Brick Apartment Building with 18
For Sale
Contact for pricing
38 Clapp Street, Malden, MA 02148
Well-maintained, fully occupied 18-unit brick building with a diversified unit mix in Malden.
Property Size16,512 SF
Price / SF$345.20
Days on Market110
Property Features for 38 Clapp Street
General Information
Standard status
Active
Size
16,512 SF
Total Parking Spaces
32
Property subtype
Retail, Multifamily
Building Details
Year Built
1970
Buildings
1
Listing Agency:
Hunneman
Listed By:
Carl Christie · License #MA 9521806
(781) 888-5284
Source:
Crexi
Added: Jun 18
Changed: Oct 4
Last Checked: Oct 4 at 7:04AM
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 Hunneman
Investment Insights
Based on property information with market context.
This offering features an 18-unit brick apartment building in Malden, Massachusetts. The property includes twelve two-bedroom units, five one-bedroom units, and one studio apartment, providing a balanced mix of layouts for a range of tenant needs. The building is fully occupied, and it has been well maintained by a long-term private ownership group, which has completed recent improvements to both the building and individual apartments.
The asset is presented as a for-sale investment opportunity and is being marketed as having positive cash flow, along with stated future upside potential. Recent improvements and ongoing maintenance support the property’s current operating condition and help preserve the building’s day-to-day functionality.
For investors seeking a turnkey multifamily acquisition, the current fully occupied status and diversified unit mix can help reduce exposure to changes in any single apartment type. Prospective buyers can evaluate the documented recent improvements and the building’s existing occupancy profile as part of their underwriting, with the opportunity to consider the seller’s stated upside potential for future value creation.
The asset is presented as a for-sale investment opportunity and is being marketed as having positive cash flow, along with stated future upside potential. Recent improvements and ongoing maintenance support the property’s current operating condition and help preserve the building’s day-to-day functionality.
For investors seeking a turnkey multifamily acquisition, the current fully occupied status and diversified unit mix can help reduce exposure to changes in any single apartment type. Prospective buyers can evaluate the documented recent improvements and the building’s existing occupancy profile as part of their underwriting, with the opportunity to consider the seller’s stated upside potential for future value creation.
Key Highlights
- 18‑unit brick apartment building in Malden, MA
- Unit mix includes twelve 2‑bedroom units, five 1‑bedroom units, and one studio
- Fully occupied with positive cash flow
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$328,533
Cap Rate
5.76%
Suggested Prices Based on Cap Rates
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
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 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 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.78M
$8.55M – $11.40M
NOI $684,253 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
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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 - Well-maintained, fully occupied 18-unit brick building with a diversified unit mix in Malden.
Where is this apartment building located?
The property is located at 38 Clapp Street Malden, MA.
What is the asking price?
The asking price for this property is $5,700,000.
What are key features of this property?
This property features: 18‑unit brick apartment building in Malden, MA; Unit mix includes twelve 2‑bedroom units, five 1‑bedroom units, and one studio; Fully occupied with positive cash flow
