Oversized Two-Family
For Sale
$1,199,000
Pending
193 Willis Ave, Medford, MA 02155
Two large apartments offer seven rooms each, hardwood floors, and separate oil heat on a double lot.
Property Size3,164 SF
Days on Market142
Property Features for 193 Willis Ave
General Information
Standard status
Pending
Size
3,164 SF
Total Parking Spaces
8
Property subtype
Multi Family Home
Zoning
res
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,453
Building Details
Building Size
3,164 SF
Year Built
1910
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
EWK Realty
(781) 322-8400
Listed By:
Eric Kerr
(617) 645-6900
Source:
Aucoinryanrealty
Added: Apr 20
Changed: Sep 6
Last Checked: Jul 22 at 5:10AM
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 EWK Realty
Investment Insights
Based on property information with market context.
This oversized two-family residence features two large units, each with seven rooms and three to four bedrooms. Hardwood floors extend throughout the property. The home also offers separate oil heat for the apartments, with gas present for potential future heating updates.
The property sits on a double lot and includes a two-car block garage. Recent improvements noted in the remarks include a new roof and new windows.
The current configuration supports either continued residential use or an opportunity to utilize additional outdoor space for family needs, with the double-lot layout offering room for future additions as described.
The property sits on a double lot and includes a two-car block garage. Recent improvements noted in the remarks include a new roof and new windows.
The current configuration supports either continued residential use or an opportunity to utilize additional outdoor space for family needs, with the double-lot layout offering room for future additions as described.
Key Highlights
- Oversized 2‑family home on a double lot with two large apartments
- Each apartment offers 7 rooms with three to four bedrooms
- Hardwood floors throughout the entire property
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
$66,951
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
5.58%
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%
$1,339,020
$1.3M
Cap Rate 7%
$956,443
$956.4K
Cap Rate 9%
$743,900
$743.9K
Market Conditions
NOI Build-Up for 3,164 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
$100.6K $31.80/SF
− Vacancy
−$5.0K −$1.57/SF
EGI
$95.6K $30.23/SF
− OpEx
−$28.7K −$9.07/SF
NOI
$67.0K $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%
$1,339,020
Cap Rate 7%
$956,443
Cap Rate 9%
$743,900
Alternative Uses
Best Use
Multifamily LT 5
$956.4K
$836.9K – $1.12M
NOI $66,951 @ 7.0% cap · market cap 5.58%
Second Best
Apartment 5plus
$899.3K
$786.9K – $1.05M
NOI $62,953 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$1.87M
$1.64M – $2.19M
NOI $131,115 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,202
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 - Two large apartments offer seven rooms each, hardwood floors, and separate oil heat on a double lot.
Where is this duplex located?
The property is located at 193 Willis Ave Medford, MA.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Oversized 2‑family home on a double lot with two large apartments; Each apartment offers 7 rooms with three to four bedrooms; Hardwood floors throughout the entire property
