CARE Logo CHARLES ASSOCIATES REAL ESTATE

Multifamily Investment Analysis

26-28 Porter Road, Cambridge, MA 02140
📅 March 22, 2026 👤 Prepared for: Paul Slavinski, Principal Broker 📊 2-Unit Multifamily (Two-Family Residential)

📍 Subject Property

26-28 Porter Rd
Cambridge, MA 02140
Two-Family Residential
1895
2,988 SF
2,258 SF
2.5 Stories — Old Style
5 BR / 2 Full + 1 Half BA
12 Rooms / 2 Kitchens
4 Open Spaces
$1,586,900
178-37

Estimated Market Value Range

$1,530,000
$512/sqft
$1,660,000
$555/sqft
$1,810,000
$606/sqft
$49,800
Net Operating Income (Est.)
3.0%
Cap Rate (Mid)
$555/sf
Price/SF (Mid)
⚠️ Income & expense figures are estimated — pending client data from property owner. Cap rates reflect Cambridge two-family owner-occupant market where residential demand compresses yields.

Contents

① Rent Roll & Unit Mix

2 Units
⚠️ Estimated — Pending Client Data: Rent roll figures below are market-rate estimates based on comparable Cambridge/Porter Square 2-family rentals (March 2026). Actual rents, lease terms, and unit configurations should be provided by the property owner for a final analysis.
Unit Floor Rooms BR BA Monthly Rent (Est.) Annual Rent (Est.) Lease Includes
1 (Lower) 1st–2nd 5 2 1.5 $2,900 est. $34,800 — Heat, Water
2 (Upper) 2nd–3rd 7 3 1 $3,300 est. $39,600 — Heat, Water
Total (2 Units) — Estimated $6,200 $74,400

② Income & Expense Analysis

Annual — Estimated
⚠️ Estimated — Pending Client Data: All income and expense figures are market-rate estimates. Actual operating costs (taxes, insurance, utilities, maintenance) and lease data should be confirmed with the owner prior to finalizing this analysis.
$74,400
Gross Annual Income
$6,200/mo — estimated
$24,600
Annual Expenses
$2,050/mo — estimated
$49,800
Net Operating Income
67.0% operating margin (est.)
33.1%
Expense Ratio
$24,600 / $74,400 (est.)

Monthly Expense Breakdown — Estimated

Expense Category Monthly (Est.) Annual (Est.) % of Gross
🔧 Maintenance & Repairs $620 $7,440 10.0%
🏛️ Real Estate Taxes $1,009 $12,108 16.3%
🛡️ Insurance $250 $3,000 4.0%
⚡ Utilities (Gas/Heat) $125 $1,500 2.0%
💧 Water & Sewer $46 $552 0.7%
Total Expenses (Est.) $2,050 $24,600 33.1%
* Real estate taxes based on Cambridge FY2026 residential tax rate of $7.63/1,000 on assessed value of $1,586,900 = $12,108/yr. All other figures are market estimates pending owner verification.

③ Valuation — Income Approach

Investment Analysis

📈 Income Approach

Value = NOI ÷ Cap Rate  |  NOI: $49,800 (est.)
3.25% Cap (Conservative) $1,532,000
3.0% Cap (Mid-Range) ★ $1,660,000
2.75% Cap (Optimistic) $1,811,000
Based on estimated NOI of $49,800. Cap rates of 2.75–3.25% reflect the Cambridge two-family market where owner-occupant demand and proximity to Porter Square Red Line compresses yields below conventional investment-grade multifamily.

Valuation Summary — Income Approach

Cap Rate Estimated Value $/sqft
3.25% (Conservative) $1,532,000 $513/sqft
3.0% (Mid-Range) ★ $1,660,000 $555/sqft
2.75% (Optimistic) $1,811,000 $606/sqft
The income approach reflects investor pricing at current market cap rates for Cambridge two-family properties near Porter Square. The mid-range estimate of $1,660,000 at a 3.0% cap rate is consistent with recent closed sales on Porter Road and aligns with the 2026 assessed value of $1,586,900. Note: actual income and expense data from the owner will refine this range.

📊 Financial Charts

Visual Analysis

Expense Breakdown (Estimated)

Monthly Income vs. Expenses (Estimated)

Estimated Rent by Unit

Valuation — Income Approach (Cap Rates)

2011 Sale vs. Current Estimated Performance

⑤ Comparable Sales

5 MLS Comps

Closed Sales

Address City Sale Price Units Sq Ft $/Sq Ft Year Built Sold DOM MLS #
71-73 Porter Rd Cambridge 02140 $1,750,000 2 3,568 $490 1899 3/15/24 — 4985664
66-68 Porter Rd Cambridge 02140 $1,600,000 2 2,711 $590 1894 12/4/24 — 73298078
9 Jay St Somerville 02144 $1,430,000 2 2,945 $486 — 9/18/25 — 73354364
29 Powder House Ter Somerville 02144 $1,800,000 2 3,474 $518 1900 11/1/24 — —
202 Powder House Blvd Somerville 02144 $1,100,000 2 3,048 $361 — 10/21/24 — —
Closed Sales Range $361–$590 Median $/SF: ~$490
Comp Analysis — 26-28 Porter Rd in Context

The 5 comparable two-family sales span Cambridge (02140) and Somerville (02144), ranging from 2,711–3,568 SF, with sale prices from $1,100,000 to $1,800,000 — all sold within the last 18 months.

$/SF Range (all comps): $361–$590  |  Porter Rd Comps Only (Closed): $490–$590/SF  |  Median $/SF: ~$490

Subject Property: 26-28 Porter Rd — 2 units, 2,988 SF. At the mid-range income-approach valuation of $1,660,000, the implied $/SF of $555 falls within the Porter Road comp range ($490–$590), reflecting the property's prime location — just a short walk to Porter Square Red Line, Whole Foods, and Mass Ave amenities. The 2026 assessed value of $1,586,900 ($531/SF) provides additional calibration, suggesting a market value range of $1,530,000–$1,810,000 is well-supported by comparable evidence.

⑥ 2011 Sale History

Prior Sale

26-28 Porter Rd, Cambridge MA 02140

Book/Page 57157/152 — Sold July 18, 2011
$680,000
$227.58/sf
Sold: $680,000
Date: July 18, 2011
Book/Page: 57157/152
Owner (Current): SEEGER, JEREMY
2026 Assessment: $1,586,900
Appreciation (15yr): +$906,900 (+133%)

Value Growth: 2011 Sale vs. Current Market

Metric 2011 (at Sale) Current (2026 Est.) Change
Sale / Market Value $680,000 $1,660,000 (est.) +$980,000 (+144%)
Price / SF $228/SF $555/SF (est.) +$327/SF (+143%)
Gross Annual Income (est.) ~$36,000 $74,400 (est.) +$38,400 (+107%)
Net Operating Income (est.) ~$22,000 $49,800 (est.) +$27,800 (+126%)
Cambridge Multi-Family Median ~$600,000 $2,165,000 (YE 2025) +$1,565,000 (+261%)
* 2011 income estimates are approximate based on market rents of the period. Current figures are market estimates pending owner data. Cambridge multi-family median sourced from MLS Pinergy® data (Tamela Roche, updated 2-25-2026).

📷 Property Photos

1 Photo

Assessor photo — additional MLS photos to be added when listing data is available.

26-28 Porter Rd — Assessor Photo
Charles Associates Real Estate — Multifamily Investment Analysis
Prepared by: Sam (Feral Bots) for Paul Slavinski, Principal Broker
26-28 Porter Road, Cambridge, MA 02140 — March 22, 2026
This Comparative Market Analysis is intended to assist in the estimation of market value and is not an appraisal. Income and expense figures are market-rate estimates only — pending confirmation from the property owner. 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. Cap rates reflect current Cambridge/Somerville two-family market conditions where owner-occupant demand compresses yields. 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.