Somerville Multifamily Investment
For Sale
$1,775,000
3 Lee Street, Somerville, MA 02145
Six-unit building near Gilman Square with leases through 2027.
Property Size3,425 SF
Price / SF$518.25
Days on Market195
Property Features for 3 Lee Street
General Information
Standard status
Active
Size
3,425 SF
Total Parking Spaces
2
Property subtype
Multi-family / 5-9 Family
Zoning
res
Net Operating Income
$130,019
Taxes and HOA fees
Annual Taxes
$18,802
Amenities
City/Town Sewer, Public, Circuit Breakers, for Gas Range
No
Tile, Hardwood
6.0
Full
6
6.00
Frame
Shingle
Porch, Covered Patio/Deck
Porch, Covered
Building Details
Year Built
1900
Listing Agency:
Compass
Listed By:
Maggie Dee + Charles Cherney Team · License #9042699
(617) 733-8937
Source:
Compass
Added: Mar 30
Changed: Oct 10
Last Checked: Oct 9 at 10:35PM
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 distinctive building, located on a tree-lined street, offers strong curb appeal and undeniable character. The property features six 1-bedroom, 1-bath units. Front and back porches enhance tenant appeal. The building is equipped with central heat and hot water. A paved driveway is included. The property is situated in a prime locale with easy access to the Gilman Square MBTA Green Line Station, connecting to Cambridge, Boston, and beyond. It is also in close proximity to shops, dining, and entertainment. Current lease agreements are in place through May 31, 2027. The location has a bike score of 82, making it very bikeable, a walk score of 92, classifying it as a walker's paradise, and a transit score of 70, indicating excellent transit options.
Key Highlights
- Prime location with easy access to Gilman Square MBTA Green Line Station for convenient commuting.
- Six 1‑bedroom, 1‑bath units offer a strong investment opportunity.
- Current lease agreements in place through May 31, 2027, providing immediate rental income.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,146
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,362,920
$1.4M
Cap Rate 7%
$973,514
$973.5K
Cap Rate 9%
$757,178
$757.2K
Market Conditions
NOI Build-Up for 3,425 SF
Gross rent
$130.7K $38.16/SF
− Vacancy
−$6.8K −$1.98/SF
EGI
$123.9K $36.18/SF
− OpEx
−$55.8K −$16.28/SF
NOI
$68.1K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,362,920
Cap Rate 7%
$973,514
Cap Rate 9%
$757,178
Alternative Uses
Best Use
Apartment 5plus
$973.5K
$851.8K – $1.14M
NOI $68,146 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,931 @ 7.0% cap · market cap 8.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,157
Businesses Nearby
Explore this area
Business Placement
Demographics for 02145, MA
27,520
Population
12,669
Households
2.2
Avg Household Size
33
Median Age
55%
College-Educated
89%
High-School Grad
1.4 sq mi
ZIP Area
19,657
Density / Sq Mi
$119,167
Median Household Income
$63,629
Median Earnings
$2,377
Median Rent
$784,900
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?
Apartment building - Six-unit building near Gilman Square with leases through 2027.
Where is this apartment building located?
The property is located at 3 Lee Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Prime location with easy access to Gilman Square MBTA Green Line Station for convenient commuting.; Six 1‑bedroom, 1‑bath units offer a strong investment opportunity.; Current lease agreements in place through May 31, 2027, providing immediate rental income.
