Cambridge Multifamily Investment
For Sale
$3,250,000
31 Plymouth St, Cambridge, MA 02141
Partially renovated 5-unit property near Kendall Square.
Property Size6,252 SF
Days on Market96
Property Features for 31 Plymouth St
General Information
Standard status
Active
Size
6,252 SF
Property subtype
Multifamily
Amenities
Half renovated value-add opportunity
Excellent location near Kendall Square
Close to Boston colleges and universities
Building Details
Building Size
6,252 SF
Units
5
Listing Agency:
(617) 896-7277
Listed By:
Tony Pepdjonovic · License #License(s): MA: 9525302
(617) 896-7277
Source:
Marcusmillichap
Added: May 18
Changed: Aug 8
Last Checked: Aug 21 at 3:57AM
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 Tony Pepdjonovic
Investment Insights
Based on property information with market context.
The property at 31–35 Plymouth Street is a partially renovated, value-add opportunity. It comprises two buildings totaling 5 units. The unit mix includes (3) three-bedroom, one-bathroom apartments and (2) three-bedroom, two-bathroom apartments. The property is located in an excellent neighborhood near Kendall Square, offering convenient access to public transportation and multiple highways. Residents benefit from walkable proximity to local shops, restaurants, and everyday amenities. The location also provides close access to Boston-area colleges and universities.
Key Highlights
- Excellent location near Kendall Square.
- Value‑add opportunity with partial renovations.
- 5 units consisting of (3) three‑bedroom, one‑bathroom and (2) three‑bedroom, two‑bathroom apartments.
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
$146,567
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
4.51%
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%
$2,931,340
$2.9M
Cap Rate 7%
$2,093,814
$2.1M
Cap Rate 9%
$1,628,522
$1.6M
Market Conditions
NOI Build-Up for 6,252 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
$277.6K $44.40/SF
− Vacancy
−$11.1K −$1.78/SF
EGI
$266.5K $42.62/SF
− OpEx
−$119.9K −$19.18/SF
NOI
$146.6K $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 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%
$2,931,340
Cap Rate 7%
$2,093,814
Cap Rate 9%
$1,628,522
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,567 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.82M
$4.22M – $5.62M
NOI $337,399 @ 7.0% cap · market cap 10.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,426
Businesses Nearby
Explore this area
Business Placement
Demographics for 02141, MA
15,130
Population
8,128
Households
1.9
Avg Household Size
32
Median Age
74%
College-Educated
94%
High-School Grad
0.6 sq mi
ZIP Area
25,217
Density / Sq Mi
$120,542
Median Household Income
$73,002
Median Earnings
$2,752
Median Rent
$892,600
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 - Partially renovated 5-unit property near Kendall Square.
Where is this apartment building located?
The property is located at 31 Plymouth St Cambridge, MA.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Excellent location near Kendall Square.; Value‑add opportunity with partial renovations.; 5 units consisting of (3) three‑bedroom, one‑bathroom and (2) three‑bedroom, two‑bathroom apartments.
