Corner-Lot Duplex with Off-Street
For Sale
$999,900
229 Pearl Street, Malden, MA 02148
Two residential units offer spacious layouts, natural light, and classic architectural details.
Property Size2,742 SF
Price / SF$364.66
Days on Market143
Property Features for 229 Pearl Street
General Information
Standard status
Active
Size
2,742 SF
Property subtype
Multi-family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1880
Listing Agency:
Turn Key Realty
Listed By:
Kenneth Celano
(781) 264-3992
Source:
Stevebremis
Added: May 26
Changed: Oct 12
Last Checked: Oct 9 at 7:16PM
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 Turn Key Realty
Investment Insights
Based on property information with market context.
This two-family residence contains 2742 square feet and was built in 1880. Both units provide generous living areas, abundant natural light, and original character, while the property has been maintained by the same family for more than 65 years. The corner-lot setting includes ample off-street parking and provides a solid foundation for continued ownership or future updates.
Malden Center Station is a 12-minute walk away, with access to the Orange Line. Restaurants, shops, downtown Malden Center, parks, schools, and major routes are also nearby. The property’s two-unit configuration supports investor ownership, an owner-occupant arrangement, or multigenerational living, as specifically described for the residence.
Malden Center Station is a 12-minute walk away, with access to the Orange Line. Restaurants, shops, downtown Malden Center, parks, schools, and major routes are also nearby. The property’s two-unit configuration supports investor ownership, an owner-occupant arrangement, or multigenerational living, as specifically described for the residence.
Key Highlights
- Two‑family property with 2742 square feet
- Corner‑lot setting with ample off‑street parking
- 12‑minute walk to Malden Center Station and Orange Line access
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,022
Cap Rate
5.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,160,440
$1.2M
Cap Rate 7%
$828,886
$828.9K
Cap Rate 9%
$644,689
$644.7K
Market Conditions
NOI Build-Up for 2,742 SF
Gross rent
$87.2K $31.80/SF
− Vacancy
−$4.3K −$1.57/SF
EGI
$82.9K $30.23/SF
− OpEx
−$24.9K −$9.07/SF
NOI
$58.0K $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 Rate 5%
$1,160,440
Cap Rate 7%
$828,886
Cap Rate 9%
$644,689
Alternative Uses
Best Use
Multifamily LT 5
$828.9K
$725.3K – $967.0K
NOI $58,022 @ 7.0% cap · market cap 5.80%
Second Best
Apartment 5plus
$779.4K
$682.0K – $909.3K
NOI $54,557 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,628 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,161
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
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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?
Duplex - Two residential units offer spacious layouts, natural light, and classic architectural details.
Where is this duplex located?
The property is located at 229 Pearl Street Malden, MA.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Two‑family property with 2742 square feet; Corner‑lot setting with ample off‑street parking; 12‑minute walk to Malden Center Station and Orange Line access
