Three-Family Residential Income
38 Prichard Ave Somerville, MA 02144
For Sale
$1,395,000
Pending
Three-family property with an updated one-bedroom, one-bath unit and additional space suited for renovation.
Property Size2,818 SF
Days on Market31
Property Features for 38 Prichard Ave
General Information
- Standard status
- Pending
- Size
- 2,818 SF
- Property subtype
- 3 Family
Building Details
- Year Built
- 1925
Listing Agency:
Lock and Key Realty
(781) 645-0505
Listed By:
Steve McKenna & The Home Advantage Team
(781) 645-0505
Source:
Lockandkeyre
Added: Jun 24
Changed: Jul 23
Last Checked: Jul 23 at 4:03AM
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.
This three-family residential income building at 38 Prichard Ave includes an updated Unit 1 featuring a one-bedroom, one-bath configuration with an open layout. The remaining space provides room for renovation and customization, whether for continued long-term hold or repositioning of the property.
The home is described as being set in the heart of Ball Square, with nearby access to Tufts, Davis Square, and Porter Square, and transit connections within short distances to both the Green Line and Red Line. It is also noted as close to the bike path.
A two-car garage and full driveway add practical utility. The property has been owner occupied for years and is presented as ready for its next chapter in a well-connected Somerville location.
The home is described as being set in the heart of Ball Square, with nearby access to Tufts, Davis Square, and Porter Square, and transit connections within short distances to both the Green Line and Red Line. It is also noted as close to the bike path.
A two-car garage and full driveway add practical utility. The property has been owner occupied for years and is presented as ready for its next chapter in a well-connected Somerville location.
Key Highlights
- Three‑family built in 1925 with an updated 1‑bedroom, 1‑bath unit
- Unit 1 features a one‑bedroom, one‑bath open layout, with additional space for renovation or repositioning
- Full driveway and a two‑car garage provide on‑site parking/storage options
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $89.6k | $31.80 |
| − Vacancy | −$4.4k | −$1.57 |
| EGI | $85.2k | $30.23 |
| − OpEx | −$25.6k | −$9.07 |
| NOI | $59.6k | $21.16 |
2,818 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$851.9K
$745.4K – $993.8K
NOI $59,630 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$801.0K
$700.9K – $934.5K
NOI $56,069 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,777 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Triplex - Three-family property with an updated one-bedroom, one-bath unit and additional space suited for renovation.
Where is this triplex located?
The property is located at 38 Prichard Ave Somerville, MA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Three‑family built in 1925 with an updated 1‑bedroom, 1‑bath unit; Unit 1 features a one‑bedroom, one‑bath open layout, with additional space for renovation or repositioning; Full driveway and a two‑car garage provide on‑site parking/storage options
