Historic First-Floor Office
For Sale
$500,000
T2-92 High St, Medford, MA 02155
First-floor front corner office suite with 13-foot ceilings, reception area, and three private offices plus a conference room.
Property Size1,450 SF
Price / SF$344.83
Days on Market125
Property Features for T2-92 High St
General Information
Standard status
Active
Size
1,450 SF
Total Parking Spaces
4
Additional Details
Highway Access
Yes
Clear Height
13 ft
Listing Agency:
ABG Realty
(617) 492-9900
Listed By:
Clare Thompson · License #7492
Source:
Exprealty
Added: May 4
Changed: Aug 20
Last Checked: Sep 4 at 7:55AM
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 ABG Realty
Investment Insights
Based on property information with market context.
Rare opportunity to own a 1,450 SF professional office condo in the historic Marcus Fonzi building (Old Medford Armory). The first-floor front corner suite features 13-foot ceilings and original oak woodwork, with a grand entryway leading into a reception area. Inside, the space includes three private offices and a conference room, providing a practical layout for client-facing professional use.
The property is positioned in the heart of Medford Square, with easy access to I-93 and MBTA transit, and is near Mystic River walkways. The condo includes four deeded parking spaces: two in an indoor garage and two outdoors. The building is managed on-site, and the unit is delivered vacant.
This offering presents a turn-key office condo within a historic landmark setting, designed around a reception-led workflow and enclosed meeting and office space.
The property is positioned in the heart of Medford Square, with easy access to I-93 and MBTA transit, and is near Mystic River walkways. The condo includes four deeded parking spaces: two in an indoor garage and two outdoors. The building is managed on-site, and the unit is delivered vacant.
This offering presents a turn-key office condo within a historic landmark setting, designed around a reception-led workflow and enclosed meeting and office space.
Key Highlights
- 1,450 SF first‑floor front corner professional office condo in the historic Marcus Fonzi building (Old Medford Armory)
- 13‑foot ceilings and original oak woodwork throughout
- Reception area with grand entryway doors plus a layout of three private offices and a conference room
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
$46,009
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
9.20%
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%
$920,180
$920.2K
Cap Rate 7%
$657,271
$657.3K
Cap Rate 9%
$511,211
$511.2K
Market Conditions
NOI Build-Up for 1,450 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
$78.6K $54.24/SF
− Vacancy
−$17.3K −$11.93/SF
EGI
$61.3K $42.31/SF
− OpEx
−$15.3K −$10.58/SF
NOI
$46.0K $31.73/SF
Area
Middlesex County, MA
Vacancy
22.00%
Lease Rate
$54.24 /SF/Yr
Expense Ratio
25.00%
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%
$920,180
Cap Rate 7%
$657,271
Cap Rate 9%
$511,211
Alternative Uses
Best Use
Office B
$657.3K
$575.1K – $766.8K
NOI $46,009 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$858.4K
$751.1K – $1.00M
NOI $60,088 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,741
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - First-floor front corner office suite with 13-foot ceilings, reception area, and three private offices plus a conference room.
Where is this office units located?
The property is located at T2-92 High St Medford, MA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,450 SF first‑floor front corner professional office condo in the historic Marcus Fonzi building (Old Medford Armory); 13‑foot ceilings and original oak woodwork throughout; Reception area with grand entryway doors plus a layout of three private offices and a conference room
