Victorian Duplex with
For Sale
$1,399,000
23 Day Street, Somerville, MA 02144
Two-family residence with high ceilings, abundant daylight, and access to transit, dining, retail, and the Somerville Community Path.
Property Size2,622 SF
Price / SF$533.56
Days on Market109
Property Features for 23 Day Street
General Information
Standard status
Active
Size
2,622 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1900
Construction
Victorian
Listing Agency:
Zenith Residential Properties LLC
Listed By:
Christian Fernandez
(508) 867-2800
Source:
Miketoomeyrealestate
Added: May 14
Changed: Aug 29
Last Checked: Jul 12 at 11:30AM
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 Zenith Residential Properties LLC
Investment Insights
Based on property information with market context.
This two-family Victorian residence, built in 1900, contains 2,622 square feet and offers a layout suited to an owner-occupant seeking rental income from a second unit. Interior features include tall ceilings, substantial natural light, and a newer central heating system. An unfinished basement of approximately 1,600 square feet adds significant storage or future planning flexibility.
The property is a four-minute walk from the Davis Square Red Line station and near area restaurants, shops, and bars. The Somerville Community Path provides a direct cycling and pedestrian connection toward Boston, while MBTA bus routes 87 and 88 offer additional transit service.
The property is a four-minute walk from the Davis Square Red Line station and near area restaurants, shops, and bars. The Somerville Community Path provides a direct cycling and pedestrian connection toward Boston, while MBTA bus routes 87 and 88 offer additional transit service.
Key Highlights
- Two‑family Victorian residence built in 1900
- 2,622 square feet of building area
- Unfinished basement of approximately 1,600 square feet
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
$55,482
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
3.97%
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%
$1,109,640
$1.1M
Cap Rate 7%
$792,600
$792.6K
Cap Rate 9%
$616,467
$616.5K
Market Conditions
NOI Build-Up for 2,622 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
$83.4K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.3K $30.23/SF
− OpEx
−$23.8K −$9.07/SF
NOI
$55.5K $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%
$1,109,640
Cap Rate 7%
$792,600
Cap Rate 9%
$616,467
Alternative Uses
Best Use
Multifamily LT 5
$792.6K
$693.5K – $924.7K
NOI $55,482 @ 7.0% cap · market cap 3.97%
Second Best
Apartment 5plus
$745.3K
$652.1K – $869.5K
NOI $52,169 @ 7.0% cap · market cap 3.73%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,655 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,857
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?
Duplex - Two-family residence with high ceilings, abundant daylight, and access to transit, dining, retail, and the Somerville Community Path.
Where is this duplex located?
The property is located at 23 Day Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Two‑family Victorian residence built in 1900; 2,622 square feet of building area; Unfinished basement of approximately 1,600 square feet
