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 Market105
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
(617) 680-0690
Source:
Inrealtyinc
Added: May 19
Changed: Aug 29
Last Checked: Aug 30 at 5:59PM
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 = 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
$58,022
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
5.80%
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%
$1,160,440
$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
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
$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 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%
$1,160,440
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.
Property Analytics
Property Profile
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
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 - 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
