Vacant Two-Unit Property with Roof
For Sale
$2,650,000
29 Hanson St, Somerville, MA 02143
Recently converted into two condominiums and offered vacant for immediate occupancy or leasing.
Property Size3,533 SF
Price / SF$750.07
Days on Market70
Property Features for 29 Hanson St
General Information
Standard status
Active
Size
3,533 SF
Total Parking Spaces
6
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$16,924
Amenities
private decks
garden areas
private roof deck
Building Details
Building Size
3,533 SF
Year Built
1900
Stories
4
Listing Agency:
J.M.I. Investment Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 29 at 8:11PM
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 J.M.I. Investment Properties
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 = 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
$74,760
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
2.82%
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%
$1,495,200
$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
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
$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 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%
$1,495,200
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 2.82%
Second Best
Apartment 5plus
$1.00M
$878.7K – $1.17M
NOI $70,295 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,407 @ 7.0% cap · market cap 5.52%
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
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
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 - 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 St Somerville, MA.
What is the asking price?
The asking price for this property is $2,650,000.
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
