Three-Unit Brick Residential
For Sale
$1,650,000
251 Cambridge, Boston, MA 02134
Three-unit brick multifamily with a recently renovated unit 3 and tenant-at-will units 1 and 2.
Property Size3,780 SF
Price / SF$436.51
Days on Market131
Property Features for 251 Cambridge
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi-Family
Zoning
0105
Net Operating Income
$89,571
Taxes and HOA fees
Annual Taxes
$15,564
Building Details
Building Size
3,780 SF
Year Built
1905
Stories
3
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 29
Changed: Sep 5
Last Checked: Sep 6 at 5:23AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
This brick three-unit residential property offers a straightforward income layout with three separate units. Public remarks indicate that Unit 3 is recently renovated, while Units 1 and 2 are TAW's, creating an opportunity for a buyer to evaluate upgrades and add value after purchase.
The building is described as well-positioned near public transportation, with highway access via I-90. It is also noted to be close to the Harvard University and Boston University campuses, along with nearby dining and retail.
Overall, the property is presented as a three-family option for investors looking for an established rental demand profile, with a portion of the interior already updated in Unit 3.
The building is described as well-positioned near public transportation, with highway access via I-90. It is also noted to be close to the Harvard University and Boston University campuses, along with nearby dining and retail.
Overall, the property is presented as a three-family option for investors looking for an established rental demand profile, with a portion of the interior already updated in Unit 3.
Key Highlights
- Brick 3‑unit multifamily building built in 1905
- Unit 3 is recently renovated
- Units 1 and 2 are tenant‑at‑will (TAW)
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
$95,518
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
5.79%
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%
$1,910,360
$1.9M
Cap Rate 7%
$1,364,543
$1.4M
Cap Rate 9%
$1,061,311
$1.1M
Market Conditions
NOI Build-Up for 3,780 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
$142.9K $37.80/SF
− Vacancy
−$6.4K −$1.70/SF
EGI
$136.5K $36.10/SF
− OpEx
−$40.9K −$10.83/SF
NOI
$95.5K $25.27/SF
Area
Boston, MA
Vacancy
4.50%
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%
$1,910,360
Cap Rate 7%
$1,364,543
Cap Rate 9%
$1,061,311
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.59M
NOI $95,518 @ 7.0% cap · market cap 5.79%
Second Best
Apartment 5plus
$1.27M
$1.11M – $1.48M
NOI $88,800 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$2.83M
$2.48M – $3.30M
NOI $198,132 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,501
Businesses Nearby
Explore this area
Business Placement
Demographics for 02134, MA
21,707
Population
9,027
Households
2.4
Avg Household Size
27
Median Age
76%
College-Educated
96%
High-School Grad
1.2 sq mi
ZIP Area
18,089
Density / Sq Mi
$75,317
Median Household Income
$49,275
Median Earnings
$2,269
Median Rent
$586,700
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-unit brick multifamily with a recently renovated unit 3 and tenant-at-will units 1 and 2.
Where is this triplex located?
The property is located at 251 Cambridge Boston, MA.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Brick 3‑unit multifamily building built in 1905; Unit 3 is recently renovated; Units 1 and 2 are tenant‑at‑will (TAW)
