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
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    70 Prospect St Ste, Unit 2 Somerville, MA 02143-4165

    • Commercial real estate
    • 308 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-2278516
    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

    • Commercial real estate

    Property Details for 70 Prospect St Ste

    Year built
    2015
    Property size
    308 SF
    Property type
    Commercial real estate
    APN
    SOME M:83 B:B L:1 U:2
    APU
    SOMEM83BBL1U2

    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
    -71.0956
    Latitude
    42.3765
    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
    $1,949
    $0.00
    $107,100
    $107,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,575,000
      18,662 SF

      40 Lk St

      SHOW ROOM, WAREHOUSE • 18,662 SF
      40 Lk St, Somerville, MA 02143-2913
      View Details
    • Value Estimation by Request
      125 SF

      1 Fitchburg St, Unit B451

      COMMERCIAL CONDOMINUIM • 125 SF
      1 Fitchburg St, Somerville, MA 02143-2113
      View Details
    • Value Estimation by Request
      870 SF

      4 Loring St

      COMMERCIAL CONDOMINUIM • 870 SF
      4 Loring St, Somerville, MA 02143
      View Details
    • Value Estimation by Request
      1,133 SF

      38-42 Medford St, Unit 1

      COMMERCIAL CONDOMINUIM • 1,133 SF
      38-42 Medford St, Somerville, MA 02143
      View Details
    • Value Estimation by Request
      828 SF

      37 Woodbine St

      COMMERCIAL CONDOMINUIM • 828 SF
      37 Woodbine St, Somerville, MA 02143-1116
      View Details
    • Value Estimation
      $1,385,000
      4,920 SF

      25 Washington St

      SHOW ROOM, WAREHOUSE • 4,920 SF
      25 Washington St, Somerville, MA 02143-4403
      View Details

    Similar Nearby for Sale

    • $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
    • $850,000
      0.02 Acres

      Historic Somerville Diner for Sale

      Iconic diner, prime location, motivated seller.
      113 Washington St, 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
    • $649,900

      Vintage Diner For Sale

      1929 Worcester Lunch Car diner near new green line.
      113 Washington St, Somerville, MA 02143
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      336,000 SF

      Boynton Gateway Retail Space

      Prime Somerville Cafe Opportunity, 1021 sq ft.
      495 Columbia St, Somerville, MA 02143
      View Details
    • Contact for pricing
      6,752 SF

      Somerville Office and Retail Space

      Office and retail spaces with on-site amenities and parking.
      14 Tyler St, Somerville, MA 02143
      View Details
    • Contact for pricing
      1,690 SF

      Somerville Warehouse/Flex Space For Lease

      First floor warehouse/flex space with MBTA access and at-grade door.
      588-590 Somerville Ave, Somerville, MA 02143
      View Details
    • Contact for pricing
      2,465 SF

      New Retail Space in Somerville

      New retail and restaurant spaces in Union Square, Somerville.
      50 Prospect St, Somerville, MA 02143
      View Details
    • $36 SF/Yr
      900 SF

      Retail Space on Highland Avenue

      Retail space for lease in Somerville's commercial district.
      201 Highland Ave, Somerville, MA 02143
      View Details
    • Contact for pricing
      285,130 SF

      Somerville Executive Office Space

      Prime Somerville location, flexible suites available.
      14-22 Mcgrath Hwy, 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.
    70 Prospect St Ste, Unit 2
    Somerville, MA 02143-4165
    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.