Three-Family Residential Income
72-74 Park Street Somerville, MA 02143
72-74 Park Street, Somerville, MA, 02143
$1,795,000
For Sale
$1,795,000
Stately three-family property with three separate units, porches, and two side-by-side parking spaces.
Property Size3,545 SF
Price / SF$506.35
Days on Market112
Property Features for 72-74 Park Street
General Information
- Standard status
- Active
- Size
- 3,545 SF
- Property subtype
- Multi-family / 3 Family - 3 Units Up/Down
Building Details
- Year Built
- 1900
Listing agency
ERA Key Realty Services-Bay State Group
(508) 376-8200
Listed by
The Kattman Team
(508) 376-8200
Source
Compass
Added: Apr 1 Updated: Jul 20 at 8:02PM Checked: Jul 20 at 8:02PM
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 ERA Key Realty Services-Bay State Group
Investment Insights
Based on property information with market context.
This stately three-family residential income property is sited on a level 6,000 square foot lot and features three units with matching layouts. Each unit includes a living room open to the dining room, an eat-in kitchen with pantry, a full bath, and two bedrooms. The first-floor unit also offers an additional flex room that can function as an office or third bedroom. Interior details include oversized tall windows and walk-out bays, along with original wood trim and floors and vintage hutches in the dining rooms. A basement provides storage and a laundry room, and the home includes front and back porches plus a back yard area.
The property is located on the Somerville/Cambridge line and is described as minutes to major squares including Harvard Square, Porter Square, and Kendall Square. Public transportation access is noted, including Red and Green line service.
Off-street parking is available with two spaces along the side of the house.
The property is located on the Somerville/Cambridge line and is described as minutes to major squares including Harvard Square, Porter Square, and Kendall Square. Public transportation access is noted, including Red and Green line service.
Off-street parking is available with two spaces along the side of the house.
Key Highlights
- Three‑family home with 3 full baths total and full basement with storage and laundry room
- Each unit features a living room open to dining room and an eat‑in kitchen with pantry
- First‑floor unit includes an added flex room (office or third bedroom) plus 2 bedrooms and a full bath
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $112.7k | $31.80 |
| − Vacancy | −$5.6k | −$1.57 |
| EGI | $107.2k | $30.23 |
| − OpEx | −$32.1k | −$9.07 |
| NOI | $75.0k | $21.16 |
3,545 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$937.7K – $1.25M
NOI $75,013 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$1.01M
$881.7K – $1.18M
NOI $70,534 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $146,904 @ 7.0% cap · market cap 8.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Stately three-family property with three separate units, porches, and two side-by-side parking spaces.
Where is this triplex located?
The property is located at 72-74 Park Street Somerville, MA.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Three‑family home with 3 full baths total and full basement with storage and laundry room; Each unit features a living room open to dining room and an eat‑in kitchen with pantry; First‑floor unit includes an added flex room (office or third bedroom) plus 2 bedrooms and a full bath
