Renovated Two-Unit
For Sale
$819,900
Pending
22 Stearns St, Malden, MA 02148
Both residences are vacant and feature updated kitchens, baths, and mini-split systems for year-round comfort.
Property Size1,789 SF
Days on Market48
Property Features for 22 Stearns St
General Information
Standard status
Pending
Size
1,789 SF
Property subtype
2 Family - 2 Units Up/Down
Taxes and HOA fees
Annual Taxes
$8,332
Amenities
shared laundry
Building Details
Building Size
1,789 SF
Year Built
1900
Year Renovated
2020
Buildings
1
Tenancy
Multi
Listing Agency:
PRIVI Realty LLC
(617) 938-7816
Listed By:
Patty Hoang
Source:
Jonathanradford
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 18 at 5:22AM
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 PRIVI Realty LLC
Investment Insights
Based on property information with market context.
This two-family duplex was renovated in 2020 and includes a four-bedroom residence alongside a one-bedroom unit. Each apartment has a modern kitchen, refreshed bathroom, contemporary finishes, and strong natural light. The larger unit adds a walk-in closet, while four energy-efficient mini-split systems provide year-round comfort. A shared basement laundry area includes a washer and dryer.
Located at 22 Stearns St in Malden, the property is near restaurants, parks, shopping, public transportation, and commuter routes. Both units are vacant, and the property is being sold as-is.
Architectural plans are available for a proposed approximately 20' x 30' ADU. Any future construction or use remains subject to buyer due diligence and city approval.
Located at 22 Stearns St in Malden, the property is near restaurants, parks, shopping, public transportation, and commuter routes. Both units are vacant, and the property is being sold as-is.
Architectural plans are available for a proposed approximately 20' x 30' ADU. Any future construction or use remains subject to buyer due diligence and city approval.
Key Highlights
- Renovated in 2020
- Four‑bedroom unit plus a one‑bedroom unit
- Four energy‑efficient mini‑split systems
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
$37,856
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
4.62%
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%
$757,120
$757.1K
Cap Rate 7%
$540,800
$540.8K
Cap Rate 9%
$420,622
$420.6K
Market Conditions
NOI Build-Up for 1,789 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
$56.9K $31.80/SF
− Vacancy
−$2.8K −$1.57/SF
EGI
$54.1K $30.23/SF
− OpEx
−$16.2K −$9.07/SF
NOI
$37.9K $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%
$757,120
Cap Rate 7%
$540,800
Cap Rate 9%
$420,622
Alternative Uses
Best Use
Multifamily LT 5
$540.8K
$473.2K – $630.9K
NOI $37,856 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$508.5K
$444.9K – $593.3K
NOI $35,595 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.06M
$926.7K – $1.24M
NOI $74,136 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,221
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 - Both residences are vacant and feature updated kitchens, baths, and mini-split systems for year-round comfort.
Where is this duplex located?
The property is located at 22 Stearns St Malden, MA.
What is the asking price?
The asking price for this property is $819,900.
What are key features of this property?
This property features: Renovated in 2020; Four‑bedroom unit plus a one‑bedroom unit; Four energy‑efficient mini‑split systems
