3-Unit Triplex with Private
New
For Sale
$2,348,000
32 Essex St, Cambridge, MA 02139
All three residences have three bedrooms and one bath; the upper two also include office space.
Property Size3,915 SF
Days on Market4
Property Features for 32 Essex St
General Information
Standard status
Active
Size
3,915 SF
Total Parking Spaces
1
Property subtype
Multifamily
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,835
Amenities
private porch
bonus office
central AC
owned solar panels
detached garage
EV charging
laundry
storage
Building Details
Building Size
3,915 SF
Year Built
1888
Listing Agency:
Cambridge Sage Inc.
Listed By:
Sage Jankowitz · License #449595503
(617) 833-7457
Source:
Classifiedrealtygroup
Added: Sep 24
Last Checked: Sep 26 at 4:08AM
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 Cambridge Sage Inc.
Investment Insights
Based on property information with market context.
Built in 1888, this Cambridge triplex contains more than 3,900 sq ft across three residences, each with three bedrooms, one bath, and a private porch. The second- and third-floor units also have office space. The top-floor owner’s unit has central AC, a renovated kitchen, and owned solar panels. A detached garage behind the building includes electricity and EV charging, while the basement provides storage and laundry. The property is offered vacant.
The building is on Essex Street near Central Square and about one mile from Kendall Square and Harvard Square. Nearby destinations include HMart, Whole Foods, Target, restaurants, MIT, Harvard University, and the Red Line.
Recent building-system work includes a flat roof installed in 2025, a boiler from 2024, and a hot water heater from 2023; all three remain under warranty.
The building is on Essex Street near Central Square and about one mile from Kendall Square and Harvard Square. Nearby destinations include HMart, Whole Foods, Target, restaurants, MIT, Harvard University, and the Red Line.
Recent building-system work includes a flat roof installed in 2025, a boiler from 2024, and a hot water heater from 2023; all three remain under warranty.
Key Highlights
- Three residences, each with 3 bedrooms, 1 bath, a private porch, and over 1,300 sq ft
- More than 3,900 sq ft of living space; delivered fully vacant
- Flat roof (2025), boiler (2024), and hot water heater (2023), all under warranty
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
$98,204
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
4.18%
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%
$1,964,080
$2.0M
Cap Rate 7%
$1,402,914
$1.4M
Cap Rate 9%
$1,091,156
$1.1M
Market Conditions
NOI Build-Up for 3,915 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
$148.0K $37.80/SF
− Vacancy
−$7.7K −$1.97/SF
EGI
$140.3K $35.83/SF
− OpEx
−$42.1K −$10.75/SF
NOI
$98.2K $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%
$1,964,080
Cap Rate 7%
$1,402,914
Cap Rate 9%
$1,091,156
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.64M
NOI $98,204 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $91,780 @ 7.0% cap · market cap 3.91%
Theoretical Best
Office A
$3.02M
$2.64M – $3.52M
NOI $211,279 @ 7.0% cap · market cap 9.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
5,279
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
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 - All three residences have three bedrooms and one bath; the upper two also include office space.
Where is this triplex located?
The property is located at 32 Essex St Cambridge, MA.
What is the asking price?
The asking price for this property is $2,348,000.
What are key features of this property?
This property features: Three residences, each with 3 bedrooms, 1 bath, a private porch, and over 1,300 sq ft; More than 3,900 sq ft of living space; delivered fully vacant; Flat roof (2025), boiler (2024), and hot water heater (2023), all under warranty
