Five-Unit Apartment
For Sale
$2,100,000
67 Bonair Street, Somerville, MA 02145
Fully leased property with updated kitchens, baths, heating, and air-conditioning.
Property Size3,072 SF
Price / SF$683.59
Days on Market96
Property Features for 67 Bonair Street
General Information
Standard status
Active
Size
3,072 SF
Total Parking Spaces
3
Property subtype
Multi-family / 5+ Family - 5+ Units Up/Down
Zoning
RB
Occupancy
100%
Net Operating Income
$147,600
Additional Details
Gross Income
$147,600
Public Transit
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$17,536
Amenities
coin-operated laundry
fenced yard
No
Wood, Tile
8.0
Full, Interior Access
5
3
6.50
8
Fenced/Enclosed
Shingle, Rubber
Level
Porch, Deck - Wood
Building Details
Year Built
1920
Listing Agency:
Compass
(617) 501-6491
Listed By:
Moira Vittengl · License #9556081
(617) 501-6491
Source:
Compass
Added: May 28
Changed: Aug 30
Last Checked: Aug 30 at 3:12PM
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 Compass
Investment Insights
Based on property information with market context.
This 5-unit apartment property contains 3,072 square feet and dates to 1920. The building is fully leased and has received improvements including newer heating and A/C systems, renovated kitchens and bathrooms, a fenced yard, and coin-operated laundry. A large first-floor residence was formerly used by the owner and may provide an owner-occupancy option within the existing layout.
The property is located at 67 Bonair Street in Somerville’s Winter Hill/East Somerville area, with access to the Green Line Extension, Assembly Square, and East Somerville. Exterior features include a paved parking area with three side-by-side spaces, along with wood porch and deck areas. Zoning is RB.
The property is located at 67 Bonair Street in Somerville’s Winter Hill/East Somerville area, with access to the Green Line Extension, Assembly Square, and East Somerville. Exterior features include a paved parking area with three side-by-side spaces, along with wood porch and deck areas. Zoning is RB.
Key Highlights
- Five‑unit apartment property with 3,072 SF
- Fully leased building with 1920 construction
- Newer heating and A/C systems plus updated kitchens and bathrooms
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
$61,122
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
2.91%
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%
$1,222,440
$1.2M
Cap Rate 7%
$873,171
$873.2K
Cap Rate 9%
$679,133
$679.1K
Market Conditions
NOI Build-Up for 3,072 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
$117.2K $38.16/SF
− Vacancy
−$6.1K −$1.98/SF
EGI
$111.1K $36.18/SF
− OpEx
−$50.0K −$16.28/SF
NOI
$61.1K $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%
$1,222,440
Cap Rate 7%
$873,171
Cap Rate 9%
$679,133
Alternative Uses
Best Use
Apartment 5plus
$873.2K
$764.0K – $1.02M
NOI $61,122 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,303 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,972
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?
Apartment building - Fully leased property with updated kitchens, baths, heating, and air-conditioning.
Where is this apartment building located?
The property is located at 67 Bonair Street Somerville, MA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Five‑unit apartment property with 3,072 SF; Fully leased building with 1920 construction; Newer heating and A/C systems plus updated kitchens and bathrooms
