Harvard Avenue Apartment
New
For Sale
$10,500,000
48-50 Harvard Ave, Brookline, MA 02446
Three-section residential property with on-site laundry, off-street parking, and a mix of updated and classic apartment interiors.
Property Size18,763 SF
Days on Market2
Property Features for 48-50 Harvard Ave
General Information
Standard status
Active
Size
18,763 SF
Total Parking Spaces
42
Property subtype
Multifamily
Occupancy
95%
Units
Unit Mix
20 x 1BR, 3 x studio, 1 x 2BR
Multifamily Units
24
Additional Details
Cap Rate
5.1%
Amenities
on-site laundry
24-unit Apartment Complex with 42-Parking spaces located in Brookline, MA
Featuring (20) one-bedrooms, (3) studios and (1) two-bedroom apartment
The flat rubber roof and metal windows were replaced in 2014 and the gas boiler in 2021
Building Details
Building Size
18,763 SF
Buildings
1
Units
24
Listed By:
Matt Pierce · License #License(s): MA: 9506948
(617) 896-7214
Source:
Marcusmillichap
Added: Sep 4
Last Checked: Sep 5 at 4:02AM
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 Matt Pierce
Investment Insights
Based on property information with market context.
Harvard Avenue Apartments is a three-section residential building at 48-50 Harvard Ave in Brookline, Massachusetts. The property contains 24 apartments, comprising 20 one-bedroom units, 3 studios, and 1 two-bedroom unit. Interior features include hardwood flooring, tiled bathrooms, white cabinetry, and appliances. Heat and hot water are included, while residents pay for electricity.
The property provides 42 off-street parking spaces and an on-site laundry facility. Building systems include a gas-fired forced-hot-water boiler and a flat rubber roof. The roof and windows were replaced in 2014, and the gas boiler was replaced in 2021. Several apartments have also received updates, creating a combination of renovated and traditional interiors throughout the building.
The property provides 42 off-street parking spaces and an on-site laundry facility. Building systems include a gas-fired forced-hot-water boiler and a flat rubber roof. The roof and windows were replaced in 2014, and the gas boiler was replaced in 2021. Several apartments have also received updates, creating a combination of renovated and traditional interiors throughout the building.
Key Highlights
- 24 apartments: 20 one‑bedrooms, 3 studios, and 1 two‑bedroom unit
- 42 off‑street parking spaces and an on‑site laundry facility
- Roof and windows replaced in 2014
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
$373,320
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
3.56%
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%
$7,466,400
$7.5M
Cap Rate 7%
$5,333,143
$5.3M
Cap Rate 9%
$4,148,000
$4.1M
Market Conditions
NOI Build-Up for 18,763 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
$716.0K $38.16/SF
− Vacancy
−$37.2K −$1.98/SF
EGI
$678.8K $36.18/SF
− OpEx
−$305.4K −$16.28/SF
NOI
$373.3K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /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%
$7,466,400
Cap Rate 7%
$5,333,143
Cap Rate 9%
$4,148,000
Alternative Uses
Best Use
Apartment 5plus
$5.33M
$4.67M – $6.22M
NOI $373,320 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.11M
$9.72M – $12.96M
NOI $777,534 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
3,795
Businesses Nearby
Explore this area
Business Placement
Demographics for 02446, MA
31,957
Population
15,298
Households
2.1
Avg Household Size
34
Median Age
85%
College-Educated
97%
High-School Grad
1.3 sq mi
ZIP Area
24,582
Density / Sq Mi
$127,519
Median Household Income
$73,950
Median Earnings
$2,757
Median Rent
$1,172,800
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 - Three-section residential property with on-site laundry, off-street parking, and a mix of updated and classic apartment interiors.
Where is this apartment building located?
The property is located at 48-50 Harvard Ave Brookline, MA.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 24 apartments: 20 one‑bedrooms, 3 studios, and 1 two‑bedroom unit; 42 off‑street parking spaces and an on‑site laundry facility; Roof and windows replaced in 2014
