Historic Three-Family
New
For Sale
$1,450,000
124 Forest St, Medford, MA 02155
Three-family residence with period details, updated kitchen, flexible layouts, and a level yard across two parcels.
Property Size3,700 SF
Lot Size0.33 Acres
Price / SF$391.89
Days on Market4
Property Features for 124 Forest St
General Information
Standard status
Active
Size
3,700 SF
Total Parking Spaces
6
Lot size
0.33 Acres
Property subtype
Multi-Family
Zoning
SF1
Net Operating Income
$70,895
Additional Details
Gross Income
$110,400
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,165
Amenities
covered front porch
level yard
laundry facilities
Building Details
Building Size
3,700 SF
Year Built
1920
Buildings
1
Stories
3
Listing Agency:
Keller Williams Realty Boston Northwest
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 22 at 2:29PM
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 Keller Williams Realty Boston Northwest
Investment Insights
Based on property information with market context.
This 3,700-square-foot three-family property, built in 1920, combines historic detailing with practical updates. The first-floor residence extends across two levels and includes a finished lower level, two full baths, in-unit laundry, and a refreshed kitchen with stainless appliances. Two upper apartments each provide three rooms and a full bath, with shared basement laundry. Inlaid hardwood floors, carved mantels, leaded glass, bay windows, and a covered front porch add architectural character. Gas hot-water heat serves the building.
The property occupies 14,506 square feet across two parcels, including a 6,006-square-foot accessory lot. A level yard and multi-car driveway provide useful exterior space. Located in West Medford, the residence is 1.4 miles from Tufts' Tisch Library and near commuter rail, dining, and routes to Boston. SF1 zoning applies, and the oversized lot has been identified for possible additional residential development, subject to City zoning approval and due diligence.
The property occupies 14,506 square feet across two parcels, including a 6,006-square-foot accessory lot. A level yard and multi-car driveway provide useful exterior space. Located in West Medford, the residence is 1.4 miles from Tufts' Tisch Library and near commuter rail, dining, and routes to Boston. SF1 zoning applies, and the oversized lot has been identified for possible additional residential development, subject to City zoning approval and due diligence.
Key Highlights
- 3,700 SF three‑family property built in 1920
- 14,506 SF of land across two parcels, including a 6,006 SF accessory lot
- First‑floor unit spans two levels with finished lower level, two full baths, and in‑unit laundry
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
$78,293
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
5.40%
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%
$1,565,860
$1.6M
Cap Rate 7%
$1,118,471
$1.1M
Cap Rate 9%
$869,922
$869.9K
Market Conditions
NOI Build-Up for 3,700 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
$117.7K $31.80/SF
− Vacancy
−$5.8K −$1.57/SF
EGI
$111.8K $30.23/SF
− OpEx
−$33.6K −$9.07/SF
NOI
$78.3K $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%
$1,565,860
Cap Rate 7%
$1,118,471
Cap Rate 9%
$869,922
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$978.7K – $1.30M
NOI $78,293 @ 7.0% cap · market cap 5.40%
Second Best
Apartment 5plus
$1.05M
$920.2K – $1.23M
NOI $73,618 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,327 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,587
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-family residence with period details, updated kitchen, flexible layouts, and a level yard across two parcels.
Where is this triplex located?
The property is located at 124 Forest St Medford, MA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 3,700 SF three‑family property built in 1920; 14,506 SF of land across two parcels, including a 6,006 SF accessory lot; First‑floor unit spans two levels with finished lower level, two full baths, and in‑unit laundry
