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$360.34
Days on Market57
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
(781) 888-5284
Listed By:
Carl Christie · License #MA 9521806
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 12 at 9:41AM
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 = 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
5.52%
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 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.78M
$8.55M – $11.40M
NOI $684,253 @ 7.0% cap · market cap 11.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
511
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 - 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 $5,950,000.
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
