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    Property profile & analytics

    282 Broadway Somerville, MA 02145-2950

    • Retail space
    • 3,144 SF
    • 0.08 lot acres
    OFF-MARKET
    Last Sale
    Apr 16, 2025
    $855,000
    Value Estimations
    $755,000
    Show details
    Cap Rate Potential
    6%
    Retail space
    Location Intelligence
    Property ID
    US38-1183296
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • noro de paulo llc / Tax Consultant

    Property Details for 282 Broadway

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.08 lot acres
    Property size
    3,144 SF
    Zone code
    BA
    Property type
    Retail space
    APN
    SOME M:71 B:B L:1
    APU
    SOMEM71BBL1

    Description

    This exceptional redevelopment opportunity presents a rare chance to invest in Somerville, MA's thriving real estate market. Located at 282 Broadway, this 2,850 square foot vacant convenience store sits on a 0.08-acre lot and is zoned MR5. The property offers significant potential for residential development, given its prime location near the MBTA Red Line at Porter Square, commuter rail, bus service, and the Green Line extension at Union Square. Its proximity to Harvard, MIT, and Tufts Universities, along with Assembly Row's amenities, ensures strong demand. The existing building provides an immediate canvas for redevelopment, with the added benefit of a vacant site allowing for swift commencement of permitting and construction. The fee-simple ownership and distressed sale condition offer an attractive investment proposition. This is a unique chance to capitalize on Somerville's high barriers to entry for similar residential projects, creating a highly desirable residential development in a walkable, amenity-rich neighborhood. The asking price is $1,100,000, translating to $385.96 per square foot. This one-story building presents a compelling opportunity for investors seeking to contribute to Somerville's growing residential market. The property's environmental condition is clean.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $750,000
      ML approach
      $790,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $935,000
      6.5%
      $865,000
      7%
      $800,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0919
    Latitude
    42.3915
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $10,654
    $304,000
    $281,400
    $585,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $335,000
      3,451 SF

      80 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 3,451 SF
      80 Broadway, Somerville, MA 02145-3321
      View Details
    • Value Estimation
      $330,000
      3,711 SF

      182 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 3,711 SF
      182 Broadway, Somerville, MA 02145-3129
      View Details
    • Value Estimation
      $350,000
      4,680 SF

      514 Medford St

      RETAIL STORES (PERSONAL SERVICES) • 4,680 SF
      514 Medford St, Somerville, MA 02145-2657
      View Details
    • Value Estimation
      $370,000
      2,508 SF

      580 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 2,508 SF
      580 Broadway, Somerville, MA 02145
      View Details
    • Value Estimation
      $335,000
      2,736 SF

      211 Pearl St

      RETAIL STORES (PERSONAL SERVICES) • 2,736 SF
      211 Pearl St, Somerville, MA 02145-3931
      View Details
    • Value Estimation
      $340,000
      3,079 SF

      168 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 3,079 SF
      168 Broadway, Somerville, MA 02145-3129
      View Details

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    Similar Nearby for Lease

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      Brookline Village Retail Space Available

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      6,000 SF

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      Brookline Village Retail Space Available

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    • $2,000 /Mo

      Artist Suite Available For Lease

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      View Details
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    282 Broadway
    Somerville, MA 02145-2950
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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