Three-Unit Residential
For Sale
$1,200,000
28 Gibbens St, Somerville, MA 02143
The three-family residence spans three levels and is ready for renovation.
Property Size3,093 SF
Lot Size0.07 Acres
Price / SF$387.97
Days on Market16
Property Features for 28 Gibbens St
General Information
Standard status
Active
Size
3,093 SF
Lot size
0.07 Acres
Property subtype
Residential Income
Property Condition
Severity
Repairs Needed
Evidence
Ready for updating and thoughtful renovation
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,843
Building Details
Year Built
1893
Buildings
1
Stories
3
Listing Agency:
eXp Realty LLC
(888) 854-7493
Listed By:
Michael Medeiros
(617) 201-4640
Source:
Exprealty
Added: Sep 16
Changed: Sep 30
Last Checked: Sep 30 at 3:01PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
Built in 1893, this three-family residence contains 3,093 square feet across three levels, with five bedrooms and three full bathrooms. The property occupies a 3,072-square-foot lot and is ready for updating and renovation.
Key Highlights
- Three‑family property with five bedrooms and three full bathrooms
- 3,093 square feet of living area across three levels
- 3,072‑square‑foot lot
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
$65,449
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
5.45%
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%
$1,308,980
$1.3M
Cap Rate 7%
$934,986
$935.0K
Cap Rate 9%
$727,211
$727.2K
Market Conditions
NOI Build-Up for 3,093 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
$98.4K $31.80/SF
− Vacancy
−$4.9K −$1.57/SF
EGI
$93.5K $30.23/SF
− OpEx
−$28.0K −$9.07/SF
NOI
$65.4K $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%
$1,308,980
Cap Rate 7%
$934,986
Cap Rate 9%
$727,211
Alternative Uses
Best Use
Multifamily LT 5
$935.0K
$818.1K – $1.09M
NOI $65,449 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$879.1K
$769.3K – $1.03M
NOI $61,540 @ 7.0% cap · market cap 5.13%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,173 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,240
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - The three-family residence spans three levels and is ready for renovation.
Where is this triplex located?
The property is located at 28 Gibbens St Somerville, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑family property with five bedrooms and three full bathrooms; 3,093 square feet of living area across three levels; 3,072‑square‑foot lot
