Six-Unit Apartment
For Sale
$3,698,000
15 Berkshire St, Cambridge, MA 02141
Three-story multifamily property with professionally managed units and flexible owner-occupant or rental use.
Property Size5,267 SF
Days on Market130
Property Features for 15 Berkshire St
General Information
Standard status
Active
Size
5,267 SF
Property subtype
Investment
Units
Unit Mix
4 x 2BR/1BA, 2 x 3BR/1BA
Multifamily Units
6
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,150
Building Details
Building Size
5,267 SF
Year Built
1915
Buildings
1
Stories
5
Units
6
Listing Agency:
Coldwell Banker Realty - Cambridge
(617) 821-5889
Listed By:
Nathan Long · License #9579073
(617) 821-5889
Source:
Elliman
Added: Apr 24
Changed: Aug 30
Last Checked: Aug 30 at 10:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Realty - Cambridge
Investment Insights
Based on property information with market context.
This six-unit apartment building in Cambridge comprises three floors with two residences on each level. The ground-floor apartments have individual entrances, while the upper residences use separate shared access points for each side of the building. Four apartments offer 2 bedrooms and 1 bathroom, and the two top-floor residences provide 3 bedrooms and 1 bathroom. The property was built in 1915 and has professional management in place.
A full basement of over 1,800 square feet provides additional space within the existing structure. The property is located near Kendall Square at 15 Berkshire St and offers access to strong walking, biking, and transit infrastructure, reflected in a walk score of 97, bike score of 89, and transit score of 85. The reported cap rate is above 5%.
A full basement of over 1,800 square feet provides additional space within the existing structure. The property is located near Kendall Square at 15 Berkshire St and offers access to strong walking, biking, and transit infrastructure, reflected in a walk score of 97, bike score of 89, and transit score of 85. The reported cap rate is above 5%.
Key Highlights
- Six‑unit, three‑story apartment building with two residences per floor
- Unit mix includes four 2‑bedroom/1‑bath units and two 3‑bedroom/1‑bath units
- Full basement with over 1,800 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$123,475
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,469,500
$2.5M
Cap Rate 7%
$1,763,929
$1.8M
Cap Rate 9%
$1,371,944
$1.4M
Market Conditions
NOI Build-Up for 5,267 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$233.9K $44.40/SF
− Vacancy
−$9.4K −$1.78/SF
EGI
$224.5K $42.62/SF
− OpEx
−$101.0K −$19.18/SF
NOI
$123.5K $23.44/SF
Area
Cambridge, MA
Vacancy
4.00%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,469,500
Cap Rate 7%
$1,763,929
Cap Rate 9%
$1,371,944
Alternative Uses
Best Use
Apartment 5plus
$1.76M
$1.54M – $2.06M
NOI $123,475 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.06M
$3.55M – $4.74M
NOI $284,242 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,426
Businesses Nearby
Explore this area
Business Placement
Demographics for 02141, MA
15,130
Population
8,128
Households
1.9
Avg Household Size
32
Median Age
74%
College-Educated
94%
High-School Grad
0.6 sq mi
ZIP Area
25,217
Density / Sq Mi
$120,542
Median Household Income
$73,002
Median Earnings
$2,752
Median Rent
$892,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story multifamily property with professionally managed units and flexible owner-occupant or rental use.
Where is this apartment building located?
The property is located at 15 Berkshire St Cambridge, MA.
What is the asking price?
The asking price for this property is $3,698,000.
What are key features of this property?
This property features: Six‑unit, three‑story apartment building with two residences per floor; Unit mix includes four 2‑bedroom/1‑bath units and two 3‑bedroom/1‑bath units; Full basement with over 1,800 square feet
