Updated Two-Unit
For Sale
$1,140,000
38-40 Cherry St, Medford, MA 02155
Meticulously maintained duplex with updated interiors, recent mechanical improvements, and a heated walk-up attic for potential expansion.
Property Size2,630 SF
Days on Market95
Property Features for 38-40 Cherry St
General Information
Standard status
Active
Size
2,630 SF
Total Parking Spaces
2
Property subtype
Multifamily
Taxes and HOA fees
Annual Taxes
$9,173
Building Details
Building Size
2,630 SF
Year Built
1920
Listing Agency:
Thompson Realty
Listed By:
Jamie Thompson
(781) 307-7395
Source:
Classifiedrealtygroup
Added: Jul 20
Changed: Oct 21
Last Checked: Oct 20 at 5:21PM
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 Thompson Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Meticulously maintained two-family duplex featuring ongoing updates throughout both units. Recent improvements include refinished hardwood floors, updated paint, and updated kitchens and baths. Unit 2 has mini splits added in 2020, and 1st-floor windows have just been updated. The heated walk-up attic provides an opportunity to expand the 2nd-floor unit.
The property is a walk-up configuration with currently leased units. It includes utility and major system upgrades such as updated 200-amp electric service, boilers completed in the early 2000s, water heaters recently replaced, and a roof completed in 2008.
With both units under leases, the building is positioned for rental income while still offering a path for future owner-occupancy.
The property is a walk-up configuration with currently leased units. It includes utility and major system upgrades such as updated 200-amp electric service, boilers completed in the early 2000s, water heaters recently replaced, and a roof completed in 2008.
With both units under leases, the building is positioned for rental income while still offering a path for future owner-occupancy.
Key Highlights
- 1920 Medford 2‑family duplex with two leased units
- Recently refinished hardwood floors and updated paint throughout both units
- Updated kitchens and baths in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,652
Cap Rate
4.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,113,040
$1.1M
Cap Rate 7%
$795,029
$795.0K
Cap Rate 9%
$618,356
$618.4K
Market Conditions
NOI Build-Up for 2,630 SF
Gross rent
$83.6K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.5K $30.23/SF
− OpEx
−$23.9K −$9.07/SF
NOI
$55.7K $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%
$1,113,040
Cap Rate 7%
$795,029
Cap Rate 9%
$618,356
Alternative Uses
Best Use
Multifamily LT 5
$795.0K
$695.7K – $927.5K
NOI $55,652 @ 7.0% cap · market cap 4.88%
Second Best
Apartment 5plus
$747.5K
$654.1K – $872.1K
NOI $52,328 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $108,987 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Location Intelligence
Trade Area within ½ mile
743
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
Frequently Asked Questions
What type of property is this?
Duplex - Meticulously maintained duplex with updated interiors, recent mechanical improvements, and a heated walk-up attic for potential expansion.
Where is this duplex located?
The property is located at 38-40 Cherry St Medford, MA.
What is the asking price?
The asking price for this property is $1,140,000.
What are key features of this property?
This property features: 1920 Medford 2‑family duplex with two leased units; Recently refinished hardwood floors and updated paint throughout both units; Updated kitchens and baths in both units
