Historic 15-Unit Apartment
For Sale
$11,999,000
183 Harvard St, Cambridge, MA 02139
C-1-zoned apartment portfolio with unfinished attic and basement areas for future planning.
Property Size22,992 SF
Price / SF$521.88
Days on Market174
Property Features for 183 Harvard St
General Information
Standard status
Active
Size
22,992 SF
Property subtype
Multi-Family
Zoning
C-1
Net Operating Income
$507,600
Taxes and HOA fees
Annual Taxes
$56,050
Building Details
Building Size
22,992 SF
Year Built
1886
Stories
15
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Mar 11
Changed: Aug 30
Last Checked: Aug 30 at 1:50PM
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 Atlantic Properties
Investment Insights
Based on property information with market context.
Built in 1886, this 22,992-square-foot apartment property comprises five attached Mansard-style buildings with 15 units in total. Each building contains three apartments, including one one-bedroom, one two-bedroom, and one three-bedroom unit. Unfinished attic space and high-ceiling basement areas add usable areas for future planning, subject to applicable approvals.
The property is a contributing structure within the Old Cambridgeport National Register Historic District. Architectural details include brick construction, round bays extending through the cornice, arched windows and entrances, recessed entryways, and period ornamentation. Positioned at the end of Cherry Street, the property is located minutes from Harvard, MIT, Central Square, and Kendall Square.
The property is a contributing structure within the Old Cambridgeport National Register Historic District. Architectural details include brick construction, round bays extending through the cornice, arched windows and entrances, recessed entryways, and period ornamentation. Positioned at the end of Cherry Street, the property is located minutes from Harvard, MIT, Central Square, and Kendall Square.
Key Highlights
- 15 apartments across five attached Mansard‑style buildings
- Unit mix includes five one‑bedroom, five two‑bedroom, and five three‑bedroom apartments
- 22,992‑square‑foot property built in 1886
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
$539,006
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
4.49%
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%
$10,780,120
$10.8M
Cap Rate 7%
$7,700,086
$7.7M
Cap Rate 9%
$5,988,956
$6.0M
Market Conditions
NOI Build-Up for 22,992 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
$1.02M $44.40/SF
− Vacancy
−$40.8K −$1.78/SF
EGI
$980.0K $42.62/SF
− OpEx
−$441.0K −$19.18/SF
NOI
$539.0K $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%
$10,780,120
Cap Rate 7%
$7,700,086
Cap Rate 9%
$5,988,956
Alternative Uses
Best Use
Apartment 5plus
$7.70M
$6.74M – $8.98M
NOI $539,006 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.73M
$15.51M – $20.68M
NOI $1,240,800 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,261
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?
Apartment building - C-1-zoned apartment portfolio with unfinished attic and basement areas for future planning.
Where is this apartment building located?
The property is located at 183 Harvard St Cambridge, MA.
What is the asking price?
The asking price for this property is $11,999,000.
What are key features of this property?
This property features: 15 apartments across five attached Mansard‑style buildings; Unit mix includes five one‑bedroom, five two‑bedroom, and five three‑bedroom apartments; 22,992‑square‑foot property built in 1886
