Renovated Three-Unit Residential
For Sale
$1,350,000
Pending
21 Medford St., Malden, MA 02148
Renovated 3-family property with three turn-key apartments, in-unit laundry, updated kitchens, and street-level parking.
Property Size3,617 SF
Lot Size0.26 Acres
Days on Market49
Property Features for 21 Medford St.
General Information
Standard status
Pending
Size
3,617 SF
Total Parking Spaces
7
Lot size
0.26 Acres
Property subtype
Multifamily
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$10,927
Amenities
in-unit laundry
granite countertops
stainless steel appliances
open concept floorplans
recessed lighting
hardwood flooring
large backyard
Building Details
Building Size
3,617 SF
Year Built
1900
Year Renovated
2024
Tenancy
Multi
Listing Agency:
Coelho Realty Group LLC
Listed By:
Joe Danisch
(617) 477-8223
Source:
Classifiedrealtygroup
Added: Jul 24
Changed: Sep 8
Last Checked: Sep 9 at 3:33PM
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 Coelho Realty Group LLC
Investment Insights
Based on property information with market context.
This renovated three-unit residential building includes three turn-key apartments. Each unit features 3 bedrooms and 2 full bathrooms, with in-unit laundry and an updated kitchen with granite countertops and stainless-steel appliances. The apartments also offer open concept floorplans, recessed lighting, and hardwood flooring throughout. The property was refurbished in 2024.
The exterior includes four unencumbered street-level parking spots on the right-hand side of the house, along with a long three-car driveway on the left that extends toward the rear of the lot and abuts the backyard.
Comprising three apartments on a single property, 21 Medford Street is configured for straightforward rental operations with parking and a sizable yard area for tenant and owner use.
The exterior includes four unencumbered street-level parking spots on the right-hand side of the house, along with a long three-car driveway on the left that extends toward the rear of the lot and abuts the backyard.
Comprising three apartments on a single property, 21 Medford Street is configured for straightforward rental operations with parking and a sizable yard area for tenant and owner use.
Key Highlights
- Renovated 3‑family home (built 1900) refurbished in 2024 with three 3‑bedroom units
- Each unit features 2 full bathrooms, in‑unit laundry, and an updated kitchen with granite countertops and stainless‑steel appliances
- Open‑concept layouts with recessed lighting and hardwood flooring throughout the units
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
$76,537
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
5.67%
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%
$1,530,740
$1.5M
Cap Rate 7%
$1,093,386
$1.1M
Cap Rate 9%
$850,411
$850.4K
Market Conditions
NOI Build-Up for 3,617 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
$115.0K $31.80/SF
− Vacancy
−$5.7K −$1.57/SF
EGI
$109.3K $30.23/SF
− OpEx
−$32.8K −$9.07/SF
NOI
$76.5K $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%
$1,530,740
Cap Rate 7%
$1,093,386
Cap Rate 9%
$850,411
Alternative Uses
Best Use
Multifamily LT 5
$1.09M
$956.7K – $1.28M
NOI $76,537 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$1.03M
$899.6K – $1.20M
NOI $71,966 @ 7.0% cap · market cap 5.33%
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,888 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,087
Businesses Nearby
Explore this area
Business Placement
Demographics for 02148, MA
66,274
Population
28,043
Households
2.4
Avg Household Size
36
Median Age
45%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
13,255
Density / Sq Mi
$95,298
Median Household Income
$56,077
Median Earnings
$2,066
Median Rent
$607,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Renovated 3-family property with three turn-key apartments, in-unit laundry, updated kitchens, and street-level parking.
Where is this triplex located?
The property is located at 21 Medford St. Malden, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Renovated 3‑family home (built 1900) refurbished in 2024 with three 3‑bedroom units; Each unit features 2 full bathrooms, in‑unit laundry, and an updated kitchen with granite countertops and stainless‑steel appliances; Open‑concept layouts with recessed lighting and hardwood flooring throughout the units
