Renovated Two-Family
For Sale
$999,900
37-39 Reserve Street, Malden, MA 02148
Two-unit residence with updated interiors, private outdoor spaces, separate driveways, and a fenced yard with an above-ground pool.
Property Size2,780 SF
Price / SF$359.68
Days on Market165
Property Features for 37-39 Reserve Street
General Information
Standard status
Active
Size
2,780 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
ResA
Taxes and HOA fees
Annual Taxes
$9,457
Amenities
No
Tile, Carpet, Varies, Hardwood
Range, Dishwasher, Microwave, Oven, Trash Compactor, Refrigerator
3.0
Full, Unfinished Basement
Ceiling Fan(s), Stone/Granite/Solid Counters, Living Room, Dining Room, Kitchen, Family Room, Laundry Room, Office/Den
3
3.00
Fenced
Frame
Above Ground
Shingle
Balcony/Deck, Fenced Yard, Pool - Above Ground, Porch, Deck - Wood
Porch, Deck - Wood
Building Details
Year Built
1900
Listing Agency:
Century 21 North East
(781) 730-3977
Listed By:
Kristin Gennetti · License #9065519
(781) 730-3977
Source:
Compass
Added: Mar 19
Changed: Aug 30
Last Checked: Aug 30 at 9:17AM
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 Century 21 North East
Investment Insights
Based on property information with market context.
This 2,780-square-foot duplex, built in 1900, contains two residential units and has been updated over time, including conversion of the full third floor. The first-floor unit includes a kitchen with granite counters, stainless appliances, a breakfast bar, dining area, living room, and renovated full bathroom. The second unit occupies two complete levels and provides four bedrooms, two full bathrooms, flexible space, in-unit laundry, a private balcony, and a deck. Gas heat, vinyl siding, newer porches, and two driveways add practical features.
The property is located at 37-39 Reserve Street in Malden, near schools, Trafton Park, Route 1, Logan Airport, the Tobin Bridge, the Northern Strand Bike Trail, and a bus stop providing access toward Malden Center MBTA and downtown Malden. The home also includes a fenced yard and above-ground pool, and it will be delivered vacant.
The property is located at 37-39 Reserve Street in Malden, near schools, Trafton Park, Route 1, Logan Airport, the Tobin Bridge, the Northern Strand Bike Trail, and a bus stop providing access toward Malden Center MBTA and downtown Malden. The home also includes a fenced yard and above-ground pool, and it will be delivered vacant.
Key Highlights
- 2,780 SF duplex with two residential units
- Full 3rd floor conversion adds usable space
- Second unit includes four bedrooms, two full baths, flex space, laundry, balcony, and deck
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
$58,826
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
5.88%
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%
$1,176,520
$1.2M
Cap Rate 7%
$840,371
$840.4K
Cap Rate 9%
$653,622
$653.6K
Market Conditions
NOI Build-Up for 2,780 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
$88.4K $31.80/SF
− Vacancy
−$4.4K −$1.57/SF
EGI
$84.0K $30.23/SF
− OpEx
−$25.2K −$9.07/SF
NOI
$58.8K $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%
$1,176,520
Cap Rate 7%
$840,371
Cap Rate 9%
$653,622
Alternative Uses
Best Use
Multifamily LT 5
$840.4K
$735.3K – $980.4K
NOI $58,826 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$790.2K
$691.4K – $921.9K
NOI $55,313 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,202 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
753
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-unit residence with updated interiors, private outdoor spaces, separate driveways, and a fenced yard with an above-ground pool.
Where is this duplex located?
The property is located at 37-39 Reserve 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: 2,780 SF duplex with two residential units; Full 3rd floor conversion adds usable space; Second unit includes four bedrooms, two full baths, flex space, laundry, balcony, and deck
