Victorian 5-Unit Apartment
For Sale
$1,500,000
29-31 Sprague St, Malden, MA 02148
Five residential units total, including four one-bedrooms and one three-bedroom, with off-street parking on-site.
Property Size4,057 SF
Price / SF$369.73
Days on Market91
Property Features for 29-31 Sprague St
General Information
Standard status
Active
Size
4,057 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
ResA
Net Operating Income
$135,600
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$14,896
Amenities
off-street parking
Building Details
Building Size
4,057 SF
Year Built
1900
Stories
5
Construction
Victorian
Listing Agency:
Bay Market Real Estate
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 8
Changed: Sep 5
Last Checked: Sep 6 at 5:10AM
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 Bay Market Real Estate
Investment Insights
Based on property information with market context.
29-31 Sprague Street is an exceptional 5-unit Victorian apartment building featuring four one-bedroom units and one three-bedroom unit. The property’s period-style architecture and curb appeal are prominent, and it includes off-street parking, an added amenity for residents and guests.
The building is located on a picturesque, tree-lined street in Malden. Public remarks note convenient access to public transportation, major routes, shopping, and dining, supporting day-to-day livability and rental demand in the surrounding area.
The building is located on a picturesque, tree-lined street in Malden. Public remarks note convenient access to public transportation, major routes, shopping, and dining, supporting day-to-day livability and rental demand in the surrounding area.
Key Highlights
- 5‑unit Victorian built in 1900 with four 1‑bedroom units and one 3‑bedroom unit
- Off‑street parking on‑site
- Includes a strong unit mix: four 1‑bedrooms plus one 3‑bedroom unit
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
$80,721
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
5.38%
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%
$1,614,420
$1.6M
Cap Rate 7%
$1,153,157
$1.2M
Cap Rate 9%
$896,900
$896.9K
Market Conditions
NOI Build-Up for 4,057 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
$154.8K $38.16/SF
− Vacancy
−$8.1K −$1.98/SF
EGI
$146.8K $36.18/SF
− OpEx
−$66.0K −$16.28/SF
NOI
$80.7K $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 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%
$1,614,420
Cap Rate 7%
$1,153,157
Cap Rate 9%
$896,900
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.01M – $1.35M
NOI $80,721 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.40M
$2.10M – $2.80M
NOI $168,121 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,354
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?
Apartment building - Five residential units total, including four one-bedrooms and one three-bedroom, with off-street parking on-site.
Where is this apartment building located?
The property is located at 29-31 Sprague St Malden, MA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 5‑unit Victorian built in 1900 with four 1‑bedroom units and one 3‑bedroom unit; Off‑street parking on‑site; Includes a strong unit mix: four 1‑bedrooms plus one 3‑bedroom unit
