Malden Apartments: Value-Add
For Sale
$1,850,000
2 Granite St, Malden, MA 02148
Seven-unit apartment building in Malden with value-add potential.
Property Size4,208 SF
Price / SF$439.64
Days on Market316
Property Features for 2 Granite St
General Information
Standard status
Active
Size
4,208 SF
Property subtype
Multifamily
Building Details
Building Size
4,208 SF
Year Built
1911
Listing Agency:
New England Realty Advisors LLC
Listed By:
Brad Carlson · License #MA #9584876
(781) 334-8044
Source:
Nerealtyadvisors
Added: Nov 25, 2025
Changed: Oct 3
Last Checked: Oct 5 at 4:31PM
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,725
Cap Rate
4.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,674,500
$1.7M
Cap Rate 7%
$1,196,071
$1.2M
Cap Rate 9%
$930,278
$930.3K
Market Conditions
NOI Build-Up for 4,208 SF
Gross rent
$160.6K $38.16/SF
− Vacancy
−$8.4K −$1.98/SF
EGI
$152.2K $36.18/SF
− OpEx
−$68.5K −$16.28/SF
NOI
$83.7K $19.90/SF
Area
Middlesex County, MA
Vacancy
5.20%
Lease Rate
$38.16 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,674,500
Cap Rate 7%
$1,196,071
Cap Rate 9%
$930,278
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 authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
829
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
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.
