Renovated Triplex with Three-Car
New
For Sale
$1,850,000
48 Irving Street, Somerville, MA 02144
Three renovated units offer varied layouts, private outdoor areas, and dedicated parking.
Property Size2,538 SF
Price / SF$728.92
Days on Market4
Property Features for 48 Irving Street
General Information
Standard status
Active
Size
2,538 SF
Property subtype
3 Family
Units
Unit Mix
1 x studio, 1 x 1BR, 1 x 3BR/4BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Building Details
Building Size
2,538 SF
Year Built
1900
Listing Agency:
IVerty Realty, LLC
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 11:00AM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This 2,538-square-foot triplex, built in 1900, includes three renovated units: a studio, a one-bedroom apartment, and a three/four-bedroom residence. Improvements completed within the past five years include hardwood flooring and full-tile bathrooms, while each unit has separate heating and cooling systems paid by the tenants. The property also provides private outdoor space for every unit and a shared fenced patio.
A double-wide driveway supplies dedicated parking for all three units, complemented by a three-car garage. The garage can support owner parking or storage. The property is located at 48 Irving Street in Somerville, between Davis Square and Tufts University, with public transportation, restaurants, shops, and neighborhood amenities nearby.
A double-wide driveway supplies dedicated parking for all three units, complemented by a three-car garage. The garage can support owner parking or storage. The property is located at 48 Irving Street in Somerville, between Davis Square and Tufts University, with public transportation, restaurants, shops, and neighborhood amenities nearby.
Key Highlights
- Three renovated units: studio, one‑bedroom, and three/four‑bedroom layouts
- 2,538 square feet on a 1900‑built property
- Three‑car garage plus a double‑wide driveway
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
$53,705
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
2.90%
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%
$1,074,100
$1.1M
Cap Rate 7%
$767,214
$767.2K
Cap Rate 9%
$596,722
$596.7K
Market Conditions
NOI Build-Up for 2,538 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
$80.7K $31.80/SF
− Vacancy
−$4.0K −$1.57/SF
EGI
$76.7K $30.23/SF
− OpEx
−$23.0K −$9.07/SF
NOI
$53.7K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,074,100
Cap Rate 7%
$767,214
Cap Rate 9%
$596,722
Alternative Uses
Best Use
Multifamily LT 5
$767.2K
$671.3K – $895.1K
NOI $53,705 @ 7.0% cap · market cap 2.90%
Second Best
Apartment 5plus
$721.4K
$631.2K – $841.6K
NOI $50,498 @ 7.0% cap · market cap 2.73%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,174 @ 7.0% cap · market cap 5.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,567
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Three renovated units offer varied layouts, private outdoor areas, and dedicated parking.
Where is this triplex located?
The property is located at 48 Irving Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Three renovated units: studio, one‑bedroom, and three/four‑bedroom layouts; 2,538 square feet on a 1900‑built property; Three‑car garage plus a double‑wide driveway
