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34 Summer St 2 Unit Apartment Building $1,595,000 ($797,500/Unit) 6.79% Cap Rate Somerville, MA 02143
Investment Highlights
- Two-family property featuring two updated units with a combined total of eight bedrooms and three bathrooms.
- Strong income potential with both units leased, currently producing $9,020 in total monthly rental income.
- Off-street parking for three vehicles and close proximity to key commuter routes and universities.
- Positioned near Union Square and Bow Market with access to Green Line, shopping, and dining destinations.
- Features include hardwood floors, modernized kitchens, and an abundance of natural light throughout.
- Ideal investment or live-plus-income option in a highly walkable, transit-rich neighborhood.
Executive Summary
Prime Turnkey Two-Family on Summer St, steps From Bow Market and Union Square. Impeccably maintained and perfectly positioned, this property offers two spacious units with modern updates, and solid rental history. Both units offer an abundance of natural light, with hardwood floors, and renovated kitchens. Unit 1 (first floor + lower level) is currently used as a 3 bed/2 bath with 1128 sqft on the main level and 764 sqft on the lower level. Unit 2 (second and third floors) is currently used as a 5 bed/1 bath with 1110 sqft on the second floor and 339 sqft on the third. Strong rental income: $9,020/month (Unit 1: $4,200 | Unit 2: $4,820). Three tandem parking spaces for use by Unit 1 tenants. Whether you’re seeking a turnkey investment with an attractive cashflow, or envision living in one unit while renting the other, this property offers different possibilities for a discerning investor in Somerville’s vibrant Union Square.
Property Facts
| Price | $1,595,000 | Apartment Style | Low-Rise |
| Price Per Unit | $797,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.79% | Building Size | 3,341 SF |
| No. Units | 2 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | RB - Residential | ||
| Price | $1,595,000 |
| Price Per Unit | $797,500 |
| Sale Type | Investment |
| Cap Rate | 6.79% |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 3,341 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Zoning | RB - Residential |
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Exceptionally walkable
100/100
Fairly drivable
50/100
Strong public transit
80/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | SOME-000063-C000000-000002 | Improvements Assessment | $660,600 |
| Land Assessment | $419,600 | Total Assessment | $1,080,200 |
Property Taxes
Parcel Number
SOME-000063-C000000-000002
Land Assessment
$419,600
Improvements Assessment
$660,600
Total Assessment
$1,080,200
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34 Summer St
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