Nine-Unit Apartment
For Sale
Contact for pricing
Pending
239 Columbia Street, Cambridge, MA 02139
Nine two-bedroom units feature a den on upper floors and are 100% occupied.
Property Size8,460 SF
Days on Market20
Property Features for 239 Columbia Street
General Information
Standard status
Pending
Size
8,460 SF
Property subtype
Retail, Multifamily
Zoning
C-1
Occupancy
100%
Additional Details
Multifamily Units
9
Building Details
Year Built
1900
Buildings
1
Units
9
Listing Agency:
Hunneman
(781) 888-5284
Listed By:
Carl Christie · License #MA 9521806
Source:
Crexi
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 10 at 4:22PM
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 Hunneman
Investment Insights
Based on property information with market context.
239-243 Columbia Street is a nine-unit apartment building built in 1900. The property offers nine spacious two-bedroom apartments, and each upper-floor unit includes an additional den that can function as a home office or a smaller third bedroom.
The building is 100% occupied, providing immediate in-place cash flow supported by a history of occupancy and long-term ownership. With this consistent occupancy and the flexible den layout, the property is positioned to serve tenants seeking extra room within their unit.
The asset’s existing unit configuration provides a practical rental mix across the nine units, including upper-floor den space, while maintaining the overall two-bedroom foundation for day-to-day living needs.
The building is 100% occupied, providing immediate in-place cash flow supported by a history of occupancy and long-term ownership. With this consistent occupancy and the flexible den layout, the property is positioned to serve tenants seeking extra room within their unit.
The asset’s existing unit configuration provides a practical rental mix across the nine units, including upper-floor den space, while maintaining the overall two-bedroom foundation for day-to-day living needs.
Key Highlights
- Nine‑unit apartment building
- Nine spacious two‑bedroom apartments
- Upper‑floor units include a den for office or smaller third bedroom
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
$198,329
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
4.51%
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%
$3,966,580
$4.0M
Cap Rate 7%
$2,833,271
$2.8M
Cap Rate 9%
$2,203,656
$2.2M
Market Conditions
NOI Build-Up for 8,460 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
$375.6K $44.40/SF
− Vacancy
−$15.0K −$1.78/SF
EGI
$360.6K $42.62/SF
− OpEx
−$162.3K −$19.18/SF
NOI
$198.3K $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%
$3,966,580
Cap Rate 7%
$2,833,271
Cap Rate 9%
$2,203,656
Alternative Uses
Best Use
Apartment 5plus
$2.83M
$2.48M – $3.31M
NOI $198,329 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.52M
$5.71M – $7.61M
NOI $456,557 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,115
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 - Nine two-bedroom units feature a den on upper floors and are 100% occupied.
Where is this apartment building located?
The property is located at 239 Columbia Street Cambridge, MA.
What is the asking price?
The asking price for this property is $4,395,999.
What are key features of this property?
This property features: Nine‑unit apartment building; Nine spacious two‑bedroom apartments; Upper‑floor units include a den for office or smaller third bedroom
