Three-Story Multifamily
For Sale
$4,395,000
Pending
243 Columbia, Cambridge, MA 02139
Fully occupied three-story multifamily with nine 2BR units and eat-in kitchens, including six units with an additional third room.
Property Size8,460 SF
Days on Market27
Property Features for 243 Columbia
General Information
Standard status
Pending
Size
8,460 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$20,613
Building Details
Building Size
8,460 SF
Year Built
1900
Stories
3
Units
9
Listing Agency:
Hunneman
(617) 942-1137
Listed By:
Carl Christie · License #9521806
(617) 942-1137
Source:
Elliman
Added: Jul 28
Changed: Aug 12
Last Checked: Aug 22 at 8:58AM
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 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.
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 = 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
Property Profile
Current Use
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
Questions? Ask Rey
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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
