Multifamily Apartment
For Sale
$2,200,000
588-590 Cambridge St, Boston, MA 02134
Six separately metered apartments include four off-street parking spaces and strong transit and walkability nearby.
Property Size5,345 SF
Price / SF$411.60
Days on Market121
Property Features for 588-590 Cambridge St
General Information
Standard status
Active
Size
5,345 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Building Details
Year Built
1930
Listing Agency:
RE/MAX Select Realty
Listed By:
Kevin Cleary · License #449530776
(617) 787-9800
Source:
Gooddeedsrealtypartners
Added: May 9
Changed: Sep 5
Last Checked: Sep 5 at 10:35AM
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 Select Realty
Investment Insights
Based on property information with market context.
This multifamily apartment building includes five 1-bedroom units and one 2-bedroom unit. All apartments are separately metered for heat, hot water, and electricity, supporting streamlined operating expense management. The property also offers four dedicated off-street parking spaces located in the rear.
The building is described as being steps from the Green Line, with proximity to major universities and local dining. WalkScore is listed as 89 (very walkable) and transitScore as 69 (good transit), with a bikeScore of 57 (bikeable).
Leasing is currently structured with four leases expiring on August 31, 2026, one tenant at will, and one unit leased through July 31, 2027. The offering is presented as generating immediate cash flow with additional value through lease renewals and management efficiencies. Group showings are scheduled for Friday from 3:30–5:00 PM and Sunday from 1:00–2:30 PM. Email the agent for the full financial breakdown.
The building is described as being steps from the Green Line, with proximity to major universities and local dining. WalkScore is listed as 89 (very walkable) and transitScore as 69 (good transit), with a bikeScore of 57 (bikeable).
Leasing is currently structured with four leases expiring on August 31, 2026, one tenant at will, and one unit leased through July 31, 2027. The offering is presented as generating immediate cash flow with additional value through lease renewals and management efficiencies. Group showings are scheduled for Friday from 3:30–5:00 PM and Sunday from 1:00–2:30 PM. Email the agent for the full financial breakdown.
Key Highlights
- Year built 1930: six apartments total (five 1‑bedroom and one 2‑bedroom)
- All units are separately metered for heat, hot water, and electricity
- Four dedicated off‑street parking spaces in the rear
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
$125,565
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
5.71%
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%
$2,511,300
$2.5M
Cap Rate 7%
$1,793,786
$1.8M
Cap Rate 9%
$1,395,167
$1.4M
Market Conditions
NOI Build-Up for 5,345 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
$237.3K $44.40/SF
− Vacancy
−$9.0K −$1.69/SF
EGI
$228.3K $42.71/SF
− OpEx
−$102.7K −$19.22/SF
NOI
$125.6K $23.49/SF
Area
Boston, MA
Vacancy
3.80%
Lease Rate
$44.40 /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%
$2,511,300
Cap Rate 7%
$1,793,786
Cap Rate 9%
$1,395,167
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,565 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,164 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,395
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?
Apartment building - Six separately metered apartments include four off-street parking spaces and strong transit and walkability nearby.
Where is this apartment building located?
The property is located at 588-590 Cambridge St Boston, MA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Year built 1930: six apartments total (five 1‑bedroom and one 2‑bedroom); All units are separately metered for heat, hot water, and electricity; Four dedicated off‑street parking spaces in the rear
