standard status
Active
Size
3,621 SF
Property subtype
5-9 Family
Building Details
Building Size
3,621 SF
Year Built
1900
Listing Agency:
IVerty Realty, LLC
(413) 786-0584
Listed By:
Mela Dieujuste · License #9503798
(413) 786-0584
Source:
Iverty
Added: Jul 28
Changed: Aug 31
Last Checked: Aug 30 at 6:14PM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This six-unit apartment building contains five one-bedroom apartments and one studio. The 3,621-square-foot property was built in 1900 and provides gas cooking and gas heat throughout. Basement amenities include coin-operated laundry machines, while the property also features a yard.
Located at 185-187 Lowell Street in Somerville, the building is approximately 2/10 mile from the Green Line T stop at Magoun station and 9/10 mile from Porter Square Red Line T Station. Five of the six apartments are leased, with current lease expirations scheduled for 8/31/27. One apartment is being kept vacant for showings.
Located at 185-187 Lowell Street in Somerville, the building is approximately 2/10 mile from the Green Line T stop at Magoun station and 9/10 mile from Porter Square Red Line T Station. Five of the six apartments are leased, with current lease expirations scheduled for 8/31/27. One apartment is being kept vacant for showings.
Key Highlights
- Six‑unit apartment building with five one‑bedroom units and one studio
- 3,621‑square‑foot multifamily property built in 1900
- Five of six units are rented; leases expire 8/31/27
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
$72,046
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
4.24%
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%
$1,440,920
$1.4M
Cap Rate 7%
$1,029,229
$1.0M
Cap Rate 9%
$800,511
$800.5K
Market Conditions
NOI Build-Up for 3,621 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
$138.2K $38.16/SF
− Vacancy
−$7.2K −$1.98/SF
EGI
$131.0K $36.18/SF
− OpEx
−$58.9K −$16.28/SF
NOI
$72.0K $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%
$1,440,920
Cap Rate 7%
$1,029,229
Cap Rate 9%
$800,511
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$900.6K – $1.20M
NOI $72,046 @ 7.0% cap · market cap 4.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.88M – $2.50M
NOI $150,053 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,088
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?
Apartment building - Multifamily property with varied unit layouts, gas service, basement laundry, and outdoor yard space.
Where is this apartment building located?
The property is located at 185-187 Lowell Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Six‑unit apartment building with five one‑bedroom units and one studio; 3,621‑square‑foot multifamily property built in 1900; Five of six units are rented; leases expire 8/31/27
