Historic Three-Story Office
For Sale
$5,800,000
159 Brattle Street, Cambridge, MA 02138
Georgian office property with a detached carriage house and garage on an expansive Cambridge parcel.
Property Size6,449 SF
Lot Size0.41 Acres
Price / SF$899.36
Days on Market29
Property Features for 159 Brattle Street
General Information
Standard status
Active
Size
6,449 SF
Total Parking Spaces
5
Lot size
0.41 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$46,860
Building Details
Year Built
1685
Buildings
2
Stories
3
Construction
Georgian
Tenancy
Single
Listing Agency:
LandVest, Inc., Ipswich
(413) 333-7776
Listed By:
Monahan Barker Team
Source:
Ma-cthomes
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 29 at 7:14AM
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 LandVest, Inc., Ipswich
Investment Insights
Based on property information with market context.
The Hooper-Lee-Nichols House is a three-story Georgian property dating to 1685, with a central chimney and symmetrical architectural proportions. It is currently configured for office use as the headquarters of History Cambridge. A detached carriage house and garage are positioned behind the main structure and accessed from Kennedy Road.
The property occupies an 18,012± square foot parcel, with the house set back from the street. It is located within the Old Cambridge Historic District, where exterior features are protected. An easement held by the Massachusetts Historical Commission safeguards important interior elements. The property’s historic protections and existing office configuration are central considerations for future ownership and use.
The property occupies an 18,012± square foot parcel, with the house set back from the street. It is located within the Old Cambridge Historic District, where exterior features are protected. An easement held by the Massachusetts Historical Commission safeguards important interior elements. The property’s historic protections and existing office configuration are central considerations for future ownership and use.
Key Highlights
- Three‑story Georgian structure built in 1685
- 18,012± square foot parcel
- Currently configured for office use as History Cambridge headquarters
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
$249,501
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
4.30%
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%
$4,990,020
$5.0M
Cap Rate 7%
$3,564,300
$3.6M
Cap Rate 9%
$2,772,233
$2.8M
Market Conditions
NOI Build-Up for 6,449 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
$373.8K $57.96/SF
− Vacancy
−$41.1K −$6.38/SF
EGI
$332.7K $51.58/SF
− OpEx
−$83.2K −$12.90/SF
NOI
$249.5K $38.69/SF
Area
Cambridge, MA
Vacancy
11.00%
Lease Rate
$57.96 /SF/Yr
Expense Ratio
25.00%
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%
$4,990,020
Cap Rate 7%
$3,564,300
Cap Rate 9%
$2,772,233
Alternative Uses
Best Use
Office B
$3.56M
$3.12M – $4.16M
NOI $249,501 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.97M
$4.35M – $5.80M
NOI $348,031 @ 7.0% cap · market cap 6.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,922
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Georgian office property with a detached carriage house and garage on an expansive Cambridge parcel.
Where is this office building located?
The property is located at 159 Brattle Street Cambridge, MA.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: Three‑story Georgian structure built in 1685; 18,012± square foot parcel; Currently configured for office use as History Cambridge headquarters
