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 Market45
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
(617) 396-3100
Source:
Longwoodresidential
Added: Jun 28
Changed: Aug 10
Last Checked: Aug 10 at 3:37AM
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
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 = 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
$247,185
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
7.06%
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%
$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
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
$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 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%
$4,943,700
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.
Property Analytics
Current Use
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
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 - 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
