Upgraded Duplex with
New
For Sale
$1,200,000
615 Salem St, Malden, MA 02148
Two-unit property with separate utilities, remodeled interiors, efficient heat pumps, laundry, and substantial off-street parking.
Property Size4,520 SF
Lot Size0.15 Acres
Price / SF$265.49
Days on Market4
Property Features for 615 Salem St
General Information
Standard status
Active
Size
4,520 SF
Total Parking Spaces
10
Lot size
0.15 Acres
Property subtype
2 Family - 2 Units Up/Down
Lease Term
Home Warranty
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1.5BA, 1 x 5BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
Building Details
Building Size
4,520 SF
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
IVerty Realty, LLC
Listed By:
Mela Dieujuste · License #452508574
(413) 786-0584
Source:
Iverty
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 11:03AM
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 IVerty Realty, LLC
Investment Insights
Based on property information with market context.
This duplex provides 4,520 square feet of interior space on a 6,500+ square foot lot, with an ADU and separate utilities. The first-floor unit includes two bedrooms, 1.5 baths, and seven rooms, while the second-floor unit offers five bedrooms, one bath, and nine rooms. Both residences feature remodeled kitchens and bathrooms, along with in-unit laundry.
Recent improvements include a 400+ amp electrical service, replacement windows, a new roof, updated plumbing, and an HVAC system with heat pumps. Parking includes an eight-car driveway and a two-car garage. The property is located in Malden Center near shops, restaurants, and MBTA service via the Orange Line and Commuter Rail, with access toward Boston.
Recent improvements include a 400+ amp electrical service, replacement windows, a new roof, updated plumbing, and an HVAC system with heat pumps. Parking includes an eight-car driveway and a two-car garage. The property is located in Malden Center near shops, restaurants, and MBTA service via the Orange Line and Commuter Rail, with access toward Boston.
Key Highlights
- Duplex with ADU and separate utilities
- 4,520 square feet of interior space on a 6,500+ square foot lot
- First floor: 2 bedrooms, 1.5 baths, and 7 rooms
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
$95,645
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
7.97%
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%
$1,912,900
$1.9M
Cap Rate 7%
$1,366,357
$1.4M
Cap Rate 9%
$1,062,722
$1.1M
Market Conditions
NOI Build-Up for 4,520 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
$143.7K $31.80/SF
− Vacancy
−$7.1K −$1.57/SF
EGI
$136.6K $30.23/SF
− OpEx
−$41.0K −$9.07/SF
NOI
$95.6K $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%
$1,912,900
Cap Rate 7%
$1,366,357
Cap Rate 9%
$1,062,722
Alternative Uses
Best Use
Multifamily LT 5
$1.37M
$1.20M – $1.59M
NOI $95,645 @ 7.0% cap · market cap 7.97%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,933 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$2.68M
$2.34M – $3.12M
NOI $187,308 @ 7.0% cap · market cap 15.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
978
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with separate utilities, remodeled interiors, efficient heat pumps, laundry, and substantial off-street parking.
Where is this duplex located?
The property is located at 615 Salem St Malden, MA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Duplex with ADU and separate utilities; 4,520 square feet of interior space on a 6,500+ square foot lot; First floor: 2 bedrooms, 1.5 baths, and 7 rooms
