Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    588 Somerville Ave Somerville, MA 02143-3217

    • Investment properties
    • 4,700 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $725,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1792255
    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

    • City Slicker Cafe / Pizza Restaurant / American Restaurant

    Property Details for 588 Somerville Ave

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.07 lot acres
    Property size
    4,700 SF
    Zone code
    IA
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    SOME M:45 B:B L:20
    APU
    SOMEM45BBL20

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.109
    Latitude
    42.3836
    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
    $414,300
    $506,600
    $920,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $575,000
      3,296 SF

      247 Highland Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,296 SF
      247 Highland Ave, Somerville, MA 02143-1310
      View Details
    • Value Estimation
      $515,000
      2,800 SF

      90 Highland Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,800 SF
      90 Highland Ave, Somerville, MA 02143-1725
      View Details
    • Value Estimation
      $1,245,000
      8,415 SF

      669 Somerville Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 8,415 SF
      669 Somerville Ave, Somerville, MA 02143-3235
      View Details
    • Value Estimation
      $1,105,000
      7,558 SF

      16 Un Sq

      OFFICE/RESIDENTIAL (MIXED USE) • 7,558 SF
      16 Un Sq, Somerville, MA 02143
      View Details
    • Value Estimation
      $960,000
      6,391 SF

      182 Washington St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,391 SF
      182 Washington St, Somerville, MA 02143-3129
      View Details
    • Value Estimation
      $595,000
      3,588 SF

      21 Bow St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,588 SF
      21 Bow St, Somerville, MA 02143-2933
      View Details

    Similar Nearby for Sale

    • $160,000

      Beacon St, Somerville, MA 02143

      Investment properties
      Beacon St, Somerville, MA 02143
      View Details
    • $6,700,000

      New Mixed-Use Asset in Somerville

      Newly constructed mixed-use property in Somerville's Union Square neighborhood.
      379 Somerville Ave, Somerville, MA 02143
      View Details
    • $850,000
      0.02 Acres

      Historic Somerville Diner - Prime Location

      Iconic diner, AS IS, high foot traffic.
      113 Washington St, Somerville, MA 02143
      View Details
    • $400,000

      Somerville Commercial Condo - Turnkey Ready

      Prime Somerville location, low fees, multiple uses.
      595 Somerville Ave, Somerville, MA 02143
      View Details
    • Contact for pricing
      95 SF

      Innovative Office Space in Somerville

      Office space available in mixed-use development near Kendall Square.
      561 Windsor St, Somerville, MA 02143
      View Details
    • $1,230,000

      Turreted Victorian Two-Family Near Greenline

      Deleaded two-family Victorian with in-law suite near Gilman Square.
      70 Highland Ave, Somerville, MA 02143
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,489 SF

      Somerville Retail Space For Rent

      Retail space available in dynamic mixed-use development near Assembly Row.
      290 Revolution Dr, Somerville, MA 02143
      View Details
    • Contact for pricing
      2,167 SF

      Retail Space in Union Square

      Retail space available in a revitalized Union Square area.
      10 Prospect St, Somerville, MA 02143
      View Details
    • $17 SF/Yr
      40,000 SF

      Industrial Warehouse Space For Lease

      12,000 SF industrial warehouse space with convenient highway access.
      Somerville, MA 02143
      View Details
    • Contact for pricing
      78,000 SF

      Somerville Warehouse: 78,000 SF

      Large industrial warehouse, ideal for lease or sale.
      321 Washington St, Somerville, MA 02143
      View Details
    • Contact for pricing
      30,590 SF

      Class A Office Space Available

      126,000 SF office space for lease in Somerville, MA.
      455 Grand Union Blvd, Somerville, MA 02143
      View Details
    • Contact for pricing
      1,964 SF

      Somerville Retail Space For Rent

      Retail space available for rent in Somerville, Massachusetts.
      300 Somerville Ave, Somerville, MA 02143
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    588 Somerville Ave
    Somerville, MA 02143-3217
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.