8-Unit Apartment
For Sale
$3,490,000
Pending
23-25 Inman St, Cambridge, MA 02139
Residential Income, Cambridge, MA
Property Size5,314 SF
Lot Size0.11 Acres
Days on Market94
Property Features for 23-25 Inman St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
C-1
Bedrooms
9
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 8, Bedroom 4, Bedroom 2, Bedroom 8, Bathroom 4, Bathroom 6, Bathroom 7, Bedroom 9, Bathroom 5, Bedroom 7, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bathroom 3, Bedroom 6
Parking
4
Subdivision
Inman Square
Elementary school
Cambridge Public Schools
Middle school
Cambridge Public Schools
High school
Rindge & Latin School
Directions
Mass Ave to Inman St. Property located between Hampshire St and Cambridge St.
Standard status
Pending
Size
5,314 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
21035
Building Details
Year built
1900
Number of units
8
Architectural style
Colonial
Listing Agency:
Keller Williams Realty Boston Northwest
(781) 862-2800
Listed By:
Christina Hill
(978) 369-5775
Added: Jun 9
Changed: Sep 2
Last Checked: Sep 10 at 10:06AM
MLS# 73532928
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,314-square-foot apartment building in Cambridge features Colonial architectural styling and was constructed in 1900. The property is fully occupied, with tenants in place under existing leases. Seller has completed the conversion into eight condominium units, creating a condominium-based ownership structure for the asset.
The property is located at 23-25 Inman St in Cambridge's Inman Square area, within Middlesex County and postal code 02139. The site encompasses 0.1148 acres and carries C-1 zoning. Its unit configuration includes eight bedrooms and eight bathrooms, supporting the property's eight-unit residential layout.
The property is located at 23-25 Inman St in Cambridge's Inman Square area, within Middlesex County and postal code 02139. The site encompasses 0.1148 acres and carries C-1 zoning. Its unit configuration includes eight bedrooms and eight bathrooms, supporting the property's eight-unit residential layout.
Key Highlights
- Eight condominium units completed through seller conversion
- 5,314 square feet on a 0.1148‑acre site
- Fully occupied with tenants in place
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
$124,577
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
3.57%
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%
$2,491,540
$2.5M
Cap Rate 7%
$1,779,671
$1.8M
Cap Rate 9%
$1,384,189
$1.4M
Market Conditions
NOI Build-Up for 5,314 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
$235.9K $44.40/SF
− Vacancy
−$9.4K −$1.78/SF
EGI
$226.5K $42.62/SF
− OpEx
−$101.9K −$19.18/SF
NOI
$124.6K $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%
$2,491,540
Cap Rate 7%
$1,779,671
Cap Rate 9%
$1,384,189
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,577 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.10M
$3.58M – $4.78M
NOI $286,778 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,338
Businesses Nearby
Explore this area
Business Placement
Demographics for 02139, MA
39,525
Population
16,930
Households
2.3
Avg Household Size
30
Median Age
78%
College-Educated
94%
High-School Grad
1.6 sq mi
ZIP Area
24,703
Density / Sq Mi
$124,648
Median Household Income
$61,025
Median Earnings
$2,613
Median Rent
$1,066,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied multifamily property with tenants in place and existing leases.
Where is this apartment building located?
The property is located at 23-25 Inman St Cambridge, MA.
What is the asking price?
The asking price for this property is $3,490,000.
What are key features of this property?
This property features: Eight condominium units completed through seller conversion; 5,314 square feet on a 0.1148‑acre site; Fully occupied with tenants in place
