West Medford Mixed-Use
For Sale
$1,750,000
Pending
438-440 High St, Medford, MA 02155
Rare development opportunity near transportation and local amenities.
Property Size4,977 SF
Lot Size0.14 Acres
Days on Market164
Property Features for 438-440 High St
General Information
Standard status
Pending
Size
4,977 SF
Lot size
0.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,697
Building Details
Year Built
1945
Listing Agency:
Thompson Realty
(781) 307-7395
Listed By:
Jamie Thompson
(781) 307-7395
Source:
Elliman
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 9 at 11:02PM
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 Thompson Realty
Investment Insights
Based on property information with market context.
This property presents a rare development or hold opportunity in West Medford, offering convenient access to Route 16, Route 2, and I-93. An MBTA bus stop is located across the street, and the Commuter Rail in West Medford Square provides an 11-minute ride to Boston. Medford Square is less than 1 mile away. The location is steps away from local shops, including Snappy Patty’s, Bistro 5, Paul Revere Restaurant, Simple Fare, C.B Scoops, The Magnificent Muffin, Medford Brewing, Dunkin Donuts, and Walgreens, and a short trip to Whole Foods and Starbucks on Mystic Valley Parkway. Somerville, Cambridge, and Arlington are just minutes away. The property features a 6,000+ square foot lot with a 4,977 square foot commercial building and a full basement. It is close to the Orange, Green, and Red lines. Current tenants include a liquor store and hair salon, both on month-to-month gross terms. Currently zoned C1, the property is part of Medford’s ongoing rezoning plans. This unique offering presents numerous possibilities, including mixed-use potential. Buyers are responsible for conducting their due diligence.
Key Highlights
- Rare development or hold opportunity in West Medford.
- Excellent location with convenient access to Rt16, Rt 2, and I‑93, and close proximity to Somerville, Cambridge, and Arlington.
- MBTA Bus stop across the street and Commuter Rail in West Medford Square (11 minute ride to Boston).
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
$157,922
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
9.02%
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%
$3,158,440
$3.2M
Cap Rate 7%
$2,256,029
$2.3M
Cap Rate 9%
$1,754,689
$1.8M
Market Conditions
NOI Build-Up for 4,977 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
$270.0K $54.24/SF
− Vacancy
−$59.4K −$11.93/SF
EGI
$210.6K $42.31/SF
− OpEx
−$52.6K −$10.58/SF
NOI
$157.9K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /SF/Yr
Expense Ratio
25.00%
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%
$3,158,440
Cap Rate 7%
$2,256,029
Cap Rate 9%
$1,754,689
Alternative Uses
Best Use
Office B
$2.26M
$1.97M – $2.63M
NOI $157,922 @ 7.0% cap · market cap 9.02%
Second Best
Mixed Use
$1.17M
$1.03M – $1.37M
NOI $82,121 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.95M
$2.58M – $3.44M
NOI $206,246 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
595
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Rare development opportunity near transportation and local amenities.
Where is this mixed-use property located?
The property is located at 438-440 High St Medford, MA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Rare development or hold opportunity in West Medford.; Excellent location with convenient access to Rt16, Rt 2, and I‑93, and close proximity to Somerville, Cambridge, and Arlington.; MBTA Bus stop across the street and Commuter Rail in West Medford Square (11 minute ride to Boston).
