Triplex with Fourth-Floor
New
For Sale
$1,279,000
403-405 Ferry St, Malden, MA 02148
Residential Income, Malden, MA
Property Size4,726 SF
Lot Size0.15 Acres
Price / SF$270.63
Days on Market3
Property Features for 403-405 Ferry St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
ResA
Bedrooms
9
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 8, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 9, Bathroom 3, Bedroom 5, Bedroom 7, Bedroom 1
Parking
5
Directions
Rte 99 (Broadway) to Ferry Street OR Cross Street to Ferry Street
Standard status
Active
APN
596437
Size
4,726 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
10786
Building Details
Year built
1900
Floors in Building
3
Number of units
3
Listing Agency:
Keller Williams Realty
Listed By:
Keller Williams
(617) 969-9000
Added: Sep 8
Changed: Sep 9
Last Checked: Sep 10 at 6:06AM
MLS# 73573631
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,726-square-foot triplex contains three primary units, each measuring 1,445 square feet with three bedrooms, an eat-in kitchen, family and dining rooms, a full bathroom, and storage. The first-floor residence opens to a deck and backyard through sliding glass doors. The upper units feature updated flooring, modern kitchens, and refreshed bathrooms. An unfinished, grandfathered-in-law area occupies the fourth floor, providing an open-plan layout of approximately 800 to 1,000 square feet. The property also includes a full walk-out basement with separate laundry hookups, separately metered utilities, and new oil heating systems and tanks.
Key Highlights
- 4,726 square feet of total living area across three primary units
- Three 1,445‑square‑foot units, each with three bedrooms and a full bathroom
- Unfinished grandfathered fourth‑floor in‑law area with an 800‑to‑1,000‑square‑foot open‑plan layout
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
$100,004
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
7.82%
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%
$2,000,080
$2.0M
Cap Rate 7%
$1,428,629
$1.4M
Cap Rate 9%
$1,111,156
$1.1M
Market Conditions
NOI Build-Up for 4,726 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
$150.3K $31.80/SF
− Vacancy
−$7.4K −$1.57/SF
EGI
$142.9K $30.23/SF
− OpEx
−$42.9K −$9.07/SF
NOI
$100.0K $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%
$2,000,080
Cap Rate 7%
$1,428,629
Cap Rate 9%
$1,111,156
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $100,004 @ 7.0% cap · market cap 7.82%
Second Best
Apartment 5plus
$1.34M
$1.18M – $1.57M
NOI $94,031 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,844 @ 7.0% cap · market cap 15.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,032
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
Check the figures for this property
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?
Triplex - Three primary residences offer matching layouts with three bedrooms, eat-in kitchens, and separate storage.
Where is this triplex located?
The property is located at 403-405 Ferry St Malden, MA.
What is the asking price?
The asking price for this property is $1,279,000.
What are key features of this property?
This property features: 4,726 square feet of total living area across three primary units; Three 1,445‑square‑foot units, each with three bedrooms and a full bathroom; Unfinished grandfathered fourth‑floor in‑law area with an 800‑to‑1,000‑square‑foot open‑plan layout
