Historic Three-Family
For Sale
$1,450,000
124 Forest Street, 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 Market154
Property Features for 124 Forest Street
General Information
Standard status
Active
Size
3,700 SF
Lot size
0.33 Acres
Property subtype
Multi-family
Additional Details
Gross Income
$110,400
Public Transit
Yes
Multifamily Units
3
Amenities
covered front porch
level yard
laundry facilities
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Midtown Properties,Inc.
Listed By:
Jason Pan
(617) 834-4071
Source:
Merryfoxrealty
Added: May 22
Changed: Oct 21
Last Checked: Oct 20 at 10:46PM
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 Midtown Properties,Inc.
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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 / Yr
$78,293
Cap Rate
5.40%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,587
Businesses Nearby
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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
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 Street 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
