Duplex with Detached
New
For Sale
$1,149,000
7-9 Illinois Ave, Somerville, MA 02145
Two residential units, off-street parking, and a basement with an existing full bathroom.
Property Size2,320 SF
Price / SF$495.26
Days on Market7
Property Features for 7-9 Illinois Ave
General Information
Standard status
Active
Size
2,320 SF
Total Parking Spaces
8
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$11,241
Building Details
Building Size
2,320 SF
Year Built
1913
Listing Agency:
Berkshire Hathaway HomeServices Commonwealth Real Estate
Listed By:
Monica Cordova
Source:
Bethdickerson
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 30 at 8:50PM
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 Berkshire Hathaway HomeServices Commonwealth Real Estate
Investment Insights
Based on property information with market context.
This 2,320-square-foot duplex, built in 1913, contains two residential units with flexible layouts and additional basement space. The basement includes an existing full bathroom, while the property provides off-street parking for approximately 6 cars and a detached 2-car garage. The building is currently tenanted and is to be delivered vacant. It is being sold as-is, with condition, zoning, permitted uses, and future development subject to buyer and buyer’s agent due diligence.
Located at 7-9 Illinois Avenue in East Somerville, the property is near Broadway and within walking distance of Assembly Row and Sullivan Square. The Orange Line, I-93, Boston, shopping, and dining are also identified as accessible from the property.
Located at 7-9 Illinois Avenue in East Somerville, the property is near Broadway and within walking distance of Assembly Row and Sullivan Square. The Orange Line, I-93, Boston, shopping, and dining are also identified as accessible from the property.
Key Highlights
- 2,320‑square‑foot duplex with two residential units
- Built in 1913
- Off‑street parking for approx. 6 cars
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
$49,092
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
4.27%
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%
$981,840
$981.8K
Cap Rate 7%
$701,314
$701.3K
Cap Rate 9%
$545,467
$545.5K
Market Conditions
NOI Build-Up for 2,320 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
$73.8K $31.80/SF
− Vacancy
−$3.6K −$1.57/SF
EGI
$70.1K $30.23/SF
− OpEx
−$21.0K −$9.07/SF
NOI
$49.1K $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%
$981,840
Cap Rate 7%
$701,314
Cap Rate 9%
$545,467
Alternative Uses
Best Use
Multifamily LT 5
$701.3K
$613.7K – $818.2K
NOI $49,092 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$659.4K
$577.0K – $769.3K
NOI $46,160 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,140 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,946
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 - Two residential units, off-street parking, and a basement with an existing full bathroom.
Where is this duplex located?
The property is located at 7-9 Illinois Ave Somerville, MA.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 2,320‑square‑foot duplex with two residential units; Built in 1913; Off‑street parking for approx. 6 cars
