9-Unit Multifamily Development
For Sale
$3,500,000
16 Field Street, Cambridge, MA 02138
Proposed 9-unit multifamily development with a mix of two- and three-bedroom residences featuring private outdoor space.
Property Size10,544 SF
Price / SF$331.94
Days on Market146
Property Features for 16 Field Street
General Information
Standard status
Active
Size
10,544 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
9
Building Details
Year Built
2026
Listing Agency:
RE/MAX Real Estate Center
Listed By:
David Lilley · License #126913
(617) 290-5868
Source:
Longwoodresidential
Added: May 30
Changed: Oct 21
Last Checked: Oct 20 at 11:22PM
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 RE/MAX Real Estate Center
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Investment Insights
Based on property information with market context.
A will-be-fully-permitted 9-unit multifamily development opportunity at 14–16 Field Street in Cambridge. The proposed plan calls for 8 luxury two-bedroom residences and 1 three-bedroom residence, each designed with private balconies and/or studies, and select units with roof decks.
The site is described as shovel-ready, with plans soon to be approved and a timeline intended to allow immediate demo and construction to proceed faster to completion. The offering materials indicate the opportunity can be pursued as premium condominiums or held as high-end rental units.
Plans and the offering memorandum are available for review, including a full set of proposed designs provided under a paper clip.
The site is described as shovel-ready, with plans soon to be approved and a timeline intended to allow immediate demo and construction to proceed faster to completion. The offering materials indicate the opportunity can be pursued as premium condominiums or held as high-end rental units.
Plans and the offering memorandum are available for review, including a full set of proposed designs provided under a paper clip.
Key Highlights
- Proposed 9‑unit development in West Cambridge with 8 two‑bedroom and 1 three‑bedroom luxury residences
- Each unit planned with private outdoor space including balconies, studies, and roof decks
- Plans are described as soon to be approved with fully permitted development opportunity
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$247,185
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,943,700
$4.9M
Cap Rate 7%
$3,531,214
$3.5M
Cap Rate 9%
$2,746,500
$2.7M
Market Conditions
NOI Build-Up for 10,544 SF
Gross rent
$468.2K $44.40/SF
− Vacancy
−$18.7K −$1.78/SF
EGI
$449.4K $42.62/SF
− OpEx
−$202.2K −$19.18/SF
NOI
$247.2K $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%
$4,943,700
Cap Rate 7%
$3,531,214
Cap Rate 9%
$2,746,500
Alternative Uses
Best Use
Apartment 5plus
$3.53M
$3.09M – $4.12M
NOI $247,185 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.13M
$7.11M – $9.48M
NOI $569,024 @ 7.0% cap · market cap 16.26%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
9
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,252
Businesses Nearby
Explore this area
Business Placement
Demographics for 02138, MA
37,982
Population
16,132
Households
2.4
Avg Household Size
30
Median Age
86%
College-Educated
98%
High-School Grad
2.7 sq mi
ZIP Area
14,067
Density / Sq Mi
$122,040
Median Household Income
$46,436
Median Earnings
$2,799
Median Rent
$1,088,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Proposed 9-unit multifamily development with a mix of two- and three-bedroom residences featuring private outdoor space.
Where is this apartment building located?
The property is located at 16 Field Street Cambridge, MA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Proposed 9‑unit development in West Cambridge with 8 two‑bedroom and 1 three‑bedroom luxury residences; Each unit planned with private outdoor space including balconies, studies, and roof decks; Plans are described as soon to be approved with fully permitted development opportunity
