Two-Family Residential Income
For Sale
$923,000
722 Highland Ave, Malden, MA 02148
Well-maintained two-family home with two separate units, in-unit laundry, and private outdoor space for each unit.
Property Size2,013 SF
Price / SF$458.52
Days on Market88
Property Features for 722 Highland Ave
General Information
Standard status
Active
Size
2,013 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
ResA
Net Operating Income
$23,400
Taxes and HOA fees
Annual Taxes
$9,662
Building Details
Building Size
2,013 SF
Year Built
1880
Stories
3
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 10
Changed: Sep 4
Last Checked: Sep 4 at 3:01AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This well-maintained two-family duplex offers a one-bedroom unit on the first floor and a three-bedroom unit spread across two floors. The first-floor layout includes an eat-in kitchen, in-unit laundry, a walk-in closet, a large mud room/bonus closet space, and a private outdoor deck. The second unit features two bathrooms, in-unit laundry, and an open-concept living area that can accommodate dining space, along with two private outdoor balconies.
The property is served by a parking lot in the back that can comfortably fit three cars, or four with a tandem spot. The roof was completed in 2023, and both heating systems were serviced last year. The three-bedroom unit is planned to be delivered vacant, while the one-bedroom unit is on a month-to-month lease, allowing for flexible near-term occupancy.
Conveniently positioned approximately one mile from Oak Grove Station and I-93, with walking access to Fells Pond and nearby hiking trails at Middlesex Fells Reservation.
The property is served by a parking lot in the back that can comfortably fit three cars, or four with a tandem spot. The roof was completed in 2023, and both heating systems were serviced last year. The three-bedroom unit is planned to be delivered vacant, while the one-bedroom unit is on a month-to-month lease, allowing for flexible near-term occupancy.
Conveniently positioned approximately one mile from Oak Grove Station and I-93, with walking access to Fells Pond and nearby hiking trails at Middlesex Fells Reservation.
Key Highlights
- Well‑maintained 2‑family home built in 1880, available immediately
- Three‑bedroom unit to be delivered vacant; one‑bedroom unit remains on a month‑to‑month lease
- Each unit features in‑unit laundry and private outdoor space (deck for the 1BR; 2 balconies for the 3BR)
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
$42,596
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
4.61%
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%
$851,920
$851.9K
Cap Rate 7%
$608,514
$608.5K
Cap Rate 9%
$473,289
$473.3K
Market Conditions
NOI Build-Up for 2,013 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
$64.0K $31.80/SF
− Vacancy
−$3.2K −$1.57/SF
EGI
$60.9K $30.23/SF
− OpEx
−$18.3K −$9.07/SF
NOI
$42.6K $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%
$851,920
Cap Rate 7%
$608,514
Cap Rate 9%
$473,289
Alternative Uses
Best Use
Multifamily LT 5
$608.5K
$532.5K – $709.9K
NOI $42,596 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$572.2K
$500.7K – $667.5K
NOI $40,052 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,418 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
284
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?
Duplex - Well-maintained two-family home with two separate units, in-unit laundry, and private outdoor space for each unit.
Where is this duplex located?
The property is located at 722 Highland Ave Malden, MA.
What is the asking price?
The asking price for this property is $923,000.
What are key features of this property?
This property features: Well‑maintained 2‑family home built in 1880, available immediately; Three‑bedroom unit to be delivered vacant; one‑bedroom unit remains on a month‑to‑month lease; Each unit features in‑unit laundry and private outdoor space (deck for the 1BR; 2 balconies for the 3BR)
