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Multifamily Investment Analysis

3 Porter Street (a/k/a 3 Evergreen Square), Somerville, MA 02143
📅 March 20, 2026 👤 Prepared for: Paul Slavinski, Principal Broker 📊 6-Unit Multifamily CMA

📍 Subject Property

3 Porter St / 3 Evergreen Sq
Somerville, MA 02143
6-Unit Multifamily (5-9 Family)
1920
4,236 SF
0.13 Acres (5,480 SF)
3
6 Off-Street Spaces
Full, Unfinished
Coin-Op in Basement

Estimated Market Value Range

$2,171,000
$513/sqft
$2,261,000
$534/sqft
$2,360,000
$557/sqft
$135,684
Net Operating Income
6.0%
Cap Rate (Mid)
$534/sf
Price/SF (Mid)

Contents

① Rent Roll & Unit Mix

6 Units
Unit Floor Rooms BR BA Monthly Rent Annual Rent Lease Expires Includes
1 1st 3 2 1 $2,600 $31,200 8/31/26 Heat, Water
2 1st 3 2 1 $2,600 $31,200 8/31/26 Heat, Water
3 2nd 3 2 1 $2,500 $30,000 8/31/26 Heat, Water
4 2nd 3 2 1 $2,250 $27,000 8/31/26 Heat, Water
5 3rd 3 2 1 $2,675 $32,100 8/31/26 Heat, Water
6 3rd 3 2 1 $2,550 $30,600 5/31/27 Heat, Water
Total (6 Units) $15,175 $182,100

② Income & Expense Analysis

Annual
$182,100
Gross Annual Income
$15,175/mo
$46,416
Annual Expenses
$3,868/mo
$135,684
Net Operating Income
74.5% operating margin
25.5%
Expense Ratio
$46,416 / $182,100

Monthly Expense Breakdown

Expense Category Monthly Annual % of Gross
🔧 Maintenance & Repairs $1,518 $18,216 10.0%
🏛️ Real Estate Taxes $1,524 $18,288 10.0%
🛡️ Insurance $367 $4,404 2.4%
⚡ Utilities (Gas/Heat) $209 $2,508 1.4%
💧 Water & Sewer $250 $3,000 1.6%
Total Expenses $3,868 $46,416 25.5%

③ Valuation — Income Approach

Investment Analysis

📈 Income Approach

Value = NOI ÷ Cap Rate
6.25% Cap (Conservative) $2,171,000
6.0% Cap (Mid-Range) ★ $2,261,000
5.75% Cap (Optimistic) $2,360,000
Based on NOI of $135,684. Cap rates of 5.75–6.25% reflect current Somerville multifamily market for well-located 5-9 unit buildings.

Valuation Summary — Income Approach

Cap Rate Estimated Value $/sqft
6.25% (Conservative) $2,171,000 $513/sqft
6.0% (Mid-Range) ★ $2,261,000 $534/sqft
5.75% (Optimistic) $2,360,000 $557/sqft
The income approach best reflects investor pricing for stabilized multifamily assets. The mid-range estimate of $2,261,000 at a 6.0% cap rate represents a balanced market view based on NOI of $135,684.

📊 Financial Charts

Visual Analysis

Expense Breakdown

Monthly Income vs. Expenses

Rent by Unit

Valuation — Income Approach (Cap Rates)

2021 Sale vs. Current Performance

⑤ Comparable Sales

9 MLS Comps

Closed Sales

Address City Sale Price Units Sq Ft $/Sq Ft Year Built Sold DOM MLS #
45 Dana St Cambridge 02138 $5,300,000 10 9,195 $576 1910 5/15/25 40 73323438
355-365 Prospect & Clary Cambridge 02139 $6,750,000 12 13,602 $496 1900 11/14/25 32 73415683
65 Brookline St Cambridge 02139 $3,462,000 6 6,576 $526 1910 9/15/25 34 73386499
294-302 Windsor St Cambridge 02139 $4,920,000 8 7,765 $634 1900 2/10/26 203 73375429
Closed Sales Range $496–$634 Median $/SF: ~$551

Pending Sales

Address City List Price Units Sq Ft $/Sq Ft Year Built Pending DOM MLS #
63-67 Plymouth St Cambridge 02141 $3,737,000 5 6,406 $583 1837 7/26/25 1 73409705
84-86R Cross St Somerville 02145 $2,149,000 6 4,661 $461 1900 2/18/26 190 73380216
31-33 Roberts Rd Cambridge 02138 $3,500,000 6 7,620 $459 1920 1/8/26 23 73462351
178 Richdale Ave Cambridge 02140 $3,800,000 6 6,279 $605 1920 3/4/26 49 73468230
76-78 Thorndike St Cambridge 02141 $2,295,000 5 4,967 $462 1902 9/23/25 15 73434253
Pending Sales Range $459–$605 All Cambridge/Somerville multifamily
Comp Analysis — 3 Porter St in Context

The 9 comparable multifamily properties span Cambridge and Somerville, ranging from 5–12 units, built 1837–1920 — closely matching the subject's vintage and neighborhood profile.

$/SF Range (all comps): $459–$634  |  Closed Sales Median $/SF: ~$551  |  All Comps Average: ~$534/SF

Subject Property: 3 Porter St — 6 units, 4,236 SF, mid-range valuation of $2,261,000 = $534/SF. The subject's $/SF falls squarely within the comparable range and aligns closely with the closed-sales median, supported by both closed and pending transactions of similar-vintage Cambridge/Somerville multifamily properties. This provides strong market validation for the income-approach valuation.

⑥ 2021 Sale History

Reference Comp

3 Porter St (3 Evergreen Sq), Somerville

MLS# 72789973 — Sold 4/15/2021
$1,800,000
$424.93/sf
Listed: $2,000,000
Sold: $1,800,000
DOM: 6 Days
Sale/List: 90.0%
2021 Assessment: $1,550,700
2021 Taxes: $15,802
HIGHLY DESIRABLE PORTER SQ LOCATION NEAR REDLINE TRAIN, SHOPPING, AND UNIVERSITIES! This rarely available 6 unit multi family consists of 18 rooms, 6 bedrooms, 6 baths and 6 parking spaces all in a commuter friendly location in a well maintained building. This is a great addition to your portfolio! 5 of the units are rented with leases mostly through August 2021. It is unusual to find an apartment building with enough parking to provide each unit with a space!

Income Growth: 2021 Sale vs. Current

Metric 2021 (at Sale) Current (2026) Change
Gross Annual Income $153,000 $182,100 +$29,100 (+19.0%)
Annual Expenses $53,000 $46,416 −$6,584 (−12.4%)
Net Operating Income $100,000 $135,684 +$35,684 (+35.7%)
Cap Rate (at sale price) 5.56% 7.54%* +1.98 pts
* Current cap rate shown relative to the 2021 sale price of $1,800,000 — illustrates yield-on-cost improvement from income growth.

📷 Property Photos

23 Photos
Property photo 1 Property photo 2 Property photo 3 Property photo 4 Property photo 5 Property photo 6 Property photo 7 Property photo 8 Property photo 9 Property photo 10 Property photo 11 Property photo 12 Property photo 13 Property photo 14 Property photo 15 Property photo 16 Property photo 17 Property photo 18 Property photo 19 Property photo 20 Property photo 21 Property photo 22 Property photo 23
Charles Associates Real Estate — Multifamily Investment Analysis
Prepared by: Sam (Feral Bots) for Paul Slavinski, Principal Broker
3 Porter Street (a/k/a 3 Evergreen Square), Somerville, MA 02143 — March 20, 2026
This Comparative Market Analysis is intended to assist in the estimation of market value and is not an appraisal. The information contained herein is believed to be accurate but is not guaranteed. Market conditions, property condition, and other factors may affect actual market value. Income and expense figures are based on information provided by the property owner and have not been independently verified. Cap rates reflect current market conditions in Somerville/Cambridge and are subject to change. 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.