14-16 Ripley StMalden, MA 02148

Property Details for 14-16 Ripley St

Year built

1885

Property size (Sq ft)

5,500 SF

Property type

Apartment buildings

Description

This meticulously renovated six-unit apartment building in Malden, MA, presents a compelling value-add investment opportunity. Located near the Orange Line (Oak Grove Station) and Main Street, this property boasts 5,500 square feet of gross space, including 3,300 square feet of net rentable area. The building features three one-bedroom units, one studio, and two two-bedroom townhome-style units, along with three off-street parking spaces. Recent capital improvements include a new roof, a high-efficiency heating system with on-demand hot water, newly installed Lally columns with footers, replacement windows, updated electrical panels and plumbing in the units, and renovated kitchens and bathrooms in five of the six units. Common area upgrades have also been completed, including a new driveway and walkways. The property sits on a 4,186 square foot lot and is currently 100% occupied, generating a current NOI of $100,262 and a projected NOI of $122,649. Built in 1885 and renovated in 2023, this three-story building is zoned ResA and offers a current cap rate of 5.90% and a pro-forma cap rate of 7.21%. The asking price is $1,700,000, representing a price per unit of $283,333.33 and a price per square foot of $309.09. This turnkey property offers immediate acquisition and strong potential for future returns.

Location Insight

City

Malden

County

Middlesex

State

Massachusetts

Latitude

42.4344

Longitude

-71.0685

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