Two-Unit Duplex with Separate
For Sale
$977,000
123 Willis Ave, Medford, MA 02155
Both units can be delivered vacant.
Property Size1,948 SF
Price / SF$501.54
Days on Market139
Property Features for 123 Willis Ave
General Information
Standard status
Active
Size
1,948 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Net Operating Income
$45,692
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,508
Building Details
Building Size
1,948 SF
Year Built
1910
Buildings
1
Stories
2
Listing Agency:
Atlantic Properties
(978) 578-5013
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Apr 16
Changed: Aug 31
Last Checked: Aug 31 at 1:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Atlantic Properties
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,948 square feet across a building constructed in 1910. Each residence has its own separate systems, providing distinct operational separation between the units. Both floors can be delivered vacant, offering flexibility for the next ownership plan.
The property is located at 123 Willis Ave in Medford, Massachusetts, within ZIP code 02155. Its two-family configuration and separately supported units provide a straightforward physical layout for evaluating the asset as a residential income property.
The property is located at 123 Willis Ave in Medford, Massachusetts, within ZIP code 02155. Its two-family configuration and separately supported units provide a straightforward physical layout for evaluating the asset as a residential income property.
Key Highlights
- Two‑unit duplex configuration
- 1,948 square feet
- Separate systems for each unit
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
$41,220
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
4.22%
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%
$824,400
$824.4K
Cap Rate 7%
$588,857
$588.9K
Cap Rate 9%
$458,000
$458.0K
Market Conditions
NOI Build-Up for 1,948 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
$61.9K $31.80/SF
− Vacancy
−$3.1K −$1.57/SF
EGI
$58.9K $30.23/SF
− OpEx
−$17.7K −$9.07/SF
NOI
$41.2K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
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%
$824,400
Cap Rate 7%
$588,857
Cap Rate 9%
$458,000
Alternative Uses
Best Use
Multifamily LT 5
$588.9K
$515.3K – $687.0K
NOI $41,220 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$553.7K
$484.5K – $646.0K
NOI $38,759 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.15M
$1.01M – $1.35M
NOI $80,725 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 02155, MA
61,483
Population
25,893
Households
2.4
Avg Household Size
36
Median Age
58%
College-Educated
93%
High-School Grad
8.2 sq mi
ZIP Area
7,498
Density / Sq Mi
$118,403
Median Household Income
$60,825
Median Earnings
$2,483
Median Rent
$715,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both units can be delivered vacant.
Where is this duplex located?
The property is located at 123 Willis Ave Medford, MA.
What is the asking price?
The asking price for this property is $977,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,948 square feet; Separate systems for each unit
