Updated Two-Unit
New
For Sale
$1,699,900
29 Elmwood St, Somerville, MA 02144
Two residential units feature central AC, high-efficiency gas heat, and in-unit laundry.
Property Size2,790 SF
Days on Market4
Property Features for 29 Elmwood St
General Information
Standard status
Active
Size
2,790 SF
Total Parking Spaces
3
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$17,083
Amenities
central A/C
high-efficiency gas heat
in-unit laundry
private deck
fenced yard
Building Details
Building Size
2,790 SF
Year Built
1900
Buildings
1
Stories
3
Units
2
Listing Agency:
Mass Realty Properties
(617) 877-5706
Listed By:
Andy Mass · License #9534547
(617) 877-5706
Source:
Elliman
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 11:10AM
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 Mass Realty Properties
Investment Insights
Based on property information with market context.
This updated two-unit duplex at 29 Elmwood St. includes distinct residential layouts with central AC, high-efficiency gas heat, and laundry within each unit. The first-floor residence offers vaulted ceilings, skylights, a loft, private deck, open living and dining areas, and a designer kitchen. The upper residence spans two levels and includes a top-floor primary suite, private deck, open living and dining areas, kitchen, and a home office or dressing room.
Exterior improvements include cedar impression vinyl siding, newer windows, a newer roof, and Trex decking. A large walk-out basement provides storage and is identified as having future expansion and ADU possibilities. The property also includes a fenced yard and a driveway with three tandem parking spaces.
The home is located near Davis Square, with walking access to cafes, restaurants, entertainment, shopping, parks, and the Somerville Community Path. The Red Line provides direct access to Harvard, MIT, Cambridge, and Boston. Walk Score is 92, Bike Score is 82, and Transit Score is 70. The property was built in 1900.
Exterior improvements include cedar impression vinyl siding, newer windows, a newer roof, and Trex decking. A large walk-out basement provides storage and is identified as having future expansion and ADU possibilities. The property also includes a fenced yard and a driveway with three tandem parking spaces.
The home is located near Davis Square, with walking access to cafes, restaurants, entertainment, shopping, parks, and the Somerville Community Path. The Red Line provides direct access to Harvard, MIT, Cambridge, and Boston. Walk Score is 92, Bike Score is 82, and Transit Score is 70. The property was built in 1900.
Key Highlights
- Two residential units with central AC, high‑efficiency gas heat, and in‑unit laundry
- First‑floor residence features vaulted ceilings, skylights, loft, private deck, and open living and dining areas
- Two‑level upper residence includes a top‑floor primary suite, private deck, and home office or dressing room
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
$59,037
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
3.47%
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%
$1,180,740
$1.2M
Cap Rate 7%
$843,386
$843.4K
Cap Rate 9%
$655,967
$656.0K
Market Conditions
NOI Build-Up for 2,790 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
$88.7K $31.80/SF
− Vacancy
−$4.4K −$1.57/SF
EGI
$84.3K $30.23/SF
− OpEx
−$25.3K −$9.07/SF
NOI
$59.0K $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%
$1,180,740
Cap Rate 7%
$843,386
Cap Rate 9%
$655,967
Alternative Uses
Best Use
Multifamily LT 5
$843.4K
$738.0K – $984.0K
NOI $59,037 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$793.0K
$693.9K – $925.2K
NOI $55,512 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,617 @ 7.0% cap · market cap 6.80%
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
2,538
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature central AC, high-efficiency gas heat, and in-unit laundry.
Where is this duplex located?
The property is located at 29 Elmwood St Somerville, MA.
What is the asking price?
The asking price for this property is $1,699,900.
What are key features of this property?
This property features: Two residential units with central AC, high‑efficiency gas heat, and in‑unit laundry; First‑floor residence features vaulted ceilings, skylights, loft, private deck, and open living and dining areas; Two‑level upper residence includes a top‑floor primary suite, private deck, and home office or dressing room
