Two-Family Duplex with Private
For Sale
$1,188,000
5 Essex St, Somerville, MA 02145
Flexible layouts, updated systems, off-street parking, and direct access to transit and the Community Path define this residential income property.
Property Size2,665 SF
Price / SF$445.78
Days on Market96
Property Features for 5 Essex St
General Information
Standard status
Active
Size
2,665 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
RA
Net Operating Income
$45,000
Units
Unit Mix
1st floor: flexible 1BR/1BA or 2BR/1BA, upstairs: 4BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,299
Amenities
private backyard
Building Details
Building Size
2,665 SF
Year Built
1900
Stories
1
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: May 27
Changed: Aug 29
Last Checked: Aug 29 at 2:16PM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
This two-family property contains 2,665 square feet and was built in 1900. The lower residence can function as either a one-bedroom, one-bath unit or a two-bedroom, one-bath layout using existing pocket doors. The upper unit includes four bedrooms and two bathrooms, both fully renovated in 2015. High ceilings and broad interior proportions add to the physical character of both residences.
Exterior features include a double-width curb cut, three off-street parking spaces, and a private backyard. Harvey vinyl windows were installed in 2017, substantial electrical work was completed in 2025, and the washer and dryer date to 2019 and 2025, respectively. The property is zoned RA and sits one block from the Gilman Square Green Line station, with the Community Path, Sarma, and Winter Hill Brewing Co. nearby.
Exterior features include a double-width curb cut, three off-street parking spaces, and a private backyard. Harvey vinyl windows were installed in 2017, substantial electrical work was completed in 2025, and the washer and dryer date to 2019 and 2025, respectively. The property is zoned RA and sits one block from the Gilman Square Green Line station, with the Community Path, Sarma, and Winter Hill Brewing Co. nearby.
Key Highlights
- Two‑family property totaling 2,665 square feet
- Lower unit offers a one‑bedroom or two‑bedroom configuration with one bathroom
- Upper residence features 4 bedrooms and 2 bathrooms renovated in 2015
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
$56,392
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
4.75%
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%
$1,127,840
$1.1M
Cap Rate 7%
$805,600
$805.6K
Cap Rate 9%
$626,578
$626.6K
Market Conditions
NOI Build-Up for 2,665 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
$84.7K $31.80/SF
− Vacancy
−$4.2K −$1.57/SF
EGI
$80.6K $30.23/SF
− OpEx
−$24.2K −$9.07/SF
NOI
$56.4K $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%
$1,127,840
Cap Rate 7%
$805,600
Cap Rate 9%
$626,578
Alternative Uses
Best Use
Multifamily LT 5
$805.6K
$704.9K – $939.9K
NOI $56,392 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$757.5K
$662.8K – $883.8K
NOI $53,025 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,437 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,034
Businesses Nearby
Explore this area
Business Placement
Demographics for 02145, MA
27,520
Population
12,669
Households
2.2
Avg Household Size
33
Median Age
55%
College-Educated
89%
High-School Grad
1.4 sq mi
ZIP Area
19,657
Density / Sq Mi
$119,167
Median Household Income
$63,629
Median Earnings
$2,377
Median Rent
$784,900
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?
Duplex - Flexible layouts, updated systems, off-street parking, and direct access to transit and the Community Path define this residential income property.
Where is this duplex located?
The property is located at 5 Essex St Somerville, MA.
What is the asking price?
The asking price for this property is $1,188,000.
What are key features of this property?
This property features: Two‑family property totaling 2,665 square feet; Lower unit offers a one‑bedroom or two‑bedroom configuration with one bathroom; Upper residence features 4 bedrooms and 2 bathrooms renovated in 2015
