Renovated Triplex with Three-Car
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 Market50
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:
Freedom Realty Advisors
Listed By:
David P. Veo
(617) 777-3303
Source:
Iverty
Added: Sep 10
Changed: Oct 29
Last Checked: Oct 28 at 8:42AM
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 Freedom Realty Advisors
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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 / Yr
$53,705
Cap Rate
2.90%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,567
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
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
