Renovated Three-Unit
81 Wheatland Street, Somerville, MA 02145
For Sale
New
$2,395,000
A transferable, city-approved condo conversion accompanies three matching three-bedroom, two-bath residences.
Property Size3,426 SF
Price / SF$699.07
Days on Market7
Property Features for 81 Wheatland Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Highway Access
Public Transit
Additional Details
Sprinkler System
Amenities
private decks
intercom
basement storage
Building Details
Year Built
Buildings
Listing Agency:
Compass
Listed By:
Charlotte Press
(978) 578-5745
Source:
Hammondre
Added: Nov 1
Changed: Nov 6
Last Checked: Nov 6 at 10:46AM
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
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Investment Insights
Based on property information with market context.
Built in 1920, this 3,426-square-foot multifamily property has three identical residences, each with three bedrooms, two bathrooms and a private deck. The building was renovated from the framing inward, with updated plumbing, electrical, HVAC, rubber roofing, vinyl siding and windows. Interior finishes include hardwood flooring, tiled bathrooms with heated floors, high-end kitchens and spacious closets. The property also has sprinkler and intercom systems, a full basement for storage, four off-street parking spaces and a one-year builder’s warranty. The city-approved condo conversion can transfer to a buyer.
The property is at 81 Wheatland St in Somerville, near Broadway retail and restaurants, Foss Park, the Green Line Extension, Assembly Row, Union Square and I-93.
The property is at 81 Wheatland St in Somerville, near Broadway retail and restaurants, Foss Park, the Green Line Extension, Assembly Row, Union Square and I-93.
Key Highlights
- Three matching units, each with 3 bedrooms, 2 bathrooms and a private deck
- 3,426‑square‑foot building constructed in 1920
- City‑approved condo conversion transfers to the buyer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,495
Cap Rate
3.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,449,900
$1.4M
Cap Rate 7%
$1,035,643
$1.0M
Cap Rate 9%
$805,500
$805.5K
Market Conditions
NOI Build-Up for 3,426 SF
Gross rent
$108.9K $31.80/SF
− Vacancy
−$5.4K −$1.57/SF
EGI
$103.6K $30.23/SF
− OpEx
−$31.1K −$9.07/SF
NOI
$72.5K $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 Rate 5%
$1,449,900
Cap Rate 7%
$1,035,643
Cap Rate 9%
$805,500
Alternative Uses
Best Use
Multifamily LT 5
$1.04M
$906.2K – $1.21M
NOI $72,495 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$973.8K
$852.1K – $1.14M
NOI $68,166 @ 7.0% cap · market cap 2.85%
Theoretical Best
Office A
$2.03M
$1.77M – $2.37M
NOI $141,973 @ 7.0% cap · market cap 5.93%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,586
Businesses Nearby
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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
$784,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Somerville, MA
Properties on Market for Triplexes in Somerville
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - A transferable, city-approved condo conversion accompanies three matching three-bedroom, two-bath residences.
Where is this triplex located?
The property is located at 81 Wheatland Street Somerville, MA.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Three matching units, each with 3 bedrooms, 2 bathrooms and a private deck; 3,426‑square‑foot building constructed in 1920; City‑approved condo conversion transfers to the buyer
