Brick Mid-Rise Apartment
For Sale
$16,000,000
36 College Ave, Somerville, MA 02144
Well-maintained 44-unit mid-rise with elevator, on-site laundry, and a small commercial unit.
Property Size34,417 SF
Price / SF$464.89
Days on Market97
Property Features for 36 College Ave
General Information
Standard status
Active
Size
34,417 SF
Property subtype
5-9 Family
Additional Details
Multifamily Units
44
Building Details
Year Built
1920
Stories
5
Listing Agency:
Lock and Key Realty
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Jul 3
Changed: Oct 6
Last Checked: Oct 5 at 6:55PM
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 Lock and Key Realty
Investment Insights
Based on property information with market context.
36 College Avenue, known as the Bryant Chambers building, is a well-maintained 44-unit mid-rise apartment property with classic brick architecture. The five-story building was constructed in the 1920s and features window exposure on all four sides for apartments with abundant natural light. Resident amenities include elevator service, on-site laundry facilities, tenant storage, hardwood flooring, gas cooking, and dishwashers. The unit mix consists of 3 studios, 34 one-bedrooms, 6 two-bedrooms, and 1 commercial unit.
The building is situated on a prominent corner of College Avenue and Park Avenue in Somerville’s Davis Square area. It is described as transit-oriented, with the MBTA Red Line station steps away, and Tufts University within walking distance.
This property can fit investors or owner-operators seeking a rental building with a mix of studio through two-bedroom residences plus an included commercial unit. With an elevator and on-site laundry, it supports day-to-day resident convenience, while the multi-sided window exposure and hardwood flooring features help maintain an attractive in-unit presentation across the apartment homes.
The building is situated on a prominent corner of College Avenue and Park Avenue in Somerville’s Davis Square area. It is described as transit-oriented, with the MBTA Red Line station steps away, and Tufts University within walking distance.
This property can fit investors or owner-operators seeking a rental building with a mix of studio through two-bedroom residences plus an included commercial unit. With an elevator and on-site laundry, it supports day-to-day resident convenience, while the multi-sided window exposure and hardwood flooring features help maintain an attractive in-unit presentation across the apartment homes.
Key Highlights
- 44‑unit, five‑story brick mid‑rise built in 1920
- Corner location on College Ave and Park Ave in Somerville’s Davis Square neighborhood
- Steps to the MBTA Red Line station and within walking distance of Tufts University
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$684,782
Cap Rate
4.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$13,695,640
$13.7M
Cap Rate 7%
$9,782,600
$9.8M
Cap Rate 9%
$7,608,689
$7.6M
Market Conditions
NOI Build-Up for 34,417 SF
Gross rent
$1.31M $38.16/SF
− Vacancy
−$68.3K −$1.98/SF
EGI
$1.25M $36.18/SF
− OpEx
−$560.3K −$16.28/SF
NOI
$684.8K $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%
$13,695,640
Cap Rate 7%
$9,782,600
Cap Rate 9%
$7,608,689
Alternative Uses
Best Use
Apartment 5plus
$9.78M
$8.56M – $11.41M
NOI $684,782 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.37M
$17.83M – $23.77M
NOI $1,426,232 @ 7.0% cap · market cap 8.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
44
Residential units
Location Intelligence
Trade Area within ½ mile
2,744
Businesses Nearby
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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
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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 - Well-maintained 44-unit mid-rise with elevator, on-site laundry, and a small commercial unit.
Where is this apartment building located?
The property is located at 36 College Ave Somerville, MA.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: 44‑unit, five‑story brick mid‑rise built in 1920; Corner location on College Ave and Park Ave in Somerville’s Davis Square neighborhood; Steps to the MBTA Red Line station and within walking distance of Tufts University
