Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Somerville Development Opportunity: Two Parcels Title is generated by Realmo AI

    34 - 38 Franklin Ave, Somerville, MA 02145

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,750,000

    Two parcels in Somerville, including a two-family and a vacant lot.

    Added:
    May 29, 2025
    Days on Market:
    359
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 34 - 38 Franklin Ave

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Dana Ford

    Listing agent Dana Ford

    Listing office LAER Realty Partners

    Listing date May 29, 2025

    Source Corcoran

    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 LAER Realty Partners

    HighLights

    • Two separate lots included in the sale.
    • Development opportunity with potential for up to six units (subject to zoning).
    • Located in a highly desirable East Somerville neighborhood.
    • Close proximity to the new Green Line T stop for easy access to transportation.
    • Existing two‑family house on one of the lots.
    • High condo values in the immediate area.

    Overview

    This offering presents an opportunity for developers and investors to acquire two parcels in Somerville. One lot features a two-family residence, while the second is a vacant lot. The zoning may allow for the construction of up to six units across these parcels. The property is located in East Somerville, near the new Green Line T stop. The sale includes two separate lots of record.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0851
    Latitude
    42.3828

    Nearby Similar for Sale

    • $1,350,000
      3,136 SF

      Somerville Two-Family Home For Sale

      Two-family home in desirable Somerville neighborhood near Cambridge and Davis Square.
      29 Victoria St, Somerville, MA 02144
      View Details
    • $1,399,000
      2,184 SF

      Meticulously Maintained Somerville Two-Family

      Turn-key two-family near Tufts, Davis Square, and Alewife Greenway.
      66 Gordon St, Somerville, MA 02144
      View Details
    • $3,360,000
      8,060 SF

      Renovated Multifamily Building Near Gilman Square

      Fully renovated 6-unit building in Somerville's Winter Hill neighborhood.
      109 Walnut St, Somerville, MA 02145
      View Details
    • $1,699,000
      3,540 SF

      Somerville Multifamily Investment Opportunity

      East Somerville multifamily near transit and amenities, strong income potential.
      20 Autumn St, Somerville, MA 02145
      View Details
    • $1,699,000
      3,115 SF

      Somerville Mixed-Use Building For Sale

      Mixed-use building with residential and commercial units in Somerville.
      148 Pearl, Somerville, MA 02145
      View Details
    • $2,950,000
      3,820 SF

      Inman Square Retail Opportunity

      Prime Somerville/Cambridge location with two retail units and parking.
      70 Beacon, Somerville, MA 02143
      View Details
    • $2,900,000
      10,848 SF

      Somerville Retail Investment Opportunity

      Fully occupied retail asset in high-visibility Somerville location for sale.
      163-179 Washington St, Somerville, MA 02143
      View Details
    • $2,400,000
      6,755 SF

      Somerville Multifamily Investment Opportunity

      Six-unit building near Union Square with strong rental income potential.
      8 Everett St, Somerville, MA 02143
      View Details
    • $150,000

      Union Square Restaurant Opportunity

      Established Thai restaurant for sale in Union Square.
      93 Beacon, Somerville, MA 02143
      View Details
    • $1,569,900
      2,608 SF

      Davis Square Two-Family Home

      Well-maintained two-family home in desirable Davis Square.
      67 Irving Street, Somerville, MA 02144
      View Details
    • $1,125,000
      2,205 SF

      Somerville Multi-Family Residence

      Multi-family residence in Somerville, MA, built in 1900.
      7 Woodbine St, Somerville, MA 02143
      View Details
    • $2,950,000
      2,020 SF

      Inman Square Retail Opportunity

      Prime Somerville/Cambridge retail building with two units and parking.
      70 Beacon, Somerville, MA 02143
      View Details

    FAQs

    What type of property is this?
    Duplex - Two parcels in Somerville, including a two-family and a vacant lot.
    Where is this duplex located?
    The property is located at 34 - 38 Franklin Ave Somerville, MA.
    What is the asking price?
    The asking price for this property is $1,750,000.
    What are key features of this property?
    This property features: Two separate lots included in the sale.; Development opportunity with potential for up to six units (subject to zoning).; Located in a highly desirable East Somerville neighborhood.
    We can help!
    Listing Contact
    Dana Ford
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    34 - 38 Franklin Ave, Somerville, MA 02145
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!