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    377 Summer St, Unit 1 Somerville, MA 02144

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    377 Summer St, Unit 1 Somerville, MA 02144

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    • Investment properties
    • 16,540 SF
    • 0.18 lot acres
    For Lease
    $35 SF/Yr
    View Listing →
    Davis Square Office Space Available For Lease
    $35 SF/Yr
    2,000 SF

    Davis Square Office Space Available

    Newly constructed office space in a prime, thriving location.

    377 Summer, Somerville, MA 2144
    View Listing
    Property ID
    US38-1323250
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Davis Square Hand Crafted Donuts & Bagels / Cafe & Coffee Shop
    • Community Credit Union / Credit Union

    Property Details for 377 Summer St

    Year built
    2010
    Construction
    STEEL FRAME
    Lot size
    0.18 lot acres
    Property size
    16,540 SF
    Zone code
    CBD
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    SOME M:25 B:A L:21
    APU
    SOMEM25BAL21

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.1206
    Latitude
    42.3943
    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
    $0.00
    $1,283,200
    $2,919,000
    $4,202,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,875,000
      20,736 SF

      402 Highland Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 20,736 SF
      402 Highland Ave, Somerville, MA 02144-2548
      View Details
    • Value Estimation
      $950,000
      6,332 SF

      233 Holland St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,332 SF
      233 Holland St, Somerville, MA 02144-2402
      View Details
    • Value Estimation
      $625,000
      3,974 SF

      29 Holland St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,974 SF
      29 Holland St, Somerville, MA 02144-2748
      View Details
    • Value Estimation
      $1,230,000
      8,471 SF

      89 Holland St

      OFFICE/RESIDENTIAL (MIXED USE) • 8,471 SF
      89 Holland St, Somerville, MA 02144-2738
      View Details
    • Value Estimation
      $600,000
      3,504 SF

      221 Morrison Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,504 SF
      221 Morrison Ave, Somerville, MA 02144-2017
      View Details
    • Value Estimation
      $1,135,000
      7,819 SF

      884 Broadway

      OFFICE/RESIDENTIAL (MIXED USE) • 7,819 SF
      884 Broadway, Somerville, MA 02144-1905
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Somerville Retail Space Opportunity

      Commercial space in mixed-use building with public and private outdoor spaces.
      1060 Broadway St, Somerville, MA 02144
      View Details
    • Contact for pricing
      1,670 SF

      Somerville Retail Space Opportunity

      Commercial space in mixed-use building with outdoor access.
      1060 Broadway, Somerville, MA 02144
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    • $5,600,000
      0.19 Acres

      Somerville Industrial Building - Huge Potential

      Prime Somerville location, versatile 8,096 SF building.
      115 Willow Ave, Somerville, MA 02144
      View Details
    • Contact for pricing

      Davis Square Retail Opportunity

      Retail space available in Davis Square, Somerville.
      77 Holland St, Somerville, MA 02144
      View Details
    • New
      $1,449,900
      2,184 SF

      Meticulously Maintained Somerville Two-Family

      Turn-key 2-family near Tufts, Davis Square, and Alewife Greenway.
      66 Gordon St, Somerville, MA 02144
      View Details

    Similar Nearby for Lease

    • $9,750 /Mo

      Unique Loft in Davis Square

      Rare live/work loft with commercial kitchen and private yard.
      70 Howard St, Somerville, MA 02144
      View Details
    • Contact for pricing
      Pending

      Corner Commercial Space with Basement

      Highly visible commercial space with basement storage near Tufts University.
      1244 Broadway, Somerville, MA 02144
      View Details
    • Contact for pricing
      2,000 SF

      Davis Square Office Space Available

      Newly constructed office space in a prime, thriving location.
      377 Summer St, Somerville, MA 02144
      View Details
    • Contact for pricing
      3,618 SF

      Davis Square Office Space

      Office space for lease in the heart of Davis Square.
      261 Elm St, Somerville, MA 02144
      View Details
    • Contact for pricing
      1,583 SF

      Davis Square New Office Space

      New office space in a prime, thriving Davis Square location.
      377 Summer St, Somerville, MA 02144
      View Details
    • Contact for pricing

      Loft Style Office Space

      Two-story loft office near Magoun Square, includes parking.
      99 Albion St, Somerville, MA 02144
      View Details

    Property Visit Statistics

    • Visits by month
      5.3k
    • Visitors by month
      3.1k
    • Avg Time on site
      68 min
    View Listing
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    Somerville, MA 02144
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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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    377 Summer St, Somerville, MA, 02144

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