21-Unit Apartment
For Sale
$9,500,000
8 Craigie Street, Somerville, MA 02143
Fully occupied multifamily property near major universities and public transportation in Somerville.
Property Size25,164 SF
Lot Size0.23 Acres
Price / SF$377.52
Days on Market189
Property Features for 8 Craigie Street
General Information
Standard status
Active
Size
25,164 SF
Lot size
0.23 Acres
Property subtype
Multi-family / 2 Family
Zoning
RB
Occupancy
100%
Additional Details
Public Transit
Yes
Multifamily Units
21
Taxes and HOA fees
Annual Taxes
$58,939
Amenities
No, .00
No
Wood, Tile
21.0
Full
21
21.00
Frame
Rubber
Corner Lot
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Compass
(617) 633-3440
Listed By:
Donahue + Greene · License #9508335
(617) 633-3440
Source:
Compass
Added: Feb 23
Changed: Aug 30
Last Checked: Aug 30 at 3:56PM
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 21-unit apartment building contains 42 bedrooms within 25,164 square feet on a 0.23-acre lot. The property was built in 1920 and includes wood and tile interior finishes, full bathrooms, frame construction, a rubber roof, and a corner-lot position. RB zoning is in place, and the building is fully occupied.
The property is located at 8 Craigie Street in Somerville, near Porter Square and Cambridge. Harvard, Lesley, and MIT are identified nearby, while Red Line service and bus routes provide connections toward Boston and Kendall Square. Its existing occupancy and apartment configuration provide a clear profile for multifamily ownership.
The property is located at 8 Craigie Street in Somerville, near Porter Square and Cambridge. Harvard, Lesley, and MIT are identified nearby, while Red Line service and bus routes provide connections toward Boston and Kendall Square. Its existing occupancy and apartment configuration provide a clear profile for multifamily ownership.
Key Highlights
- 21‑unit building with 42 bedrooms
- 25,164 square feet on a 0.23‑acre lot
- Fully occupied apartment property
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
$500,679
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
5.27%
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%
$10,013,580
$10.0M
Cap Rate 7%
$7,152,557
$7.2M
Cap Rate 9%
$5,563,100
$5.6M
Market Conditions
NOI Build-Up for 25,164 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
$960.3K $38.16/SF
− Vacancy
−$49.9K −$1.98/SF
EGI
$910.3K $36.18/SF
− OpEx
−$409.6K −$16.28/SF
NOI
$500.7K $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%
$10,013,580
Cap Rate 7%
$7,152,557
Cap Rate 9%
$5,563,100
Alternative Uses
Best Use
Apartment 5plus
$7.15M
$6.26M – $8.34M
NOI $500,679 @ 7.0% cap · market cap 5.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.90M
$13.03M – $17.38M
NOI $1,042,790 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,780
Businesses Nearby
Explore this area
Business Placement
Demographics for 02143, MA
26,022
Population
12,901
Households
2
Avg Household Size
33
Median Age
74%
College-Educated
95%
High-School Grad
1.5 sq mi
ZIP Area
17,348
Density / Sq Mi
$126,102
Median Household Income
$73,055
Median Earnings
$2,424
Median Rent
$930,200
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 near major universities and public transportation in Somerville.
Where is this apartment building located?
The property is located at 8 Craigie Street Somerville, MA.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 21‑unit building with 42 bedrooms; 25,164 square feet on a 0.23‑acre lot; Fully occupied apartment property
