Two-Structure Four-Unit
For Sale
$1,499,000
Pending
87-89 Spring Street, Medford, MA 02155
For sale quadplex featuring two separate structures totaling four residential units, with on-site driveway parking for three cars.
Property Size3,388 SF
Days on Market148
Property Features for 87-89 Spring Street
General Information
Standard status
Pending
Size
3,388 SF
Total Parking Spaces
3
Property subtype
Multi-family / 4 Family
Zoning
RES
Net Operating Income
$139,800
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,630
Amenities
City/Town Sewer, Public
No
5.0
Full
5
5.00
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Compass
Listed By:
The Shahani Group · License #2013009293
(617) 216-1493
Source:
Compass
Added: Apr 14
Changed: Sep 7
Last Checked: Aug 4 at 11:24AM
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 Compass
Investment Insights
Based on property information with market context.
This for-sale quadplex includes two separate structures on one lot, totaling four residential units. The unit mix consists of one large five-bedroom apartment, two two-bedroom apartments, and one one-bedroom apartment. The property has undergone multiple updates over time, including replaced water heaters and newer heater systems.
Tenants pay for their own utilities. Parking is available for three cars in the driveway.
The property is offered as a four-unit income asset with a history of updates and a layout designed for separate unit living within two buildings on the same site.
Tenants pay for their own utilities. Parking is available for three cars in the driveway.
The property is offered as a four-unit income asset with a history of updates and a layout designed for separate unit living within two buildings on the same site.
Key Highlights
- Quadplex with two separate structures on one lot, totaling four residential units
- Unit mix includes one large 5‑bedroom unit, two two‑bedroom units, and one one‑bedroom apartment
- Parking for 3 cars in the driveway
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
$71,691
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
4.78%
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%
$1,433,820
$1.4M
Cap Rate 7%
$1,024,157
$1.0M
Cap Rate 9%
$796,567
$796.6K
Market Conditions
NOI Build-Up for 3,388 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
$107.7K $31.80/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$102.4K $30.23/SF
− OpEx
−$30.7K −$9.07/SF
NOI
$71.7K $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 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%
$1,433,820
Cap Rate 7%
$1,024,157
Cap Rate 9%
$796,567
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$896.1K – $1.19M
NOI $71,691 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$963.0K
$842.6K – $1.12M
NOI $67,410 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$2.01M
$1.75M – $2.34M
NOI $140,398 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
903
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - For sale quadplex featuring two separate structures totaling four residential units, with on-site driveway parking for three cars.
Where is this quadplex located?
The property is located at 87-89 Spring Street Medford, MA.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Quadplex with two separate structures on one lot, totaling four residential units; Unit mix includes one large 5‑bedroom unit, two two‑bedroom units, and one one‑bedroom apartment; Parking for 3 cars in the driveway
