Those looking to buy a home in Somerville’s popular Davis and Porter Square neighborhoods will have to pony up about $1 million to do so. A multifamily Philadelphia-style home within walking distance of the Red Line just hit the market for $969,000.

During a Sunday open house at the property, located just off Hancock Street, about a 10 minute walk to either Davis or Porter T stops, Prudential broker John Buccelli said the four-bed, two-bath home would likely fetch seven figures. “That’s the number [$1 million],” Buccelli said.

Built in 1910, the home carries a 2015 assessment value of $651,000, which is just about the median list price for a four-bedroom, multifamily Somerville property, according to Zillow.

“There are two types of people looking to buy in Somerville,” Buccelli said. “Those looking to gut [the home], turn it into condos and flip it. Or people looking to settle down.”

Once the price approaches $1 million to $1.2 million, Buccelli said, buyers tend to be families looking for a longterm home who would want to live in one half of the house and rent out the other. The current owners of this property have been renting out the first floor – a one-bed, one-bath unit – for $2,000 a month.

A family who wanted to buy this property and live on the second and third floors “could make a fortune” renting out the first floor, Buccelli said, adding: “Davis Square is one of the hottest neighborhoods in America.”