Cambridge studio just under 200 square feet asking $315,000

Unit 50 at 16 Chauncy Street in Cambridge’s Neighborhood Nine, slightly northwest of Cambridge Common, runs to just 199 square feet.

It is asking $315,000—or $1,582 a square foot.

In that, the studio in an elevator building perfectly showcases Cambridge’s overall housing market, with its rents among the highest in the U.S. and its sales prices among the highest in an already generally expensive Boston area.

Perhaps realizing this, the listing from Berkshire Hathaway HomeServices Warren Residential makes much of the fact that, while small, the condo is nevertheless a relative steal and an opportunity to get in on the lower end of a market that only seems to be heading higher: “HURRY! ... an ideal property for investors, parents of Harvard and Lesley students, or those looking for a pied-a-terre.”

Thoughts?