The numbers for Cambridge
| Measure | Cambridge | Massachusetts |
|---|---|---|
| Units in 2-unit buildings | 6,590 | 282,603 |
| Units in 3- and 4-unit buildings | 9,347 | 323,934 |
| All units in 2-4 unit buildings | 15,937 (rank 7 of 351) | 606,537 |
| Share of all housing units | 29.1% (rank 13 among the 30 places with 20,000+ units) | 20.0% |
| Units built 1939 or earlier | 47.0% | 30.5% |
| Units built 1979 or earlier | 67.9% | 67.4% |
| Households that rent | 66.5% | 37.5% |
| Median value, owner-occupied homes (all types) | $1,092,100 | n/a |
| Median gross rent | $2,787 a month | n/a |
Counts are housing units in buildings with 2, 3 or 4 units (Census table B25024), not buildings and not parcels; a three-family counts as three units. They are survey estimates with a margin of error (for large cities about 1 to 8 percent of the 2-4 unit count). The median value is what owners say their home is worth across all home types, not a sale price and not the price of a two- or three-family.
What this means if you own one in Cambridge
66.5% of households rent (2nd among places with 20,000+ units), and 47.0% of units pre-date 1940. At these values a small percentage point of commission or a year of depreciation is a large dollar figure, so the net proceeds calculator and a CPA come before the listing agreement.
Three- and four-unit buildings hold 9,347 units, two-families 6,590.
Steps that apply in Cambridge
- Fire department certificate. The Cambridge Fire Department inspects smoke and carbon monoxide alarms before a sale or transfer (MGL c.148 s.26F and s.26F1/2). Ask for the date as soon as you have a closing date. See the smoke and CO certificate.
- Lead notice. For a building built before 1978, give the buyer the Property Transfer Lead Paint Notification before the buyer signs the purchase and sale agreement. See lead paint when you sell.
- Tenants and deposits. Deposits and last month's rent move to the buyer, who must notify each tenant in writing within 45 days (MGL c.186 s.15B). See selling with tenants in place.
- Tax planning first. Ask a CPA about depreciation, capital gains and, if you plan to buy another investment property, a 1031 exchange before you sign a P&S: the deadlines are 45 days to identify and 180 to close.