Cambridge Multifamily Investment
For Sale
$12,000,000
Pending
22-24 Magazine Street, Cambridge, MA 02139
Twelve renovated apartment units in Cambridge's Central Square neighborhood.
Property Size16,384 SF
Days on Market189
Property Features for 22-24 Magazine Street
General Information
Standard status
Pending
Size
16,384 SF
Property subtype
Residential Income
Zoning
C
Site & Location
Neighborhood
Cambridgeport
Taxes and HOA fees
Annual Taxes
$63,477
Building Details
Building Size
16,384 SF
Year Built
2019
Stories
4
Listed By:
Kim Cook
(978) 852-5054
Source:
Cookandcompanyre.idxbroker
Added: Apr 24
Changed: Oct 26
Last Checked: Oct 28 at 4:40AM
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 Kim Cook
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Investment Insights
Based on property information with market context.
Located in the Central Square neighborhood of Cambridge, 22-24 Magazine Street features 12 apartment units within a four-story building with a basement, originally constructed in 1905. The property has undergone substantial capital improvements, including upgrades to building and life safety systems, as well as complete gut renovations of all apartments to condo-quality finish levels, following a fire in late-2017. The units consist of eleven 4-bed, 2-bath apartments and one 3-bed, 2-bath apartment, averaging 1,365 square feet. Each apartment includes open-concept kitchens, in-unit laundry, stainless steel appliance packages, central AC, and private oversized balcony/patio spaces. The location is considered a Walker's Paradise with a walk score of 97, Very Bikeable with a bike score of 89, and has Excellent Transit with a transit score of 85.
Key Highlights
- Fully gut‑renovated apartments with condo‑quality finishes.
- Large, desirable layouts averaging 1,365 square feet.
- Prime Central Square location with excellent walk, bike, and transit scores.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$384,093
Cap Rate
3.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,681,860
$7.7M
Cap Rate 7%
$5,487,043
$5.5M
Cap Rate 9%
$4,267,700
$4.3M
Market Conditions
NOI Build-Up for 16,384 SF
Gross rent
$727.4K $44.40/SF
− Vacancy
−$29.1K −$1.78/SF
EGI
$698.4K $42.62/SF
− OpEx
−$314.3K −$19.18/SF
NOI
$384.1K $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%
$7,681,860
Cap Rate 7%
$5,487,043
Cap Rate 9%
$4,267,700
Alternative Uses
Best Use
Apartment 5plus
$5.49M
$4.80M – $6.40M
NOI $384,093 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.63M
$11.05M – $14.74M
NOI $884,189 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
3,825
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Twelve renovated apartment units in Cambridge's Central Square neighborhood.
Where is this apartment building located?
The property is located at 22-24 Magazine Street Cambridge, MA.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: Fully gut‑renovated apartments with condo‑quality finishes.; Large, desirable layouts averaging 1,365 square feet.; Prime Central Square location with excellent walk, bike, and transit scores.
