Six-Unit Apartment
For Sale
$5,500,000
76-78 Perkins Street, Somerville, MA 02145
Fully occupied multifamily property with oversized residences, in-unit laundry, updated interiors, and access to two Orange Line stations.
Property Size8,688 SF
Days on Market9
Property Features for 76-78 Perkins Street
General Information
Standard status
Active
Size
8,688 SF
Property subtype
Multifamily
Occupancy
100%
Financials
Gross Income
$345,600
Average Monthly Rent
$4,800
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 4BR/2BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$50,397
Amenities
in-unit laundry
stainless appliances
granite counters
hardwood floors
recessed lighting
updated baths
Building Details
Building Size
8,688 SF
Year Built
1900
Year Renovated
2018
Tenancy
Multi
Listing Agency:
Fiv Realty Co
Listed By:
Justin Blankenship · License #9538117
(781) 365-7984
Source:
Classifiedrealtygroup
Added: Sep 19
Last Checked: Sep 26 at 4:09AM
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 Fiv Realty Co
Investment Insights
Based on property information with market context.
This six-unit apartment building includes six 4BR/2BA residences averaging approximately 1,448 SF. Each unit features in-unit laundry, stainless appliances, granite counters, hardwood flooring, recessed lighting, and updated bathrooms. The property is fully occupied, with each apartment leased on a single 12-month term through 8/31/27. Comprehensive renovation work was completed in 2018, including electrical service upgraded to 400 AMP, plumbing improvements, and updated water heaters. Vinyl siding was replaced in 2017, the flat rubber membrane roof was replaced in 2022, and the property received new sidewalks and six Burnham boilers in 2026.
Located at 76-78 Perkins Street in Somerville, the property is approximately 0.3 miles from Sullivan Square Orange Line station, with Assembly Station also nearby. I-93 and Route 1 provide regional access, while Downtown Boston is roughly 2 miles away. Assembly Row, Inman Square, Cambridge Crossing, Hood Park, Encore Boston Harbor, and the Mystic River are all within the surrounding area.
Located at 76-78 Perkins Street in Somerville, the property is approximately 0.3 miles from Sullivan Square Orange Line station, with Assembly Station also nearby. I-93 and Route 1 provide regional access, while Downtown Boston is roughly 2 miles away. Assembly Row, Inman Square, Cambridge Crossing, Hood Park, Encore Boston Harbor, and the Mystic River are all within the surrounding area.
Key Highlights
- Six 4BR/2BA apartments averaging approximately 1,448 SF each
- Fully occupied with leases extending through 8/31/27
- Comprehensively renovated in 2018
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
$172,862
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
3.14%
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%
$3,457,240
$3.5M
Cap Rate 7%
$2,469,457
$2.5M
Cap Rate 9%
$1,920,689
$1.9M
Market Conditions
NOI Build-Up for 8,688 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
$331.5K $38.16/SF
− Vacancy
−$17.2K −$1.98/SF
EGI
$314.3K $36.18/SF
− OpEx
−$141.4K −$16.28/SF
NOI
$172.9K $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%
$3,457,240
Cap Rate 7%
$2,469,457
Cap Rate 9%
$1,920,689
Alternative Uses
Best Use
Apartment 5plus
$2.47M
$2.16M – $2.88M
NOI $172,862 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.14M
$4.50M – $6.00M
NOI $360,028 @ 7.0% cap · market cap 6.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,761
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 occupied multifamily property with oversized residences, in-unit laundry, updated interiors, and access to two Orange Line stations.
Where is this apartment building located?
The property is located at 76-78 Perkins Street Somerville, MA.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Six 4BR/2BA apartments averaging approximately 1,448 SF each; Fully occupied with leases extending through 8/31/27; Comprehensively renovated in 2018
