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Multifamily Investment Analysis

32 Essex Street, Cambridge, MA 02139
📅 May 11, 2026 (v2) 👤 Prepared for: Paul Slavinski, Principal Broker 📊 3-Unit Multifamily (Three-Family Residential)

📍 Subject Property

32 Essex St
Cambridge, MA 02139
Three-Family Residential
1888
3,915 SF
2,240 SF
3 Stories — Decker
9 BR / 3 Full BA
17 Rooms / 3 Kitchens
1 Covered Space
$1,944,700
90-84

Estimated Market Value Range

$2,478,000
25th-percentile (Q1) of closed comps
$2,725,000
median of closed comps
$2,857,000
75th-percentile (Q3) of closed comps
$696/sf
Closed Comp Median $/SF
$745/sf
Active Listings Median $/SF
$1,944,700
FY2026 Assessed
Range driven by the Sales Comparison Approach — 13 closed and 7 on-market Cambridge multifamily comparables provided by Paul Slavinski. Active inventory is pricing 7% above the closed median, suggesting a list near or slightly above the mid-range. The Income Approach has been retained as an appendix cross-check.

Contents

① Closed Comparable Sales (Primary Approach)

13 Closed Sales

Comparable set provided by Paul Slavinski (2026-05-11). All 13 closed sales are recent Cambridge multifamily transactions. Comps are sorted to surface the most directly comparable units (matching 9 BR / 3 BA configuration) at the top.

Address MLS # BR BA Sq Ft Sale Price $/Sq Ft
12 Merrill Street direct match 73389500 9 3.0/0 3,429 $2,500,000 $729
4 Saint Paul St direct match 73448161 9 3.0/0 3,414 $2,150,000 $630
1657 Cambridge Street 73438423 11 4.0/0 4,962 $3,300,000 $665
382 Huron Ave 73450485 5 3.0/0 3,559 $2,600,000 $731
15-17 Fairmont St 73424901 7 4.0/0 3,172 $2,600,000 $820
174 Hamilton Street 73454108 7 3.0/1.0 3,336 $2,950,000 $884
90 Lexington Ave 73363370 7 4.0/0 4,244 $2,620,000 $617
18 Fainwood Cir 73314083 12 3.0/0 3,669 $2,334,000 $636
243-245 Lexington Ave 73434245 6 3.0/0 3,233 $2,250,000 $696
1 Jay Street 73450111 6 4.0/1.0 3,044 $1,945,000 $639
54 Wendell St 73426210 5 3.0/0 3,297 $2,400,000 $728
65-67 Allston St 73416341 6 3.0/0 3,105 $2,180,000 $702
234-236 Huron Ave 73445423 — 0/0 4,143 $2,100,000 $507
Closed Stats (n=13) 3,044–4,962 $1,945,000–$3,300,000 $507–$884
Distribution of $/Sq Ft Mean $691 · Median $696 · Q1 $633 · Q3 $730
Adjustments — Bedroom Count, Size, Condition, Time on Market

1. Bed-count match. Two of the 13 closed comps share the subject's exact 9 BR / 3 BA configuration: 12 Merrill St ($729/SF) and 4 Saint Paul St ($630/SF). A third comp, 1657 Cambridge St (11 BR / 4 BA, $665/SF), is the next-closest by bed count. Average of these three direct-comp matches: $675/SF → applied to 3,915 SF subject ≈ $2,641,000.

2. Size adjustment. Subject sits at 3,915 SF — squarely in the middle of the closed-comp size range (3,044–4,962 SF). The closed median of $696/SF is therefore size-appropriate without an explicit per-foot adjustment. The two largest comps (4,962 and 4,244 SF) come in at $665 and $617/SF respectively, consistent with a mild size discount on bigger buildings; the two smallest (3,044 and 3,105 SF) sold at $639 and $702/SF, consistent with smaller-property scarcity. Subject's mid-range size pulls toward the population median.

3. Condition. Paul's PDF does not provide condition ratings or renovation status for the 13 comps. The closed $/SF distribution spans $507 (234-236 Huron Ave, possibly distressed or partial-interest given missing BR/BA data) to $884 (174 Hamilton, likely fully renovated). The interquartile band $633–$730/SF most plausibly reflects average-condition transactions and is recommended as the operative range for 32 Essex St. A final list price should be tightened against an in-person condition walk-through or a desktop MLS detail review.

4. Time on market / recency. All 13 closed transactions appear from MLS numbering to be recent (2024–2025 cycle). Cambridge multifamily $/SF has trended upward over this window, and the active median of $745/SF (n=6) prices roughly 7% above the closed median of $696/SF — supporting a list price near or slightly above the comp-median rather than at it. Active range: $698–$856/SF.

Result. The three valuation scenarios at the top of this report ($2,478K–$2,725K–$2,857K) bracket the Q1/Median/Q3 of the closed-comp $/SF distribution applied to 3,915 SF. The mid-range $2,725,000 (median $/SF) is the central recommendation; active-market direction justifies leaning toward the Q3 figure on listing.

② Active & Under-Contract Listings

7 Listings (1 UAG, 6 Active)

Asking prices on currently-marketed inventory establish forward direction. The active median of $745/SF sits about 7% above the closed median ($696/SF), suggesting the local 3-family market is pricing upward into the listing.

Under Agreement (1)

Address MLS # BR BA Sq Ft List Price $/Sq Ft
505 Green St 73507147 6 6.0/0 3,537 $2,300,000 $650

Active (6)

Address MLS # BR BA Sq Ft List Price $/Sq Ft
49-51 Putnam Ave 73481478 9 6.0/0 3,213 $2,750,000 $856
17-19 Orrin Street 73503288 6 3.0/0 3,159 $2,500,000 $791
1531 Cambridge Street 73487058 11 9.0/1.0 5,933 $4,495,000 $758
42 Fayette St 73504415 7 3.0/2.0 4,372 $3,200,000 $732
7-9 Orrin Street 73503289 6 3.0/0 3,342 $2,375,000 $711
281 Cardinal Medeiros Ave 73488847 7 4.0/0 3,792 $2,645,000 $698
Active Stats (n=6) Median $745 · Range $698–$856

③ Valuation Conclusion

Sales Comparison Approach
Scenario Anchor $/Sq Ft Value (3,915 SF) Note
Conservative Q1 of closed comps $633 $2,478,000 Defensive list — accommodates condition uncertainty.
Mid-Range ★ Median of closed comps $696 $2,724,000 Central recommendation.
Optimistic Q3 of closed comps $730 $2,857,000 Supported by active-market direction ($745/SF median).
Recommended list: $2,725,000 – $2,857,000 ($696–$730/SF). Mid-range is the median of Paul's 13 closed comps; the Q3 upper bound reflects the 7% forward-direction signal coming off active inventory.
Data limitations for tighter pinning: condition ratings, renovation history, sale dates, and DOM are not present in the comp set as delivered. A desktop MLS detail review of the three direct-comp matches (12 Merrill, 4 Saint Paul, 1657 Cambridge) plus the two outliers (234-236 Huron at $507/SF; 174 Hamilton at $884/SF) would let us either tighten the operative range or quantify a condition-based adjustment.

⑤ Ownership & Assessment History

Title + Tax Roll

32 Essex St, Cambridge MA 02139

Book/Page 66787/205 — Recorded February 10, 2016
$1
Trust transfer
Last Recorded Transfer: $1 (intra-family / trust conveyance)
Date: February 10, 2016
Book/Page: 66787/205
Owner of Record: NEIMAN, DAVID & LOTTERMAN, PATRICIA J. (Trustees)
FY2026 Total Assessment: $1,944,700
Residential Exemption: Yes (owner-occupant on file)
The 2016 deed records a $1 conveyance — characteristic of an intra-family or trust transfer rather than an arm's-length market sale. As such, no usable acquisition cost basis is established and the property has no public market sale on record. Pricing must therefore be anchored to the 12-comp Sales Comparison data and the FY2026 assessment.

Recent Assessment Trend

Fiscal Year Total Assessed Value $/SF (over 3,915 SF) YoY Change
FY2025 (Prior) $1,874,800 $479/SF —
FY2026 (Current) $1,944,700 $497/SF +$69,900 (+3.7%)
Mid-Range Market Estimate (★) $2,350,000 $600/SF +$405,300 over FY2026 AV (+20.8%)
* FY2026 building component: $1,268,100 · Land component: $676,600 · Tax district R2 · Zoning B (unofficial). Cambridge typically assesses owner-occupant 3-families below market value; the +21% spread between the FY2026 assessment and the comp-driven mid-range is consistent with this pattern across the 12-comp set.

📎 Appendix — Income Approach (Cross-Check)

Estimated
⚠️ Estimated — Pending Owner Data: All income and expense figures below are market-rate estimates. Per Paul's instruction, the Sales Comparison Approach above is the primary valuation method for this analysis. This appendix is retained as a cross-check only.

Estimated gross rent of $136,800/yr (three 3BR/1BA flats at ~$3,800/mo market rate) less estimated annual operating expenses of $39,640 (taxes $14,838 at Cambridge's FY2026 residential rate, plus maintenance, insurance, common-area utilities, water) implies an NOI of approximately $97,160. At Cambridge multifamily cap rates of 3.0–4.0%, this NOI supports an income-approach value band of $2,429,000 – $3,239,000 ($620–$827/SF), centered at 3.5% on $2,776,000 ($709/SF).

The income-approach midpoint ($2,776,000) sits between the sales-comparison median ($2,725,000) and Q3 ($2,857,000) — independently validating the $2.7M–$2.9M list zone. A finalized income approach with actual rent roll and operating-expense figures would tighten this further.

📷 Property Photos

1 Photo

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

32 Essex St — Assessor Photo
Charles Associates Real Estate — Multifamily Investment Analysis
Prepared by: Sam (Feral Bots) for Paul Slavinski, Principal Broker
32 Essex Street, Cambridge, MA 02139 — May 11, 2026 (v2)
This Comparative Market Analysis is intended to assist in the estimation of market value and is not an appraisal. The valuation is anchored to the Sales Comparison Approach using the 13 closed and 7 on-market Cambridge multifamily comparables provided by Paul Slavinski (2026-05-11). 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 multifamily 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.