Five-Story Brick Apartment
For Sale
$16,000,000
36 College Ave, Somerville, MA 02144
Five-story brick multifamily building with 44 units and one ground-floor commercial space in Davis Square.
Property Size34,417 SF
Days on Market50
Property Features for 36 College Ave
General Information
Standard status
Active
Size
34,417 SF
Property subtype
Investment
Additional Details
Multifamily Units
43
Taxes and HOA fees
Annual Taxes
$136,241
Building Details
Building Size
34,417 SF
Year Built
1920
Stories
4
Units
44
Listing Agency:
Carl Christie
(617) 942-1137
Listed By:
Carl Christie
(617) 942-1137
Source:
Elliman
Added: Jul 9
Changed: Aug 17
Last Checked: Aug 26 at 8:49AM
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 Carl Christie
Investment Insights
Based on property information with market context.
36 College Avenue, known as the Bryant Chambers building, is a five-story brick apartment property with 44 units. Built in the 1920s, it features windows on all four sides for abundant natural light. The current unit mix includes three studio apartments, thirty-four one-bedroom apartments, and six two-bedroom apartments, along with one commercial space.
The building is located at the corner of College Avenue and Park Avenue in the heart of Davis Square. It is steps from the MBTA Red Line and within walking distance of Tufts University.
On-site amenities include an elevator, on-site laundry, keyless FOB entry, and storage. The offering is also described as part of a three-building portfolio sale that includes 202–218 Mass Ave. in Arlington and 49–55 Davis Square in Somerville.
The building is located at the corner of College Avenue and Park Avenue in the heart of Davis Square. It is steps from the MBTA Red Line and within walking distance of Tufts University.
On-site amenities include an elevator, on-site laundry, keyless FOB entry, and storage. The offering is also described as part of a three-building portfolio sale that includes 202–218 Mass Ave. in Arlington and 49–55 Davis Square in Somerville.
Key Highlights
- 44‑unit, five‑story brick apartment building (1920) at the corner of College Ave and Park Ave in Davis Square
- Unit mix: 3 studios, 34 one‑bedroom apartments, 6 two‑bedroom apartments, plus 1 ground‑floor commercial space
- Steps to MBTA Red Line and within walking distance of Tufts University
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
$684,782
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
4.28%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
43
Residential units
Location Intelligence
Trade Area within ½ mile
2,744
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-story brick multifamily building with 44 units and one ground-floor commercial space in Davis Square.
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 apartment building (1920) at the corner of College Ave and Park Ave in Davis Square; Unit mix: 3 studios, 34 one‑bedroom apartments, 6 two‑bedroom apartments, plus 1 ground‑floor commercial space; Steps to MBTA Red Line and within walking distance of Tufts University
