Renovation-Ready Three-Unit
For Sale
$1,500,000
98 Willow Street, Cambridge, MA 02141
Three-unit multifamily property with outdoor space and a renovation-oriented layout.
Property Size2,526 SF
Price / SF$593.82
Days on Market12
Property Features for 98 Willow Street
General Information
Standard status
Active
Size
2,526 SF
Property subtype
Multi-family
Building Details
Year Built
1902
Listing Agency:
Wilson Wolfe Real Estate
(508) 846-5709
Listed By:
Chrisanne Connolly
(508) 846-5709
Source:
Wilsonwolfe
Added: Aug 20
Changed: Aug 30
Last Checked: Aug 30 at 8:41PM
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 Wilson Wolfe Real Estate
Investment Insights
Based on property information with market context.
This 2,526-square-foot triplex contains three residential units within a property built in 1902. The existing configuration includes outdoor space and provides a clear framework for renovation and modernization across the units.
The property is located at 98 Willow Street in Cambridge, Massachusetts, near Inman Square, Union Square, Kendall Square, the MBTA Green Line, Cambridge Crossing, King Open School, Donnelly Field, and the Cambridge Public Library’s Valente Branch. The surrounding area offers access to restaurants, retail, employment centers, parks, schools, and public transportation.
The property has remained under the same family’s ownership for more than 50 years, providing a long-held multifamily asset with documented three-unit occupancy configuration and improvement potential.
The property is located at 98 Willow Street in Cambridge, Massachusetts, near Inman Square, Union Square, Kendall Square, the MBTA Green Line, Cambridge Crossing, King Open School, Donnelly Field, and the Cambridge Public Library’s Valente Branch. The surrounding area offers access to restaurants, retail, employment centers, parks, schools, and public transportation.
The property has remained under the same family’s ownership for more than 50 years, providing a long-held multifamily asset with documented three-unit occupancy configuration and improvement potential.
Key Highlights
- 2,526‑square‑foot triplex with three residential units
- Built in 1902
- Outdoor space included
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
$63,362
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
4.22%
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%
$1,267,240
$1.3M
Cap Rate 7%
$905,171
$905.2K
Cap Rate 9%
$704,022
$704.0K
Market Conditions
NOI Build-Up for 2,526 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
$95.5K $37.80/SF
− Vacancy
−$5.0K −$1.97/SF
EGI
$90.5K $35.83/SF
− OpEx
−$27.2K −$10.75/SF
NOI
$63.4K $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%
$1,267,240
Cap Rate 7%
$905,171
Cap Rate 9%
$704,022
Alternative Uses
Best Use
Multifamily LT 5
$905.2K
$792.0K – $1.06M
NOI $63,362 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$846.0K
$740.2K – $987.0K
NOI $59,218 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,320 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,412
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?
Triplex - Three-unit multifamily property with outdoor space and a renovation-oriented layout.
Where is this triplex located?
The property is located at 98 Willow Street Cambridge, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2,526‑square‑foot triplex with three residential units; Built in 1902; Outdoor space included
