Renovated Three-Unit
For Sale
$2,800,000
Pending
22 Madison Ave, Cambridge, MA 02140
Three matching apartments offer updated finishes, individual utility metering, and dedicated high-efficiency mechanical systems.
Property Size3,957 SF
Days on Market161
Property Features for 22 Madison Ave
General Information
Standard status
Pending
Size
3,957 SF
Property subtype
3 Family - 3 Units Up/Down
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 3BR/2BA
Multifamily Units
3
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$18,735
Amenities
high ceilings
new windows
central AC
stainless steel appliances
quartz countertops
high efficiency gas furnaces
on-demand tankless hot water
separately metered utilities
basement storage
Building Details
Building Size
3,957 SF
Year Built
1923
Year Renovated
2023
Buildings
1
Listing Agency:
eXp Realty
(617) 819-7611
Listed By:
Montivista Real Estate Group
Source:
Downtownbostonrealty
Added: Mar 25
Changed: Aug 31
Last Checked: Aug 30 at 11:35PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1923 triplex was gut-renovated in 2023 and contains three matching apartments, each with 3 bedrooms and 2 bathrooms. The units feature high ceilings, new windows, contemporary flooring, stainless steel appliances, quartz countertops, central AC, high-efficiency gas furnaces, and on-demand tankless hot water. Utilities are separately metered for each apartment. Building infrastructure includes a heavy-duty fire sprinkler system with a dedicated storage tank, along with substantial basement storage.
Located on a quiet one-way street in North Cambridge, the property is 0.5 miles from Alewife Station and carries a 92 Bike Score. Cambridge's new zoning regulation may allow consideration of an additional floor or ADU, subject to applicable requirements. The property is also identified as a candidate for condo conversion.
Located on a quiet one-way street in North Cambridge, the property is 0.5 miles from Alewife Station and carries a 92 Bike Score. Cambridge's new zoning regulation may allow consideration of an additional floor or ADU, subject to applicable requirements. The property is also identified as a candidate for condo conversion.
Key Highlights
- Gut‑renovated in 2023; original construction dates to 1923
- Three identical apartments, each with 3 bedrooms and 2 bathrooms
- Individual utility metering, central AC, gas furnaces, and tankless hot water
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
$99,258
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
3.54%
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%
$1,985,160
$2.0M
Cap Rate 7%
$1,417,971
$1.4M
Cap Rate 9%
$1,102,867
$1.1M
Market Conditions
NOI Build-Up for 3,957 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
$149.6K $37.80/SF
− Vacancy
−$7.8K −$1.97/SF
EGI
$141.8K $35.83/SF
− OpEx
−$42.5K −$10.75/SF
NOI
$99.3K $25.08/SF
Area
Cambridge, MA
Vacancy
5.20%
Lease Rate
$37.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,985,160
Cap Rate 7%
$1,417,971
Cap Rate 9%
$1,102,867
Alternative Uses
Best Use
Multifamily LT 5
$1.42M
$1.24M – $1.65M
NOI $99,258 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $92,765 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,546 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,728
Businesses Nearby
Explore this area
Business Placement
Demographics for 02140, MA
21,447
Population
11,117
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
95%
High-School Grad
1.2 sq mi
ZIP Area
17,873
Density / Sq Mi
$136,382
Median Household Income
$77,506
Median Earnings
$2,581
Median Rent
$1,070,200
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?
Triplex - Three matching apartments offer updated finishes, individual utility metering, and dedicated high-efficiency mechanical systems.
Where is this triplex located?
The property is located at 22 Madison Ave Cambridge, MA.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Gut‑renovated in 2023; original construction dates to 1923; Three identical apartments, each with 3 bedrooms and 2 bathrooms; Individual utility metering, central AC, gas furnaces, and tankless hot water
