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Multifamily Investment Analysis

25 Sixth Street, Cambridge, MA 02141
📅 May 11, 2026 👤 Prepared for: Paul Slavinski, Principal Broker 📊 6-Unit Multifamily — Pro Forma at Market Rents

📍 Subject Property

25 Sixth St
Cambridge, MA 02141
6-Unit Multifamily (Apartment)
1900
4,278 SF
2,406 SF
3 Stories — 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 — the figures here represent the stabilized-rent valuation ceiling.

Contents

① Pro Forma Rent Roll & Unit Mix

6 Units · Market Rate
⚠️ Pro Forma — 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) — 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 — Heat, Water
2 1st 4 2 1 $3,400 market est. $40,800 — Heat, Water
3 2nd 4 2 1 $3,400 market est. $40,800 — Heat, Water
4 2nd 4 2 1 $3,400 market est. $40,800 — Heat, Water
5 3rd 4 2 1 $3,400 market est. $40,800 — Heat, Water
6 3rd 4 2 1 $3,400 market est. $40,800 — Heat, Water
Total (6 Units, 12 BR Total) — 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 $3,400–$3,600/mo. The conservative figure is used here so the valuation reflects a defensible stabilized underwrite, not an aspirational top-of-market.

② Income & Expense Analysis

Annual — 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
🔧 Maintenance & Repairs $2,040 $24,480 10.0%
🏛️ Real Estate Taxes $1,493 $17,914 7.3%
🛡️ Insurance $500 $6,000 2.5%
⚡ Utilities (Gas/Heat & Common Electric) $1,200 $14,400 5.9%
💧 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 — 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 — standard for a ~125-year-old walk-up. No management fee modeled (owner-operator assumption); add 6–8% of gross for third-party management.

③ Valuation — Income Approach

Pro Forma Investment Analysis

📈 Income Approach

Value = NOI ÷ Cap Rate  |  Pro Forma NOI: $177,206
5.50% Cap (Conservative) $3,222,000
5.00% Cap (Mid-Range) ★ $3,544,000
4.50% Cap (Optimistic) $3,938,000
Based on pro forma NOI of $177,206. Cap rates of 4.5–5.5% reflect the Cambridge 5–8 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 — Income Approach

Cap Rate Estimated Value $/sqft
5.50% (Conservative) $3,222,000 $753/sqft
5.00% (Mid-Range) ★ $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 — typically a 12–24 month vacancy-on-turnover process, plus modest interior refresh capex at lease turn.

📊 Financial Charts

Visual Analysis

Expense Breakdown

Monthly Income vs. Expenses

Market Rent — Per Unit (Pro Forma)

Valuation — Income Approach (Cap Rates)

④ Ownership & Assessment History

Title + Tax Roll

25 Sixth St, Cambridge, MA 02141

Book/Page 15228/264 — 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 · 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 — 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 —
FY2026 (Current) $2,347,900 $549/SF $-17,200 (-0.7%)
Mid-Range Pro Forma (★) $3,544,000 $828/SF +$1,196,100 over FY2026 (+51%)
* FY2026 building component: $1,219,300 · Land component: $1,128,600 · Map/lot 34-47 · Zoning BA (Business A). The FY2026 assessment held roughly flat to FY2025 (-0.7%). Cambridge assessor multifamily values typically run 25–35% below market for income-producing apartments, consistent with the +51% spread between assessed and pro forma values.

📷 Property Photos

Pending

Photos pending — MLS or owner-supplied images can be added on request.

Charles Associates Real Estate — Multifamily Investment Analysis
Prepared by: Sam (Feral Bots) for Paul Slavinski, Principal Broker
25 Sixth Street, Cambridge, MA 02141 — May 11, 2026 (Pro Forma)
This Comparative Market Analysis is intended to assist in the estimation of market value and is not an appraisal. The valuation is anchored to the Income Approach at market-rate pro forma rents for six small two-bedroom walk-up units in East Cambridge. Rents, expenses, and cap rates are market estimates; in-place rents and actual operating expenses should be confirmed with the owner prior to final underwriting. Cap rates reflect Cambridge 5-8 unit apartment market conditions. This analysis should not be relied upon as a substitute for a professional appraisal by a licensed appraiser. © 2026 Charles Associates Real Estate. All rights reserved.