Six-Unit Apartment
For Sale
$2,200,000
Pending
588-590 Cambridge St, Boston, MA 02134
Residential Income, Boston, MA
Property Size5,345 SF
Lot Size0.19 Acres
Days on Market140
Property Features for 588-590 Cambridge St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
7
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bathroom 3, Bathroom 2, Bathroom 4, Bedroom 1, Bathroom 5, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 4, Bedroom 2, Bathroom 1, Bathroom 6
Parking
6
Fireplace
1
Directions
Near intersection of Cambridge and Gordon Streets
Subdivision
Allston
Standard status
Pending
APN
W:21 P:01222 S:000
Size
5,345 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
14886
Building Details
Year built
1930
Floors in Building
5
Number of units
6
Listing Agency:
RE/MAX Select Realty · RE/MAX International
(617) 787-9800
Listed By:
Kevin Cleary · License #449530776
(617) 304-1277
Added: Apr 28
Changed: Sep 14
Last Checked: Sep 14 at 6:06PM
MLS# 73508554
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,345-square-foot apartment property contains six units: five one-bedroom apartments and one two-bedroom apartment. Built in 1930, the 0.1895-acre property is zoned R4 and includes four dedicated off-street parking spaces at the rear. Heat, hot water, and electricity are separately metered for each apartment.
The property is located at 588-590 Cambridge St in Boston, near the Green Line, major universities, and local dining. Lease timing includes four agreements expiring August 31, 2026, one tenant-at-will arrangement, and one lease extending through July 31, 2027. The property also has a documented rental history characterized by long-term occupancy and minimal vacancy.
The property is located at 588-590 Cambridge St in Boston, near the Green Line, major universities, and local dining. Lease timing includes four agreements expiring August 31, 2026, one tenant-at-will arrangement, and one lease extending through July 31, 2027. The property also has a documented rental history characterized by long-term occupancy and minimal vacancy.
Key Highlights
- Six apartments comprising five 1‑bedroom units and one 2‑bedroom unit
- 5,345 square feet on 0.1895 acres
- 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
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Open Analytics
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
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?
Apartment building - Apartments have separate metering for heat, hot water, and electricity, plus rear off-street parking.
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: Six apartments comprising five 1‑bedroom units and one 2‑bedroom unit; 5,345 square feet on 0.1895 acres; Four dedicated off‑street parking spaces in the rear
