Three-Story Multifamily
New
For Sale
$4,395,000
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.
Days on Market5
Property Features for 243 Columbia
General Information
Standard status
Active
Property subtype
Investment
Occupancy
100%
Additional Details
Public Transit
Yes
Building Details
Building Size
8,460 SF
Year Built
1900
Stories
3
Listing Agency:
Hunneman
(617) 942-1137
Listed By:
Carl Christie · License #9521806
(617) 942-1137
Source:
Elliman
Added: Jul 28
Changed: Jul 29
Last Checked: Jul 31 at 11:45AM
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 For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $375.6k | $44.40 |
| − Vacancy | −$15.0k | −$1.78 |
| EGI | $360.6k | $42.62 |
| − OpEx | −$162.3k | −$19.18 |
| NOI | $198.3k | $23.44 |
8,460 SF · lease $44.40/SF/yr · vacancy 4.00% · expense 45.00%
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
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
