CMA — 13-19 Houghton St, Somerville MA 02143 | Charles Associates Real Estate

① Rent Roll & Unit Mix

6 Units

Unit	BR	BA	Monthly Rent	Annual Rent	Lease Expires
13-1	2	1	$2,835	$34,020	8/31/26
13-2	2	1	$2,885	$34,620	8/31/26
15	3	2	$3,200	$38,400	8/31/26
17	3	2	$3,300	$39,600	8/31/26
19-1	2	1	$2,885	$34,620	8/31/26
19-2	2	1	$3,000	$36,000	8/31/26
Total (6 Units)			$18,105	$217,260

② Income & Expense Analysis

Annual

$217,260

Gross Annual Income

$18,105/mo

$50,460

Annual Expenses

$4,205/mo

$166,800
Net Operating Income
76.8% operating margin

23.2%

Expense Ratio

$50,460 / $217,260

Monthly Expense Breakdown

Expense Category	Monthly	Annual	% of Gross
🔧 Maintenance & Repairs	$1,811	$21,732	10.0%
⚡ Utilities	$16	$192	0.1%
💧 Water & Sewer	$350	$4,200	1.9%
🏛️ Real Estate Taxes	$1,661	$19,932	9.2%
🛡️ Insurance	$367	$4,404	2.0%
Total Expenses	$4,205	$50,460	23.2%

③ Valuation — Income Approach

Investment Analysis

📈 Income Approach

Value = NOI ÷ Cap Rate

6.25% Cap (Conservative) $2,669,000

6.0% Cap (Mid-Range) ★ $2,780,000

5.75% Cap (Optimistic) $2,901,000

Based on NOI of $166,800. Cap rates of 5.75–6.25% reflect current Somerville multifamily market conditions for well-located 6-unit buildings.

Valuation Summary — Income Approach

Cap Rate	Estimated Value	$/sqft
6.25% (Conservative)	$2,669,000	$501/sqft
6.0% (Mid-Range) ★	$2,780,000	$522/sqft
5.75% (Optimistic)	$2,901,000	$544/sqft

The income approach best reflects investor pricing for stabilized multifamily assets. The mid-range estimate of $2,780,000 at a 6.0% cap rate represents a balanced market view based on NOI of $166,800. The subject's $/SF of $522 falls squarely within the comparable market range of $459–$634.

📊 Financial Charts

Visual Analysis

Expense Breakdown

Monthly Income vs. Expenses

Rent by Unit

Valuation — Income Approach (Cap Rates)

Comparable Sales — Price per Square Foot

⑤ Comparable Sales

10 MLS Comps

Closed Sales

Address	City	Sale Price	Units	Sq Ft	$/Sq Ft	Year Built	Sold	DOM	MLS #
39 Houghton St ★	Somerville 02143	$1,900,000	4	3,974	$478	1900	7/1/25	34	73351712
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					$478–$634	Median $/SF: ~$526

★ 39 Houghton St is located next door — strongest comparable.

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 — 13-19 Houghton St in Context

The 10 comparable multifamily properties span Cambridge and Somerville, ranging from 4–12 units, built 1837–1920 — closely matching the subject's vintage and neighborhood profile.

$/SF Range (all comps): $459–$634 | Closed Sales Median $/SF: ~$526 | All Comps Average: ~$524/SF

Strongest Comp: 39 Houghton St (next door) — 4 units, 3,974 SF, sold 7/1/25 at $478/SF. The subject is larger (5,330 SF vs. 3,974 SF), has 2 additional units, and generates significantly higher income, supporting a premium above the adjacent sale.

Subject Property: 13-19 Houghton St — 6 units, 5,330 SF, mid-range valuation of $2,780,000 = $522/SF. This falls within the comparable range and is consistent with the closed-sales median, providing strong market support for the income-approach valuation.