Two-Family Renovation
For Sale
$1,399,000
23 Summit Ave, Somerville, MA 02143
Existing residential income property requiring significant renovation, with flexibility for restoration or reconfiguration.
Property Size3,691 SF
Lot Size0.12 Acres
Price / SF$379.03
Days on Market11
Property Features for 23 Summit Ave
General Information
Standard status
Active
Size
3,691 SF
Total Parking Spaces
5
Lot size
0.12 Acres
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$15,569
Building Details
Building Size
3,691 SF
Year Built
1907
Buildings
1
Tenancy
Multi
Listing Agency:
Greenville Real Estate Group, Inc.
(617) 983-8300
Listed By:
Oleg Elisev
Source:
Classifiedrealtygroup
Added: Aug 1
Changed: Aug 10
Last Checked: Aug 11 at 5:15AM
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 Greenville Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
Built in 1907, this two-family residence contains approximately 3,691 SF of living area across 13 rooms, including 6 bedrooms and 3.5 bathrooms. The property sits on a 5,230± SF lot and is being offered as-is with substantial renovation required. Its current configuration provides a clear starting point for a restoration project or a refreshed residential income use.
The property is located at 23 Summit Ave in Somerville, near Union Square. Restaurants, cafés, shops, the MBTA Green Line, Cambridge, Assembly Row, and downtown Boston are all identified as accessible from the address. The combination of an existing two-family layout, established construction date, and proximity to area amenities creates a substantial redevelopment and renovation scope for qualified purchasers.
The property is located at 23 Summit Ave in Somerville, near Union Square. Restaurants, cafés, shops, the MBTA Green Line, Cambridge, Assembly Row, and downtown Boston are all identified as accessible from the address. The combination of an existing two-family layout, established construction date, and proximity to area amenities creates a substantial redevelopment and renovation scope for qualified purchasers.
Key Highlights
- Approximately 3,691 SF of living area
- 5,230± SF lot
- Configured as a two‑family residence with 13 rooms
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
$78,103
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
5.58%
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%
$1,562,060
$1.6M
Cap Rate 7%
$1,115,757
$1.1M
Cap Rate 9%
$867,811
$867.8K
Market Conditions
NOI Build-Up for 3,691 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
$117.4K $31.80/SF
− Vacancy
−$5.8K −$1.57/SF
EGI
$111.6K $30.23/SF
− OpEx
−$33.5K −$9.07/SF
NOI
$78.1K $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%
$1,562,060
Cap Rate 7%
$1,115,757
Cap Rate 9%
$867,811
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$976.3K – $1.30M
NOI $78,103 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$1.05M
$918.0K – $1.22M
NOI $73,438 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $152,954 @ 7.0% cap · market cap 10.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,393
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?
Duplex - Existing residential income property requiring significant renovation, with flexibility for restoration or reconfiguration.
Where is this duplex located?
The property is located at 23 Summit Ave 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: Approximately 3,691 SF of living area; 5,230± SF lot; Configured as a two‑family residence with 13 rooms
