Building Details

Building Size 8,460 SF

Year Built 1900

Stories 3

Listing Agency: IVerty Realty, LLC

Listed By: Mela Dieujuste · License #452508574 Show Phone

Source: Iverty

Added: Jul 27 Changed: Oct 16 Last Checked: Oct 16 at 8:39AM

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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 IVerty Realty, LLC

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Investment Insights

Based on property information with market context.

239-243 Columbia Street is a three-story multifamily investment property with nine occupied 2BR units. Each unit features an eat-in kitchen and a living room. The six upper-floor apartments include an additional third room that may be used as an office or a small bedroom.

The property is located in the Port neighborhood of Cambridge. Public transit scoring is reported as excellent (transitScore 85), with very strong walkability (walkScore 97) and very bikeable conditions (bikeScore 89).

The building’s current configuration supports continued in-place income with a unit mix that includes upper-floor layouts offering an extra flexible room option.

Key Highlights

• Three‑story multifamily investment property built in 1900
• Fully occupied building with nine 2BR units
• All units include eat‑in kitchens and living rooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$198,329

Cap Rate

4.51%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,966,580 $4.0M

Cap Rate 7%

$2,833,271 $2.8M

Cap Rate 9%

$2,203,656 $2.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,460 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $456,557 @ 7.0% cap · market cap 10.39%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Nail Salon Cosmetic Store Nursing Home (Bike/Boat/Book/etc) Store Clothing & Fashion Store Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied three-story multifamily with nine 2BR units and eat-in kitchens, including six units with an additional third room.

Where is this apartment building located?

The property is located at 243 Columbia Cambridge, MA.

What is the asking price?

The asking price for this property is $4,395,000.

What are key features of this property?

This property features: Three‑story multifamily investment property built in 1900; Fully occupied building with nine 2BR units; All units include eat‑in kitchens and living rooms