Cambridge Multifamily Investment
For Sale
$12,000,000
Pending
22-24 Magazine Street, Cambridge, MA 02139
Twelve renovated apartment units in Cambridge's Central Square neighborhood.
Property Size16,384 SF
Days on Market165
Property Features for 22-24 Magazine Street
General Information
Standard status
Pending
Size
16,384 SF
Property subtype
Residential Income
Zoning
C
Taxes and HOA fees
Annual Taxes
$63,477
Building Details
Building Size
16,384 SF
Year Built
2019
Stories
4
Listed By:
Kim Cook
(978) 852-5054
Source:
Cookandcompanyre.idxbroker
Added: Apr 24
Changed: Sep 12
Last Checked: Oct 4 at 6:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kim Cook
Investment Insights
Based on property information with market context.
Located in the Central Square neighborhood of Cambridge, 22-24 Magazine Street features 12 apartment units within a four-story building with a basement, originally constructed in 1905. The property has undergone substantial capital improvements, including upgrades to building and life safety systems, as well as complete gut renovations of all apartments to condo-quality finish levels, following a fire in late-2017. The units consist of eleven 4-bed, 2-bath apartments and one 3-bed, 2-bath apartment, averaging 1,365 square feet. Each apartment includes open-concept kitchens, in-unit laundry, stainless steel appliance packages, central AC, and private oversized balcony/patio spaces. The location is considered a Walker's Paradise with a walk score of 97, Very Bikeable with a bike score of 89, and has Excellent Transit with a transit score of 85.
Key Highlights
- Fully gut‑renovated apartments with condo‑quality finishes.
- Large, desirable layouts averaging 1,365 square feet.
- Prime Central Square location with excellent walk, bike, and transit scores.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$384,093
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,681,860
$7.7M
Cap Rate 7%
$5,487,043
$5.5M
Cap Rate 9%
$4,267,700
$4.3M
Market Conditions
NOI Build-Up for 16,384 SF
Gross rent
$727.4K $44.40/SF
− Vacancy
−$29.1K −$1.78/SF
EGI
$698.4K $42.62/SF
− OpEx
−$314.3K −$19.18/SF
NOI
$384.1K $23.44/SF
Area
Cambridge, MA
Vacancy
4.00%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,681,860
Cap Rate 7%
$5,487,043
Cap Rate 9%
$4,267,700
Alternative Uses
Best Use
Apartment 5plus
$5.49M
$4.80M – $6.40M
NOI $384,093 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.63M
$11.05M – $14.74M
NOI $884,189 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,825
Businesses Nearby
Explore this area
Business Placement
Demographics for 02139, MA
39,525
Population
16,930
Households
2.3
Avg Household Size
30
Median Age
78%
College-Educated
94%
High-School Grad
1.6 sq mi
ZIP Area
24,703
Density / Sq Mi
$124,648
Median Household Income
$61,025
Median Earnings
$2,613
Median Rent
$1,066,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve renovated apartment units in Cambridge's Central Square neighborhood.
Where is this apartment building located?
The property is located at 22-24 Magazine Street Cambridge, MA.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: Fully gut‑renovated apartments with condo‑quality finishes.; Large, desirable layouts averaging 1,365 square feet.; Prime Central Square location with excellent walk, bike, and transit scores.
