Shovel-Ready Triplex Development
For Sale
$1,500,000
288 Columbia St, Cambridge, MA 02141
Fully permitted plans call for three residential units, including private decks and a roof deck, with shovel-ready status.
Property Size4,628 SF
Price / SF$324.11
Days on Market52
Property Features for 288 Columbia St
General Information
Standard status
Active
Size
4,628 SF
Property subtype
Multi-Family
Building Details
Year Built
1894
Listing Agency:
RE/MAX Real Estate Center
Listed By:
David Lilley · License #126913
(617) 290-5868
Source:
Livianhomesma
Added: Jul 24
Changed: Sep 10
Last Checked: Sep 12 at 11:03AM
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 RE/MAX Real Estate Center
Investment Insights
Based on property information with market context.
This shovel-ready triplex development is offered with fully permitted, approved plans. The proposed design includes three units: one luxury 3-bedroom, 2-bath home and two spacious 2-bedroom, 2-bath residences. Each unit features a private outdoor space, with the plans indicating private decks or a roof deck. An approved plan set and construction bid are available upon request.
Located at 288 Columbia St in Cambridge, the project is positioned in Kendall Square, between Inman, Kendall, and Central Squares. The area provides convenient access to Harvard University, MIT, the Red Line, commuter rail, major employers, and local dining, café, shopping, and parks, with downtown Boston across the Charles River.
BikeScore of 89 (Very Bikeable), WalkScore of 97 (Walker’s Paradise), and TransitScore of 85 (Excellent Transit) support day-to-day access to the surrounding urban district.
Located at 288 Columbia St in Cambridge, the project is positioned in Kendall Square, between Inman, Kendall, and Central Squares. The area provides convenient access to Harvard University, MIT, the Red Line, commuter rail, major employers, and local dining, café, shopping, and parks, with downtown Boston across the Charles River.
BikeScore of 89 (Very Bikeable), WalkScore of 97 (Walker’s Paradise), and TransitScore of 85 (Excellent Transit) support day-to-day access to the surrounding urban district.
Key Highlights
- Year built 1894; fully permitted with approved plans for new boutique residential development in Kendall Square, Cambridge.
- Plans for 3 residential units: one 3‑bedroom, 2‑bath home and two 2‑bedroom, 2‑bath homes.
- Each unit plan includes outdoor space: private decks and a roof deck.
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
$116,089
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
7.74%
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%
$2,321,780
$2.3M
Cap Rate 7%
$1,658,414
$1.7M
Cap Rate 9%
$1,289,878
$1.3M
Market Conditions
NOI Build-Up for 4,628 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
$174.9K $37.80/SF
− Vacancy
−$9.1K −$1.97/SF
EGI
$165.8K $35.83/SF
− OpEx
−$49.8K −$10.75/SF
NOI
$116.1K $25.08/SF
Area
Cambridge, MA
Vacancy
5.20%
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%
$2,321,780
Cap Rate 7%
$1,658,414
Cap Rate 9%
$1,289,878
Alternative Uses
Best Use
Multifamily LT 5
$1.66M
$1.45M – $1.93M
NOI $116,089 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,495 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$3.57M
$3.12M – $4.16M
NOI $249,757 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,115
Businesses Nearby
Explore this area
Business Placement
Demographics for 02141, MA
15,130
Population
8,128
Households
1.9
Avg Household Size
32
Median Age
74%
College-Educated
94%
High-School Grad
0.6 sq mi
ZIP Area
25,217
Density / Sq Mi
$120,542
Median Household Income
$73,002
Median Earnings
$2,752
Median Rent
$892,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully permitted plans call for three residential units, including private decks and a roof deck, with shovel-ready status.
Where is this triplex located?
The property is located at 288 Columbia St Cambridge, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Year built 1894; fully permitted with approved plans for new boutique residential development in Kendall Square, Cambridge.; Plans for 3 residential units: one 3‑bedroom, 2‑bath home and two 2‑bedroom, 2‑bath homes.; Each unit plan includes outdoor space: private decks and a roof deck.
