Victorian Duplex with Private
For Sale
$1,500,000
16-18 Kernwood Street, Malden, MA 02148
Historic two-unit property with separate living spaces, laundry, and outdoor areas.
Property Size3,184 SF
Price / SF$471.11
Days on Market9
Property Features for 16-18 Kernwood Street
General Information
Standard status
Active
Size
3,184 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 3-4BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1880
Buildings
1
Construction
Victorian
Listing Agency:
True North Boston Realty LLC
Listed By:
Maria Renda
(617) 396-3100
Source:
Longwoodresidential
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 12 at 4:07AM
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 True North Boston Realty LLC
Investment Insights
Based on property information with market context.
Built in 1880, this 3,184-square-foot duplex combines preserved Victorian details with practical residential updates. The larger owner's unit offers 3-4 bedrooms, two full bathrooms, spacious living areas, an updated kitchen, second-floor laundry, hardwood flooring, millwork, coffered ceilings, oversized windows, and a fireplace. A private deck extends the living area outdoors.
The second residence includes two bedrooms, one bathroom, in-unit laundry, its own deck, and a private driveway. The property is located at 16-18 Kernwood Street in Malden, Massachusetts, within ZIP code 02148. Its two-unit layout supports owner occupancy with a separate residence for rental use or extended family.
The second residence includes two bedrooms, one bathroom, in-unit laundry, its own deck, and a private driveway. The property is located at 16-18 Kernwood Street in Malden, Massachusetts, within ZIP code 02148. Its two-unit layout supports owner occupancy with a separate residence for rental use or extended family.
Key Highlights
- 3,184‑square‑foot two‑unit property built in 1880
- Owner's unit includes 3‑4 bedrooms and two full bathrooms
- Second unit offers 2 bedrooms, 1 bathroom, and in‑unit laundry
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
$67,375
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
4.49%
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%
$1,347,500
$1.3M
Cap Rate 7%
$962,500
$962.5K
Cap Rate 9%
$748,611
$748.6K
Market Conditions
NOI Build-Up for 3,184 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
$101.3K $31.80/SF
− Vacancy
−$5.0K −$1.57/SF
EGI
$96.2K $30.23/SF
− OpEx
−$28.9K −$9.07/SF
NOI
$67.4K $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%
$1,347,500
Cap Rate 7%
$962,500
Cap Rate 9%
$748,611
Alternative Uses
Best Use
Multifamily LT 5
$962.5K
$842.2K – $1.12M
NOI $67,375 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$905.0K
$791.9K – $1.06M
NOI $63,351 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,944 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,604
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?
Duplex - Historic two-unit property with separate living spaces, laundry, and outdoor areas.
Where is this duplex located?
The property is located at 16-18 Kernwood Street Malden, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 3,184‑square‑foot two‑unit property built in 1880; Owner's unit includes 3‑4 bedrooms and two full bathrooms; Second unit offers 2 bedrooms, 1 bathroom, and in‑unit laundry
