Mixed-Use Retail and Residential
237 Highland Avenue Somerville, MA 02143
237 Highland Avenue, Somerville, MA, 02143
$2,475,000
For Sale
$2,475,000
Two street-level storefronts and four leased residential units combine in a mixed-use building with access to major regional routes.
Property Size6,020 SF
Price / SF$411.13
Days on Market36
Property Features for 237 Highland Avenue
General Information
- Standard status
- Active
- Size
- 6,020 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1900
Listing agency
Benoit Real Estate Group,LLC
(617) 750-6378
Listed by
Shane Marrion
(617) 750-6378
Source
Benoitrealestate
Added: Jun 16 Updated: Jul 21 at 1:40PM Checked: Jul 21 at 1:40PM
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 Benoit Real Estate Group,LLC
Investment Insights
Based on property information with market context.
Offered for sale, 237 Highland Avenue is a mixed-use property totaling 8,176 square feet. The building includes two street-level commercial storefront spaces that are currently occupied by a nail salon and a tailor. It also has four residential units consisting of two one-bedroom apartments, one studio apartment, and one four-bedroom apartment. All residential units are leased through August 2027.
The property is located close to Davis Square and Porter Square, with convenient access to Route 93, Boston, Cambridge, and public transportation.
Group showings and open house only are scheduled for Thurs, June 18 from 12:00–1:00 pm, Fri, June 19 from 12:00–1:00 pm, Sat, June 20 from 12:00–1:30 pm, and Sun, June 21 from 12:00–1:30 pm.
The property is located close to Davis Square and Porter Square, with convenient access to Route 93, Boston, Cambridge, and public transportation.
Group showings and open house only are scheduled for Thurs, June 18 from 12:00–1:00 pm, Fri, June 19 from 12:00–1:00 pm, Sat, June 20 from 12:00–1:30 pm, and Sun, June 21 from 12:00–1:30 pm.
Key Highlights
- Mixed‑use building with 2 street‑level commercial storefronts plus 4 residential units
- Commercial storefronts are currently leased to a nail salon and a tailor
- Residential unit mix: two 1‑bedroom apartments, one studio, and one 4‑bedroom apartment
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $191.4k | $31.80 |
| − Vacancy | −$9.5k | −$1.57 |
| EGI | $182.0k | $30.23 |
| − OpEx | −$54.6k | −$9.07 |
| NOI | $127.4k | $21.16 |
6,020 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.82M
$1.59M – $2.12M
NOI $127,385 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $119,778 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$3.56M
$3.12M – $4.16M
NOI $249,467 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Tea Nails
Nail Salon
Highland Dry Cleaning ...
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Two street-level storefronts and four leased residential units combine in a mixed-use building with access to major regional routes.
Where is this quadplex located?
The property is located at 237 Highland Avenue Somerville, MA.
What is the asking price?
The asking price for this property is $2,475,000.
What are key features of this property?
This property features: Mixed‑use building with 2 street‑level commercial storefronts plus 4 residential units; Commercial storefronts are currently leased to a nail salon and a tailor; Residential unit mix: two 1‑bedroom apartments, one studio, and one 4‑bedroom apartment
