Two-Family Corner Home with
For Sale
$899,900
Pending
31 Lewis St, Medford, MA 02155
Well-maintained two-family home on a corner lot with sunrooms, rear deck, and a two-car detached garage.
Property Size2,054 SF
Days on Market35
Property Features for 31 Lewis St
General Information
Standard status
Pending
Size
2,054 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
GR
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,642
Amenities
sunroom
rear deck
hardwood floors
pantry/laundry room
high ceilings
Building Details
Building Size
2,054 SF
Year Built
1925
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(617) 831-1099
Listed By:
Fleet Homes Group
(617) 831-1099
Source:
Startpoint
Added: Jul 22
Changed: Aug 23
Last Checked: Jul 30 at 8:44AM
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
Investment Insights
Based on property information with market context.
This two-family corner home offers two separate units, each with two bedrooms and a layout that may allow for additional bedroom configurations. Both units include 1 bathroom, a full dining room or office area, and a pantry/laundry room, along with high ceilings, a sunroom, and a rear deck.
The downstairs apartment’s bathroom and kitchen were updated a few years ago, and the hardwood floors have been refinished. The property also features a spacious yard and a two-car detached garage with potential for additional use.
The home is positioned for convenient commuting with access to Boston via nearby major routes and transit, and it is close to Medford Square, Hickey Park, restaurants, cafes, and shopping.
The downstairs apartment’s bathroom and kitchen were updated a few years ago, and the hardwood floors have been refinished. The property also features a spacious yard and a two-car detached garage with potential for additional use.
The home is positioned for convenient commuting with access to Boston via nearby major routes and transit, and it is close to Medford Square, Hickey Park, restaurants, cafes, and shopping.
Key Highlights
- Well‑maintained two‑family home on a corner lot with 2 sunrooms, rear deck, and spacious yard
- Year built 1925; each unit has 2 bedrooms with potential to convert to 3 beds, plus 1 bath
- Downstairs unit has updated bathroom and kitchen (updated a few years ago) and refinished hardwood floors
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
$43,463
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
4.83%
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%
$869,260
$869.3K
Cap Rate 7%
$620,900
$620.9K
Cap Rate 9%
$482,922
$482.9K
Market Conditions
NOI Build-Up for 2,054 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
$65.3K $31.80/SF
− Vacancy
−$3.2K −$1.57/SF
EGI
$62.1K $30.23/SF
− OpEx
−$18.6K −$9.07/SF
NOI
$43.5K $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%
$869,260
Cap Rate 7%
$620,900
Cap Rate 9%
$482,922
Alternative Uses
Best Use
Multifamily LT 5
$620.9K
$543.3K – $724.4K
NOI $43,463 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$583.8K
$510.9K – $681.1K
NOI $40,868 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,117 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,579
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 - Well-maintained two-family home on a corner lot with sunrooms, rear deck, and a two-car detached garage.
Where is this duplex located?
The property is located at 31 Lewis St Medford, MA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Well‑maintained two‑family home on a corner lot with 2 sunrooms, rear deck, and spacious yard; Year built 1925; each unit has 2 bedrooms with potential to convert to 3 beds, plus 1 bath; Downstairs unit has updated bathroom and kitchen (updated a few years ago) and refinished hardwood floors
