Malden Apartments: Value-Add
2 Granite St Malden, MA 02148
2 Granite St, Malden, MA, 02148
$1,850,000
For Sale
$1,850,000
Seven-unit apartment building in Malden with value-add potential.
Property Size4,208 SF
Price / SF$439.64
Days on Market238
Property Features for 2 Granite St
General Information
- Standard status
- Active
- Size
- 4,208 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1911
Listing Agency
New England Realty Advisors LLC
(781) 334-8044
Listed by
Brad Carlson · License #MA #9584876
Source
Nerealtyadvisors
Added: Nov 25, 2025 Updated: Jul 6 at 10:54 am Checked: Jul 19 at 2:31 am
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 New England Realty Advisors LLC
Investment Insights
Based on property information with market context.
The Granite Street Apartments, located in Malden, Massachusetts, feature seven units with a mix of one-bedroom and studio floor plans. There are six one-bedroom units and one studio. Many of the units and hallways have been upgraded with modern finishes. The property offers a value-add opportunity. All rents are currently close to 15% below market rate, presenting investors with the opportunity to increase rents to market rate without major capital improvements. There is also an entire vacant third-floor space that could be converted into more apartments. The property includes coin-op laundry. Malden is a diverse city located just north of Boston, Massachusetts. Malden is known for its vibrant downtown area, it offers a mix of residential neighborhoods, historic sites, and a thriving arts and culture scene. The city boasts a strong sense of community, with a diverse population and a rich history dating back to the 17th century. Malden is easily accessible to Boston and other surrounding areas, making it an attractive option for commuters and those seeking a suburban lifestyle with urban conveniences. The property size is 4,208 square feet.
Key Highlights
- Significant rent increase potential (15% below market) without major renovations.
- Value‑add opportunity through third‑floor space conversion into additional apartments.
- Upgraded units with modern finishes enhance tenant appeal.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $160.6k | $38.16 |
| − Vacancy | −$8.4k | −$1.98 |
| EGI | $152.2k | $36.18 |
| − OpEx | −$68.5k | −$16.28 |
| NOI | $83.7k | $19.90 |
4,208 SF · lease $38.16/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,725 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,378 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Seven-unit apartment building in Malden with value-add potential.
Where is this apartment building located?
The property is located at 2 Granite St Malden, MA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Significant rent increase potential (15% below market) without major renovations.; Value‑add opportunity through third‑floor space conversion into additional apartments.; Upgraded units with modern finishes enhance tenant appeal.
