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Multifamily Investment Analysis

25 Sixth Street, Cambridge, MA 02141
๐Ÿ“… May 11, 2026 ๐Ÿ‘ค Prepared for: Paul Slavinski, Principal Broker ๐Ÿ“Š 6-Unit Multifamily โ€” Pro Forma at Market Rents

๐Ÿ“ Subject Property

25 Sixth St
Cambridge, MA 02141
6-Unit Multifamily (Apartment)
1900
4,278 SF
2,406 SF
3 Stories โ€” Multi-Residence
34-47
BA
Good / Fair
$2,347,900
Expired (did not sell)

Estimated Market Value Range (Pro Forma)

$3,222,000
$753/sqft
$3,544,000
$828/sqft
$3,938,000
$921/sqft
$177,206
Pro Forma NOI
5.0%
Cap Rate (Mid)
$828/sf
Price/SF (Mid)
Range built on the Income Approach at market-rate pro forma rents for six small 2-bedroom units (East Cambridge / 02141 walk-up profile). The property previously listed at approximately $3M and failed to sell, suggesting in-place rents may run below market โ€” the figures here represent the stabilized-rent valuation ceiling.

Contents

โ‘  Pro Forma Rent Roll & Unit Mix

6 Units ยท Market Rate
โš ๏ธ Pro Forma โ€” Market Rate: Per the engagement brief, the rent roll below reflects what market rents should be for small two-bedroom walk-up units in East Cambridge (02141), not in-place actuals. Per-unit market rate of $3,400/mo sits in the lower band of the East Cambridge 2BR market floor (~$3,423/mo per Apartments.com 2026) โ€” appropriate for an older walk-up profile with no in-unit laundry, no central air, and unit sizes of ~713 SF average.
Unit Floor Rooms BR BA Market Rent (Mo.) Annual Rent Lease Includes
1 1st 4 2 1 $3,400 market est. $40,800 โ€” Heat, Water
2 1st 4 2 1 $3,400 market est. $40,800 โ€” Heat, Water
3 2nd 4 2 1 $3,400 market est. $40,800 โ€” Heat, Water
4 2nd 4 2 1 $3,400 market est. $40,800 โ€” Heat, Water
5 3rd 4 2 1 $3,400 market est. $40,800 โ€” Heat, Water
6 3rd 4 2 1 $3,400 market est. $40,800 โ€” Heat, Water
Total (6 Units, 12 BR Total) โ€” Pro Forma $20,400 $244,800
Six identical 2BR/1BA flats stacked two-per-floor over three stories (per Cambridge Assessor: 6 units, 4,278 SF total, building style "MULT-RESDNCE"). At a typical small-2BR walk-up rent in East Cambridge near Lechmere, each unit market-rates at $3,400โ€“$3,600/mo. The conservative figure is used here so the valuation reflects a defensible stabilized underwrite, not an aspirational top-of-market.

โ‘ก Income & Expense Analysis

Annual โ€” Pro Forma
$244,800
Gross Annual Income
$20,400/mo at market rate
$67,594
Annual Expenses
$5,633/mo
$177,206
Net Operating Income
72.4% operating margin
27.6%
Expense Ratio
$67,594 / $244,800

Monthly Expense Breakdown

Expense Category Monthly Annual % of Gross
๐Ÿ”ง Maintenance & Repairs $2,040 $24,480 10.0%
๐Ÿ›๏ธ Real Estate Taxes $1,493 $17,914 7.3%
๐Ÿ›ก๏ธ Insurance $500 $6,000 2.5%
โšก Utilities (Gas/Heat & Common Electric) $1,200 $14,400 5.9%
๐Ÿ’ง Water & Sewer $400 $4,800 2.0%
Total Expenses $5,633 $67,594 27.6%
* Real estate taxes use Cambridge FY2026 residential rate of $7.63/$1,000 on assessed value of $2,347,900 = $17,914/yr (state classification 111 โ€” 4+ unit apartment, residential class). Utilities reflects landlord-paid central forced-air gas heat plus common-area electric, typical for 4-8 unit apartments. Maintenance budgeted at 10% of gross โ€” standard for a ~125-year-old walk-up. No management fee modeled (owner-operator assumption); add 6โ€“8% of gross for third-party management.

โ‘ข Valuation โ€” Income Approach

Pro Forma Investment Analysis

๐Ÿ“ˆ Income Approach

Value = NOI รท Cap Rate  |  Pro Forma NOI: $177,206
5.50% Cap (Conservative) $3,222,000
5.00% Cap (Mid-Range) โ˜… $3,544,000
4.50% Cap (Optimistic) $3,938,000
Based on pro forma NOI of $177,206. Cap rates of 4.5โ€“5.5% reflect the Cambridge 5โ€“8 unit apartment market: pure-investor underwriting (no owner-occupant arbitrage at this unit count) holds cap rates higher than 3-family product, while supply-side scarcity near Lechmere caps the ceiling.

Valuation Summary โ€” Income Approach

Cap Rate Estimated Value $/sqft
5.50% (Conservative) $3,222,000 $753/sqft
5.00% (Mid-Range) โ˜… $3,544,000 $828/sqft
4.50% (Optimistic) $3,938,000 $921/sqft
The mid-range pro forma value of $3,544,000 at a 5.0% cap is the central recommendation. The property previously listed at approximately $3M and did not sell, which suggests either in-place rents are running below the market-rate figures used here, or buyers underwrote at a higher cap rate than 5.5%. Achieving the pro forma valuation requires repositioning the rent roll to market โ€” typically a 12โ€“24 month vacancy-on-turnover process, plus modest interior refresh capex at lease turn.

๐Ÿ“Š Financial Charts

Visual Analysis

Expense Breakdown

Monthly Income vs. Expenses

Market Rent โ€” Per Unit (Pro Forma)

Valuation โ€” Income Approach (Cap Rates)

โ‘ฃ Ownership & Assessment History

Title + Tax Roll

25 Sixth St, Cambridge, MA 02141

Book/Page 15228/264 โ€” Recorded September 21, 1983
long hold
since 1983
Owner of Record: BIASELLA, DAMIANO & MARIA F. (Medford MA)
Last Recorded Transfer: September 21, 1983
Book/Page: 15228/264
Prior Listing: approximately $3,000,000 (expired, did not sell)
FY2026 Assessed: $2,347,900 (Building $1,219,300 ยท Land $1,128,600)
Held by the same owner since 1983 (43+ years). No recent arm's-length sale on record. The property previously came to market at approximately $3M and did not sell โ€” informative as a market signal: at the prior asking price, the market did not validate the underwriting, which is consistent with the pro-forma-versus-actual-rent gap typical of long-held multifamily.

Recent Assessment Trend

Fiscal Year Total Assessed $/SF (over 4,278 SF) YoY Change
FY2025 (Prior) $2,365,100 $553/SF โ€”
FY2026 (Current) $2,347,900 $549/SF $-17,200 (-0.7%)
Mid-Range Pro Forma (โ˜…) $3,544,000 $828/SF +$1,196,100 over FY2026 (+51%)
* FY2026 building component: $1,219,300 ยท Land component: $1,128,600 ยท Map/lot 34-47 ยท Zoning BA (Business A). The FY2026 assessment held roughly flat to FY2025 (-0.7%). Cambridge assessor multifamily values typically run 25โ€“35% below market for income-producing apartments, consistent with the +51% spread between assessed and pro forma values.

๐Ÿ“ท Property Photos

Pending

Photos pending โ€” MLS or owner-supplied images can be added on request.