East Cambridge Development
For Sale
$2,295,000
Pending
76-78 Thorndike St, Cambridge, MA 02141
Single family and four-family property with development potential.
Property Size4,967 SF
Lot Size0.10 Acres
Days on Market165
Property Features for 76-78 Thorndike St
General Information
Standard status
Pending
Size
4,967 SF
Lot size
0.10 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,654
Building Details
Building Size
4,967 SF
Year Built
1902
Stories
7
Units
5
Listing Agency:
(617) 470-8354
Listed By:
April Zelesnik
(617) 470-8354
Source:
Elliman
Added: Mar 10
Changed: Aug 13
Last Checked: Aug 21 at 10:28AM
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 April Zelesnik
Investment Insights
Based on property information with market context.
This East Cambridge property presents a generational development opportunity, featuring a single-family home and a four-family building. The four-family building contains four units, each with two bedrooms. The single-family home includes a welcoming front porch, a large living room, and an eat-in kitchen, as well as four bedrooms and two bathrooms. The basement offers expansion potential and includes a full laundry room. The upper floor units in the four-family building feature large walk-in closets. The property includes walk-out roof access and storage/laundry facilities in both basements. A driveway with two parking spaces and new pavers leads to the rear building. The property requires renovation and offers significant development potential. The property is sold "as is"/"where is".
Key Highlights
- Generational development opportunity in East Cambridge.
- Includes a single family home and a four‑family building.
- Four‑family building contains four 2‑bedroom/1‑bath units.
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
$116,442
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
5.07%
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%
$2,328,840
$2.3M
Cap Rate 7%
$1,663,457
$1.7M
Cap Rate 9%
$1,293,800
$1.3M
Market Conditions
NOI Build-Up for 4,967 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
$220.5K $44.40/SF
− Vacancy
−$8.8K −$1.78/SF
EGI
$211.7K $42.62/SF
− OpEx
−$95.3K −$19.18/SF
NOI
$116.4K $23.44/SF
Area
Cambridge, MA
Vacancy
4.00%
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%
$2,328,840
Cap Rate 7%
$1,663,457
Cap Rate 9%
$1,293,800
Alternative Uses
Best Use
Apartment 5plus
$1.66M
$1.46M – $1.94M
NOI $116,442 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.83M
$3.35M – $4.47M
NOI $268,052 @ 7.0% cap · market cap 11.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,551
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
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 - Single family and four-family property with development potential.
Where is this apartment building located?
The property is located at 76-78 Thorndike St Cambridge, MA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Generational development opportunity in East Cambridge.; Includes a single family home and a four‑family building.; Four‑family building contains four 2‑bedroom/1‑bath units.
