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Property profile & analytics
OFF-MARKET
Estimated value
$250,000,000
Office buildings
215 1st St, Cambridge, MA 02142-1213
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US38-1823785
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1920
Construction
BRICK
Total area
366,000 SF
Lot
1.83 ac (79,835 SF)
Zoning code
PUD-3
APN
CAMB M:00015 L:00003
UPID
US38-1823785
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$250.00M
Owner & transaction history
Bre-bmr 215 First St LLC · 1 yrs held
Bre-bmr 215 First St LLC
since 2024
Last sale
$250.0M
6 recorded transactions
Zoning & alternative use
PUD-3 · Cambridge, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Cambridge submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Cambridge submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$198,495,000
Current use
COMMERCIAL (GENERAL)
$162,595,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$250.00M
Range $225.00M – $275.00M · ±10% · vs last sale $250.00M (Sep 20 2024)
Last sale anchor
$250.00M
Sep 20 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$683 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$2,875,637
Tax year 2024
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1920
Construction
BRICK
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
5
Units
3
Total area
366,000 SF
Lot
1.83 ac (79,835 SF)
Zoning code
PUD-3
APN
CAMB M:00015 L:00003
UPID
US38-1823785
Jurisdiction
CAMBRIDGE
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
PUD-3 · Cambridge, MA
Zoning PUD-3 · permitted uses
PUD-3 · Cambridge, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Cambridge. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$198.5M
COMMERCIAL (GENERAL)
Est. value
$162.6M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1920
Construction
BRICK
Heating
HOT WATER
Cooling
Yes
Stories
5
Buildings
1
Units
3
Lot
1.83 ac
Current owner
From public records · entity-resolved
Bre-bmr 215 First St LLC
Entity
Mailing address
PO BOX 847, CARLSBAD, CA 92018-0847
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 22, 2025
—
Bre-bmr 215 First St LLC
—
Deed
related
$148,945,000 · Jpmorgan Chase Bank NA
Dec 20, 2024
$250,000,000
Bre-bmr 215 First St LLC
Are-ma Region No 38 LLC
Deed
—
Oct 12, 2007
$105,000,000
Are Ma Region 38 LLC
Athenaeum Assoc LLC
Grant Deed
—
Dec 23, 2004
—
Athenaeum Assoc LLC
—
Deed Of Trust
related
$16,778,360 · Lehman Brothers Holdings INC
May 5, 1998
$35,900,000
Cambridge Athenaeum
Athenauem Prop LLC
Grant Deed
related
—
May 18, 1993
—
Athenaeum Rlty Nt
—
Deed Of Trust
related
$500,000 · Class B RT
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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