Fully Renovated Three-Unit Condo
For Sale
$4,349,970
387 Norfolk St, Cambridge, MA 02139
Fully renovated three-unit building with private rear decks, in-unit laundry, and individual heat pump systems.
Property Size5,315 SF
Price / SF$818.43
Days on Market72
Property Features for 387 Norfolk St
General Information
Standard status
Active
Size
5,315 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
99999
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,999
Building Details
Building Size
5,315 SF
Year Built
1916
Year Renovated
2026
Stories
4
Tenancy
Multi
Listing Agency:
LPT Realty - Home & Key Group
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 25
Changed: Sep 3
Last Checked: Sep 4 at 3:59AM
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 LPT Realty - Home & Key Group
Investment Insights
Based on property information with market context.
This fully renovated three-unit building was converted in 2026 and arranged as three thoughtfully designed condos. Each unit includes signature bay windows and oak hardwood floors, along with in-unit laundry and composite decks. The homes feature Bosch appliance suites, quartz countertops, soft-close cabinetry, Kohler fixtures, and designer tile with bespoke vanities in the bathrooms. Unit layouts include bi-level living in Unit 1 with three bedrooms, three full baths, plus a finished lower level offering a recreational room, a home office, and an extra-large laundry area. Units 2 and 3 each offer three bedrooms, two full baths, and a flexible fourth room suitable as a home office or guest suite.
The building is all-electric with individual heat pump systems and separate utilities. Each unit has access to a private rear deck, and one dedicated parking space is included. Unit 3 features a private entry vestibule and unobstructed Boston skyline views.
Located in Inman Square, the property is convenient to dining, shopping, and public transit.
The building is all-electric with individual heat pump systems and separate utilities. Each unit has access to a private rear deck, and one dedicated parking space is included. Unit 3 features a private entry vestibule and unobstructed Boston skyline views.
Located in Inman Square, the property is convenient to dining, shopping, and public transit.
Key Highlights
- Fully renovated three‑unit building (converted in 2026) with private rear decks and in‑unit laundry
- All‑electric with individual heat pump systems and separate utilities for each unit
- Each condo includes Bosch appliance suites, quartz countertops, and soft‑close cabinetry with Kohler fixtures
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
$133,322
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
3.06%
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%
$2,666,440
$2.7M
Cap Rate 7%
$1,904,600
$1.9M
Cap Rate 9%
$1,481,356
$1.5M
Market Conditions
NOI Build-Up for 5,315 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
$200.9K $37.80/SF
− Vacancy
−$10.4K −$1.97/SF
EGI
$190.5K $35.83/SF
− OpEx
−$57.1K −$10.75/SF
NOI
$133.3K $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%
$2,666,440
Cap Rate 7%
$1,904,600
Cap Rate 9%
$1,481,356
Alternative Uses
Best Use
Multifamily LT 5
$1.90M
$1.67M – $2.22M
NOI $133,322 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,601 @ 7.0% cap · market cap 2.86%
Theoretical Best
Office A
$4.10M
$3.59M – $4.78M
NOI $286,832 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,920
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated three-unit building with private rear decks, in-unit laundry, and individual heat pump systems.
Where is this triplex located?
The property is located at 387 Norfolk St Cambridge, MA.
What is the asking price?
The asking price for this property is $4,349,970.
What are key features of this property?
This property features: Fully renovated three‑unit building (converted in 2026) with private rear decks and in‑unit laundry; All‑electric with individual heat pump systems and separate utilities for each unit; Each condo includes Bosch appliance suites, quartz countertops, and soft‑close cabinetry with Kohler fixtures
