Separately Metered Six-Unit Apartment
For Sale
$2,200,000
588-590 Cambridge St, Boston, MA 02134
MULTI_FAMILY - Boston, MA
Property Size5,345 SF
Lot Size0.19 Acres
Price / SF$411.60
Days on Market108
Property Features for 588-590 Cambridge St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 3, Bedroom 5, Bedroom 6, Bathroom 4, Bedroom 1, Bathroom 6, Bathroom 2, Bedroom 2, Bedroom 7
Parking
6
Fireplace
1
Directions
Near intersection of Cambridge and Gordon Streets
Subdivision
Allston
Standard status
Active
APN
W:21 P:01222 S:000
Size
5,345 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14886
Building Details
Year built
1930
Floors in Building
5
Number of units
6
Listing Agency:
RE/MAX Select Realty · RE/MAX International
(617) 787-9800
Listed By:
Kevin Cleary · License #449530776
(617) 787-9800
Added: Apr 28
Changed: Aug 2
Last Checked: Aug 13 at 12:06AM
MLS# 73508554
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment building consists of five 1-bedroom apartments and one 2-bedroom apartment. Each unit is separately metered for heat, hot water, and electricity. The property includes four dedicated off-street parking spaces in the rear. A fireplace is listed for the building, and the property was built in 1930.
The location is steps from the Green Line, with major universities and local dining nearby. Zoning is R4.
Lease timing provides multiple opportunities to manage tenancy, with four leases expiring August 31, 2026, one unit on a tenant-at-will, and one unit leased through July 31, 2027.
The location is steps from the Green Line, with major universities and local dining nearby. Zoning is R4.
Lease timing provides multiple opportunities to manage tenancy, with four leases expiring August 31, 2026, one unit on a tenant-at-will, and one unit leased through July 31, 2027.
Key Highlights
- Five 1‑bedroom units plus one 2‑bedroom apartment in a six‑unit building
- Separately metered heat, hot water, and electricity for each unit
- Four dedicated off‑street parking spaces in the rear
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,565
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,511,300
$2.5M
Cap Rate 7%
$1,793,786
$1.8M
Cap Rate 9%
$1,395,167
$1.4M
Market Conditions
NOI Build-Up for 5,345 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$237.3K $44.40/SF
− Vacancy
−$9.0K −$1.69/SF
EGI
$228.3K $42.71/SF
− OpEx
−$102.7K −$19.22/SF
NOI
$125.6K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,511,300
Cap Rate 7%
$1,793,786
Cap Rate 9%
$1,395,167
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,565 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,164 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,395
Businesses Nearby
Explore this area
Business Placement
Demographics for 02134, MA
21,707
Population
9,027
Households
2.4
Avg Household Size
27
Median Age
76%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
18,089
Density / Sq Mi
$75,317
Median Household Income
$49,275
Median Earnings
$2,269
Median Rent
$586,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit apartment building with separately metered heat, hot water, and electricity, plus four off-street parking spaces.
Where is this apartment building located?
The property is located at 588-590 Cambridge St Boston, MA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Five 1‑bedroom units plus one 2‑bedroom apartment in a six‑unit building; Separately metered heat, hot water, and electricity for each unit; Four dedicated off‑street parking spaces in the rear
