Three-Unit Multifamily
For Sale
$1,099,900
Pending
154-156A Franklin Street, Malden, MA 02148
Three residential units feature separate utilities, in-unit or basement laundry access, and back porches.
Property Size3,472 SF
Days on Market100
Property Features for 154-156A Franklin Street
General Information
Standard status
Pending
Size
3,472 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Business Included
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,705
Building Details
Building Size
3,472 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Century 21 North East
Listed By:
Kristin Gennetti · License #9065519
(781) 704-7040
Source:
Downtownbostonrealty
Added: May 29
Changed: Aug 7
Last Checked: Jul 23 at 5:33AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
Spacious three-family multifamily property configured as three separate units. The home offers a versatile layout with large rooms and tall ceilings, totaling 15 rooms and three full bathrooms across approximately 3,500 square feet. Unit 1 includes three bedrooms and one bathroom with laundry access in the basement. Unit 2 includes two bedrooms, one bath, and a laundry area, and is described as updated with an open floor plan. Unit 3 includes three bedrooms, one full bath, and in-unit laundry. All units have back porches, and each unit has separate utilities. The exterior includes low-maintenance vinyl siding, and a new roof was installed in 2020. Gas heating is noted, with additional basement storage available.
A paved driveway with a turn-around for parking is provided, along with a separate grassy yard space. The property is described as having tenants-at-will. The location is described as convenient to Malden MBTA, a bus stop, parks, schools, and the Northern Strand Bike Trail, with minutes to Boston.
A paved driveway with a turn-around for parking is provided, along with a separate grassy yard space. The property is described as having tenants-at-will. The location is described as convenient to Malden MBTA, a bus stop, parks, schools, and the Northern Strand Bike Trail, with minutes to Boston.
Key Highlights
- 3‑family home built in 1910 with approx. 3,500 SF and 15 rooms, including 3 full bathrooms
- Unit 1: 3 bedrooms, 1 bathroom, with laundry access in the basement
- Unit 2: 2 bedrooms, 1 bathroom; updated with an open floor plan plus in‑unit laundry area
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
$74,061
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
6.73%
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%
$1,481,220
$1.5M
Cap Rate 7%
$1,058,014
$1.1M
Cap Rate 9%
$822,900
$822.9K
Market Conditions
NOI Build-Up for 3,500 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
$111.3K $31.80/SF
− Vacancy
−$5.5K −$1.57/SF
EGI
$105.8K $30.23/SF
− OpEx
−$31.7K −$9.07/SF
NOI
$74.1K $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%
$1,481,220
Cap Rate 7%
$1,058,014
Cap Rate 9%
$822,900
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$925.8K – $1.23M
NOI $74,061 @ 7.0% cap · market cap 6.73%
Second Best
Apartment 5plus
$994.8K
$870.5K – $1.16M
NOI $69,638 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$2.07M
$1.81M – $2.42M
NOI $145,039 @ 7.0% cap · market cap 13.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,956
Businesses Nearby
Explore this area
Business Placement
Demographics for 02148, MA
66,274
Population
28,043
Households
2.4
Avg Household Size
36
Median Age
45%
College-Educated
87%
High-School Grad
5.0 sq mi
ZIP Area
13,255
Density / Sq Mi
$95,298
Median Household Income
$56,077
Median Earnings
$2,066
Median Rent
$607,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature separate utilities, in-unit or basement laundry access, and back porches.
Where is this triplex located?
The property is located at 154-156A Franklin Street Malden, MA.
What is the asking price?
The asking price for this property is $1,099,900.
What are key features of this property?
This property features: 3‑family home built in 1910 with approx. 3,500 SF and 15 rooms, including 3 full bathrooms; Unit 1: 3 bedrooms, 1 bathroom, with laundry access in the basement; Unit 2: 2 bedrooms, 1 bathroom; updated with an open floor plan plus in‑unit laundry area
