Renovated Triplex With
For Sale
$1,350,000
209 Summer Street, Malden, MA 02148
Legal three-family property with an additional first-floor in-law unit, separate utility metering, and basement laundry.
Property Size5,350 SF
Lot Size0.34 Acres
Price / SF$252.34
Days on Market196
Property Features for 209 Summer Street
General Information
Standard status
Active
Size
5,350 SF
Total Parking Spaces
11
Lot size
0.34 Acres
Property subtype
Multi-family / 3 Family - 3 Units Up/Down
Zoning
ResA
Net Operating Income
$112,800
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,819
Amenities
laundry in basement
City/Town Sewer, Public, 110 Volts
No
2
Yes
5.0
Full
5
5.00
Frame
Shingle
Corner Lot
Building Details
Year Built
1900
Listing Agency:
Keller Williams Realty
(781) 843-3200
Listed By:
Angela Cui · License #9531311
(781) 843-3200
Source:
Compass
Added: Feb 15
Changed: Aug 29
Last Checked: Aug 29 at 11:30PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This recently renovated multifamily property is configured as a legal three-family residence with an additional first-floor in-law unit. The approximately 5,350-square-foot building contains 20 rooms, 10 bedrooms, and 5 bathrooms. Separate gas, electric, and heating systems are individually metered, and laundry facilities are located in the basement.
The property occupies a 15,020-square-foot corner lot with 20+ parking spaces. Its Summer Street location is minutes from Oak Grove MBTA Station and Malden Square, with nearby shops, restaurants, and public transportation. ResA zoning is identified for the property.
The property occupies a 15,020-square-foot corner lot with 20+ parking spaces. Its Summer Street location is minutes from Oak Grove MBTA Station and Malden Square, with nearby shops, restaurants, and public transportation. ResA zoning is identified for the property.
Key Highlights
- Approximately 5,350 SF of living space with 20 rooms, 10 bedrooms, and 5 bathrooms
- Legal 3‑family configuration plus an additional first‑floor in‑law unit
- 15,020 SF corner lot with 20+ parking spaces
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
$113,208
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
8.39%
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%
$2,264,160
$2.3M
Cap Rate 7%
$1,617,257
$1.6M
Cap Rate 9%
$1,257,867
$1.3M
Market Conditions
NOI Build-Up for 5,350 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
$170.1K $31.80/SF
− Vacancy
−$8.4K −$1.57/SF
EGI
$161.7K $30.23/SF
− OpEx
−$48.5K −$9.07/SF
NOI
$113.2K $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%
$2,264,160
Cap Rate 7%
$1,617,257
Cap Rate 9%
$1,257,867
Alternative Uses
Best Use
Multifamily LT 5
$1.62M
$1.42M – $1.89M
NOI $113,208 @ 7.0% cap · market cap 8.39%
Second Best
Apartment 5plus
$1.52M
$1.33M – $1.77M
NOI $106,447 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$3.17M
$2.77M – $3.70M
NOI $221,703 @ 7.0% cap · market cap 16.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,747
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 - Legal three-family property with an additional first-floor in-law unit, separate utility metering, and basement laundry.
Where is this triplex located?
The property is located at 209 Summer Street Malden, MA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Approximately 5,350 SF of living space with 20 rooms, 10 bedrooms, and 5 bathrooms; Legal 3‑family configuration plus an additional first‑floor in‑law unit; 15,020 SF corner lot with 20+ parking spaces
