Vacant Two-Unit Property with Roof
For Sale
$2,550,000
29 Hanson Street, Somerville, MA 02143
Recently converted into two condominiums and offered vacant for immediate occupancy or leasing.
Property Size3,533 SF
Price / SF$721.77
Days on Market137
Property Features for 29 Hanson Street
General Information
Standard status
Active
Size
3,533 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
private decks
garden areas
private roof deck
Building Details
Year Built
1900
Listing Agency:
Compass
Listed By:
Samantha Edwards
(617) 206-3333
Source:
Highlandre
Added: May 31
Changed: Oct 13
Last Checked: Oct 12 at 8:16PM
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 Compass
Investment Insights
Based on property information with market context.
This 3,533-square-foot duplex property was built in 1900 and recently reconfigured as two condominium units. The residence includes seven bedrooms, multiple private decks, garden areas, and a private roof deck with city views. It is being delivered vacant, allowing the next owner to occupy the property or pursue rental use.
The property sits on a corner lot at 29 Hanson St in Somerville, near Cambridge and Somerville dining and transit. Its residential configuration, outdoor areas, and separate condominium structure provide a range of practical ownership options within a well-maintained two-family home.
The property sits on a corner lot at 29 Hanson St in Somerville, near Cambridge and Somerville dining and transit. Its residential configuration, outdoor areas, and separate condominium structure provide a range of practical ownership options within a well-maintained two-family home.
Key Highlights
- 3,533‑square‑foot duplex property built in 1900
- Recently converted into 2 condominium units
- Delivered vacant for owner occupancy or rental use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,760
Cap Rate
2.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,495,200
$1.5M
Cap Rate 7%
$1,068,000
$1.1M
Cap Rate 9%
$830,667
$830.7K
Market Conditions
NOI Build-Up for 3,533 SF
Gross rent
$112.3K $31.80/SF
− Vacancy
−$5.6K −$1.57/SF
EGI
$106.8K $30.23/SF
− OpEx
−$32.0K −$9.07/SF
NOI
$74.8K $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 Rate 5%
$1,495,200
Cap Rate 7%
$1,068,000
Cap Rate 9%
$830,667
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$934.5K – $1.25M
NOI $74,760 @ 7.0% cap · market cap 2.93%
Second Best
Apartment 5plus
$1.00M
$878.7K – $1.17M
NOI $70,295 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,407 @ 7.0% cap · market cap 5.74%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,514
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
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Frequently Asked Questions
What type of property is this?
Duplex - Recently converted into two condominiums and offered vacant for immediate occupancy or leasing.
Where is this duplex located?
The property is located at 29 Hanson Street Somerville, MA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: 3,533‑square‑foot duplex property built in 1900; Recently converted into 2 condominium units; Delivered vacant for owner occupancy or rental use
