Two-Family Corner Home with
For Sale
$899,900
31 Lewis Street, 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
Price / SF$438.12
Days on Market111
Property Features for 31 Lewis Street
General Information
Standard status
Active
Size
2,054 SF
Total Parking Spaces
2
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
sunroom
rear deck
hardwood floors
pantry/laundry room
high ceilings
Building Details
Year Built
1925
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
Fleet Homes Group
(617) 831-1099
Source:
Sarkisboston
Added: Jul 13
Changed: Oct 30
Last Checked: Oct 26 at 5:18PM
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
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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 / Yr
$43,463
Cap Rate
4.83%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,579
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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 Street 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
