18-Unit Brick Apartment
New
For Sale
$5,300,000
38 Clapp St., Malden, MA 02148
Brick garden-style property with recent improvements, off-street parking, and full occupancy.
Property Size16,512 SF
Price / SF$320.98
Days on Market3
Property Features for 38 Clapp St.
General Information
Standard status
Active
Size
16,512 SF
Total Parking Spaces
32
Property subtype
Multi-Family
Zoning
RESA
Occupancy
100%
Net Operating Income
$51,600
Units
Unit Mix
12 x 2BR, 5 x 1BR, 1 x studio
Multifamily Units
18
Taxes and HOA fees
Annual Taxes
$48,933
Building Details
Building Size
16,512 SF
Year Built
1970
Stories
3
Construction
brick garden-style
Listing Agency:
RE/MAX Partners
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 14 at 6:29AM
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 RE/MAX Partners
Investment Insights
Based on property information with market context.
This 18-unit brick garden-style apartment building contains 16,512 square feet and was built in 1970. The unit mix includes twelve 2-bedroom apartments, five 1-bedroom apartments, and one studio. Recent improvements have been made throughout many of the apartments and the building, with off-street parking serving the property.
Located on a side street in Malden’s Linden neighborhood, the property is zoned RESA and is fully occupied. The existing configuration combines a varied residential unit mix with established occupancy and on-site parking.
Located on a side street in Malden’s Linden neighborhood, the property is zoned RESA and is fully occupied. The existing configuration combines a varied residential unit mix with established occupancy and on-site parking.
Key Highlights
- 18‑unit brick garden‑style apartment building
- Unit mix includes twelve 2‑BR, five 1‑BR, and one studio apartment
- 16,512 square feet; built in 1970
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
$328,533
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
6.20%
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%
$6,570,660
$6.6M
Cap Rate 7%
$4,693,329
$4.7M
Cap Rate 9%
$3,650,367
$3.7M
Market Conditions
NOI Build-Up for 16,512 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
$630.1K $38.16/SF
− Vacancy
−$32.8K −$1.98/SF
EGI
$597.3K $36.18/SF
− OpEx
−$268.8K −$16.28/SF
NOI
$328.5K $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%
$6,570,660
Cap Rate 7%
$4,693,329
Cap Rate 9%
$3,650,367
Alternative Uses
Best Use
Apartment 5plus
$4.69M
$4.11M – $5.48M
NOI $328,533 @ 7.0% cap · market cap 6.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.78M
$8.55M – $11.40M
NOI $684,253 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
561
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?
Apartment building - Brick garden-style property with recent improvements, off-street parking, and full occupancy.
Where is this apartment building located?
The property is located at 38 Clapp St. Malden, MA.
What is the asking price?
The asking price for this property is $5,300,000.
What are key features of this property?
This property features: 18‑unit brick garden‑style apartment building; Unit mix includes twelve 2‑BR, five 1‑BR, and one studio apartment; 16,512 square feet; built in 1970
