Renovated Residential Income
For Sale
$2,049,000
26-28 Pitcher Ave, Medford, MA 02155
Upper-level condominium with updated finishes, private outdoor space, and dedicated parking near Lower Mystic Lake.
Property Size3,531 SF
Days on Market74
Property Features for 26-28 Pitcher Ave
General Information
Standard status
Active
Size
3,531 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
Res
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,689
Amenities
in-unit washer/dryer
private rear deck
central HVAC
finished attic
bonus basement flex space
Building Details
Building Size
3,531 SF
Year Built
1920
Stories
3
Units
2
Listing Agency:
Gibson Sotheby's International Realty
(617) 242-4222
Listed By:
Jesse Macdonald
(617) 669-8449
Source:
Housatonicrealestate
Added: Jul 4
Changed: Sep 15
Last Checked: Sep 15 at 11:21AM
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 Gibson Sotheby's International Realty
Investment Insights
Based on property information with market context.
This renovated upper-level condominium at 26-28 Pitcher Ave includes 3 bedrooms and 2 bathrooms within a converted residential property. Interior improvements include oak hardwood flooring, white cabinetry, quartz countertops, central HVAC, and upgraded 200-amp electrical service. A full walk-up finished attic expands the usable layout, while an in-unit washer and dryer and additional basement flex space add functional convenience. The property also includes a private rear deck, 1 garage space, and 1 outdoor parking spot. Built in 1920 and zoned Res, the property has a total listed property size of 3531.
The home is situated on a quiet street in West Medford near Lower Mystic Lake, with access to trails, water views, and green space. The commuter rail station is nearby, and Winchester and Arlington are close to the property. Its location combines residential surroundings with access to regional transportation and outdoor amenities.
The home is situated on a quiet street in West Medford near Lower Mystic Lake, with access to trails, water views, and green space. The commuter rail station is nearby, and Winchester and Arlington are close to the property. Its location combines residential surroundings with access to regional transportation and outdoor amenities.
Key Highlights
- 3‑bedroom, 2‑bath upper‑level condominium
- Renovated with oak hardwood floors, quartz countertops, and white cabinetry
- Full walk‑up finished attic plus bonus basement flex space
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
$70,255
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
3.43%
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%
$1,405,100
$1.4M
Cap Rate 7%
$1,003,643
$1.0M
Cap Rate 9%
$780,611
$780.6K
Market Conditions
NOI Build-Up for 3,531 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
$134.7K $38.16/SF
− Vacancy
−$7.0K −$1.98/SF
EGI
$127.7K $36.18/SF
− OpEx
−$57.5K −$16.28/SF
NOI
$70.3K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
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%
$1,405,100
Cap Rate 7%
$1,003,643
Cap Rate 9%
$780,611
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.2K – $1.17M
NOI $70,255 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,324 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
641
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upper-level condominium with updated finishes, private outdoor space, and dedicated parking near Lower Mystic Lake.
Where is this residential income property located?
The property is located at 26-28 Pitcher Ave Medford, MA.
What is the asking price?
The asking price for this property is $2,049,000.
What are key features of this property?
This property features: 3‑bedroom, 2‑bath upper‑level condominium; Renovated with oak hardwood floors, quartz countertops, and white cabinetry; Full walk‑up finished attic plus bonus basement flex space
