Cambridge Two-Family Near Porter
For Sale
$1,599,900
Pending
128 Elm St, Cambridge, MA 02140
Two-family property near Harvard, Lesley University, and the Red Line.
Property Size2,975 SF
Days on Market150
Property Features for 128 Elm St
General Information
Standard status
Pending
Size
2,975 SF
Property subtype
Multi Family
Building Details
Year Built
1903
Listing Agency:
Lock and Key Realty
Listed By:
Jordan Healy
(413) 717-0635
Source:
Lockandkeyre
Added: Apr 10
Changed: Sep 6
Last Checked: Sep 6 at 8:00AM
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 Lock and Key Realty
Investment Insights
Based on property information with market context.
Located in the heart of Cambridge’s Porter Square, this two-family property presents an opportunity for investors and homeowners. The property is situated near Harvard, Lesley University, and the Red Line. The first-floor unit features a sun-drenched living room, dining room, an eat-in kitchen with a pantry, and gas cooking, as well as high ceilings and hardwood floors. The unit includes one bedroom. The second-floor unit offers a kitchen with gas cooking and a pantry, a bright living room and dining area with a fireplace, and four bedrooms with closet space. The property also has an expandable third floor.
Key Highlights
- Prime Porter Square location, near Harvard, Lesley University, and the Red Line.
- Two‑family property offering investment or owner‑occupancy potential.
- Spacious units with sun‑drenched living areas and hardwood floors.
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
$74,625
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
4.66%
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%
$1,492,500
$1.5M
Cap Rate 7%
$1,066,071
$1.1M
Cap Rate 9%
$829,167
$829.2K
Market Conditions
NOI Build-Up for 2,975 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
$112.5K $37.80/SF
− Vacancy
−$5.8K −$1.97/SF
EGI
$106.6K $35.83/SF
− OpEx
−$32.0K −$10.75/SF
NOI
$74.6K $25.08/SF
Area
Cambridge, MA
Vacancy
5.20%
Lease Rate
$37.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,492,500
Cap Rate 7%
$1,066,071
Cap Rate 9%
$829,167
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$932.8K – $1.24M
NOI $74,625 @ 7.0% cap · market cap 4.66%
Second Best
Apartment 5plus
$996.3K
$871.8K – $1.16M
NOI $69,744 @ 7.0% cap · market cap 4.36%
Theoretical Best
Office A
$2.29M
$2.01M – $2.68M
NOI $160,551 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 02140, MA
21,447
Population
11,117
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
95%
High-School Grad
1.2 sq mi
ZIP Area
17,873
Density / Sq Mi
$136,382
Median Household Income
$77,506
Median Earnings
$2,581
Median Rent
$1,070,200
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?
Duplex - Two-family property near Harvard, Lesley University, and the Red Line.
Where is this duplex located?
The property is located at 128 Elm St Cambridge, MA.
What is the asking price?
The asking price for this property is $1,599,900.
What are key features of this property?
This property features: Prime Porter Square location, near Harvard, Lesley University, and the Red Line.; Two‑family property offering investment or owner‑occupancy potential.; Spacious units with sun‑drenched living areas and hardwood floors.
