Triplex with Two-Bay
For Sale
$1,400,000
78 Fellsway West, Somerville, MA 02145
Three apartments offer hardwood floors, eat-in kitchens, dishwashers, and a mix of decks and porches.
Property Size3,339 SF
Price / SF$419.29
Days on Market9
Property Features for 78 Fellsway West
General Information
Standard status
Active
Size
3,339 SF
Property subtype
Multi-family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR, 1 x 1BR
Multifamily Units
3
Amenities
hardwood floors
eat-in kitchens
dishwasher
decks
porches
backyard
laundry
private storage
Building Details
Year Built
1915
Buildings
1
Stories
3
Listing Agency:
RE/MAX Real Estate Center
Listed By:
David Lilley
(978) 922-3683
Source:
Jbarrettrealty
Added: Aug 25
Changed: Aug 31
Last Checked: Sep 1 at 8:41PM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This three-unit multifamily property includes two-bedroom apartments on the first and second floors and a one-bedroom apartment on the third. The units feature hardwood flooring, eat-in kitchens with dishwashers, and a combination of decks and porches. A basement provides laundry facilities and private storage, while the exterior includes a backyard, long driveway, and two-bay garage. Replacement vinyl windows have been installed, and the property was built in 1915.
The home is located at 78 Fellsway West in Somerville, directly across from a neighborhood park with grassy fields. It sits between Somerville’s Orange and Green Lines, with access to downtown Boston, Cambridge, and Assembly Row. Assembly Row’s restaurants, shopping, entertainment, and waterfront attractions are also identified as nearby destinations.
The home is located at 78 Fellsway West in Somerville, directly across from a neighborhood park with grassy fields. It sits between Somerville’s Orange and Green Lines, with access to downtown Boston, Cambridge, and Assembly Row. Assembly Row’s restaurants, shopping, entertainment, and waterfront attractions are also identified as nearby destinations.
Key Highlights
- Three‑unit layout with two 2‑bedroom apartments and one 1‑bedroom apartment
- Two‑bay garage, long driveway, and additional off‑street parking
- Basement laundry and private storage
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
$70,654
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
5.05%
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%
$1,413,080
$1.4M
Cap Rate 7%
$1,009,343
$1.0M
Cap Rate 9%
$785,044
$785.0K
Market Conditions
NOI Build-Up for 3,339 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
$106.2K $31.80/SF
− Vacancy
−$5.2K −$1.57/SF
EGI
$100.9K $30.23/SF
− OpEx
−$30.3K −$9.07/SF
NOI
$70.7K $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%
$1,413,080
Cap Rate 7%
$1,009,343
Cap Rate 9%
$785,044
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$883.2K – $1.18M
NOI $70,654 @ 7.0% cap · market cap 5.05%
Second Best
Apartment 5plus
$949.1K
$830.4K – $1.11M
NOI $66,435 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$1.98M
$1.73M – $2.31M
NOI $138,367 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,670
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?
Triplex - Three apartments offer hardwood floors, eat-in kitchens, dishwashers, and a mix of decks and porches.
Where is this triplex located?
The property is located at 78 Fellsway West Somerville, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Three‑unit layout with two 2‑bedroom apartments and one 1‑bedroom apartment; Two‑bay garage, long driveway, and additional off‑street parking; Basement laundry and private storage
