Add Listing
    For Lease
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    377 Summer Somerville, MA 02144

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $35 SF/Yr $5,833/Mo (calc)

    Newly constructed office space in a prime, thriving location.

    Type:Commercial
    Property size:
    2,000 SF
    Added:
    Feb 29, 2024
    Days on Market:
    794
    Last Refresh:
    Apr 5 at 8:58 pm

    Property Features for 377 Summer

    General Information

    Standard status
    Active
    Size
    2,000 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    2014

    We can help!

    Listing Contact
    Sean McLaughlin

    Listing agent Sean McLaughlin

    Listing office SelectRE Boston

    Listing date Feb 29, 2024

    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 SelectRE Boston

    Overview

    Davis Square Office Space Available

    This newly constructed office space is situated in a first-class mixed-use building in Davis Square. The 2000 square foot space features three separate zones, offering the flexibility to subdivide. Underground parking is available. Located directly above a Community Credit Union, the space is suitable for a variety of uses. The property benefits from a prime location with high vehicular and pedestrian traffic, positioned at a signaled intersection. It provides easy access to the Red Line and major highways, including Route 2 and I-93. The intended use of the property is for office space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Davis Square Hand ... Cafe & Coffee Shop Community Credit Union Credit Union

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.1207
    Latitude
    42.3943

    Nearby Similar for Lease

    • Contact for pricing

      Spacious Commercial Space in Somerville

      7,000 sq ft commercial space near Union Square.
      33 1/2 Union #2, Somerville, MA 02143
      View Details
    • Contact for pricing

      Renovated Office Space, Broadway Location

      Modern, renovated office space in a prime location for rent.
      2 Lincoln #2, Somerville, MA 02145
      View Details
    • Contact for pricing

      Renovated Office/Spa Space Available

      Renovated office/spa space near Sullivan T-Stop in Somerville.
      52 Broadway, Somerville, MA 02145
      View Details
    • $5,000/Mo

      Winter Hill Office Space Available

      Second-floor office space with parking, heat, and hot water included.
      324 Broadway #2, Somerville, MA 02145
      View Details
    • $3,500/Mo

      Retail/Office Space Near Cambridge

      First floor retail/office space with finished basement near Cambridge.
      292 Beacon #1A, Somerville, MA 02143
      View Details
    • Contact for pricing

      Corner Commercial Space with Basement

      Highly visible commercial space with basement storage near Tufts University.
      1244 Broadway, Somerville, MA 02144
      View Details
    • Contact for pricing

      Davis Square Second-Floor Office Suites

      Three office suites for lease in Somerville's Davis Square.
      377 Summer St #1, Somerville, MA 02144
      View Details
    • Contact for pricing

      Renovated Office Space in Somerville

      Renovated office/SPA space near Sullivan T-Stop, available now.
      52 Broadway, Somerville, MA 02145
      View Details
    • Contact for pricing

      Davis Square Second-Floor Office Suites

      Three office suites for lease in Somerville's Davis Square.
      377 Summer St, Somerville, MA 02144
      View Details
    • Sponsored
      Contact for pricing

      MA, Somerville - Somerville Theatre

      49-55 Davis Sq, Unit 3RD, Somerville, MA 02114
      View Details
    • Contact for pricing

      Somerville Retail Space For Rent

      Highly visible retail space in active Somerville commercial corridor.
      149-153 Washington, Somerville, MA 02143
      View Details
    • Contact for pricing

      Spaces Davis Square

      240 Elm St, Somerville, MA 02144
      View Details

    FAQs

    What type of property is this?
    Office units - Newly constructed office space in a prime, thriving location.
    Where is this office units located?
    The property is located at 377 Summer Somerville, MA.
    What is the lease rate?
    The lease rate is $35 SF/Yr.
    What are key features of this property?
    This property features: Prime Davis Square location with high vehicular and pedestrian traffic.; Newly constructed office space in a first‑class mixed‑use building (built in 2014).; Easy access to Red Line and major highways (Route 2, I‑93).
    (617) 777-6109
    We can help!
    Listing Contact
    Sean McLaughlin
    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

    377 Summer, Somerville, MA 02144

    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!