Six-Unit Multifamily
For Sale
$2,450,000
38 Berkeley Street, Somerville, MA 02143
Six residential units include two studios and four two-bedrooms with a large backyard and basement storage.
Property Size5,051 SF
Price / SF$485.05
Days on Market49
Property Features for 38 Berkeley Street
General Information
Standard status
Active
Size
5,051 SF
Property subtype
Residential Income
Zoning
NR
Net Operating Income
$158,700
Taxes and HOA fees
Annual Taxes
$23,144
Building Details
Year Built
1928
Listing Agency:
Coldwell Banker Realty - Boston
Listed By:
Grace Bloodwell
(617) 512-4939
Source:
Erealtyadvisors
Added: Jul 22
Changed: Sep 8
Last Checked: Aug 25 at 3:41AM
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 Coldwell Banker Realty - Boston
Investment Insights
Based on property information with market context.
This six-unit multifamily property includes two studio apartments and four two-bedroom apartments. The layout places three units on each side of the building. The large backyard and a substantial basement with ample storage add practical everyday utility for residents.
The two studio units have been recently renovated, and Units 1–3 have been tastefully updated. Unit 4 is currently vacant, offering the next owner an opportunity to complete improvements and bring the unit to market.
The property is presented as a value-add purchase, with a total of six rental units and room in the basement to support storage needs.
The two studio units have been recently renovated, and Units 1–3 have been tastefully updated. Unit 4 is currently vacant, offering the next owner an opportunity to complete improvements and bring the unit to market.
The property is presented as a value-add purchase, with a total of six rental units and room in the basement to support storage needs.
Key Highlights
- Six‑family property built in 1928 with 6 residential units: 2 studios and 4 two‑bedroom apartments
- Renovated studio units plus updates to Units 1‑3
- Unit 4 is currently vacant, offering value‑add potential to renovate and increase rental income
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
$100,498
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
4.10%
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%
$2,009,960
$2.0M
Cap Rate 7%
$1,435,686
$1.4M
Cap Rate 9%
$1,116,644
$1.1M
Market Conditions
NOI Build-Up for 5,051 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
$192.7K $38.16/SF
− Vacancy
−$10.0K −$1.98/SF
EGI
$182.7K $36.18/SF
− OpEx
−$82.2K −$16.28/SF
NOI
$100.5K $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%
$2,009,960
Cap Rate 7%
$1,435,686
Cap Rate 9%
$1,116,644
Alternative Uses
Best Use
Apartment 5plus
$1.44M
$1.26M – $1.67M
NOI $100,498 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.99M
$2.62M – $3.49M
NOI $209,312 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 02143, MA
26,022
Population
12,901
Households
2
Avg Household Size
33
Median Age
74%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
17,348
Density / Sq Mi
$126,102
Median Household Income
$73,055
Median Earnings
$2,424
Median Rent
$930,200
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 - Six residential units include two studios and four two-bedrooms with a large backyard and basement storage.
Where is this apartment building located?
The property is located at 38 Berkeley Street Somerville, MA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Six‑family property built in 1928 with 6 residential units: 2 studios and 4 two‑bedroom apartments; Renovated studio units plus updates to Units 1‑3; Unit 4 is currently vacant, offering value‑add potential to renovate and increase rental income
