48 Tremont St · Malden, MA 02148

$2,250,000

15 bd · 12.0 ba · 5,888 sqft · MultiFamily public records · 188 Days on market

Built 1920 6,525 sqft lot $382/sqft · 55% above area

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Location, Location, Location!! Exceptional - 9 family apartment building. Great investment opportunity. On the bus line. Close to downtown Malden. Less than one mile from Malden Center T Station - the orange line. Complex consists of two studios, five one bedrooms and two one bedroom plus office room. Large parking lot with three garages. Fully occupied building. Perfect for 1031 exchange.

Key facts

• Large parking lot
• Bus line
• Close to downtown

Tags

• INVESTMENT OPPORTUNITY
• BUS LINE
• CLOSE TO DOWNTOWN
• MALDEN CENTER T STATION
• LARGE PARKING LOT

What this means for you Summary

Snapshot

• This is a 9 × 7-bed/9.0-bath units multifamily listed at $2.25M.

Deal economics

• At list price, monthly cash flow is $11k ($131k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $2.25M).
• Recommended offer: $1.98M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% vs local median 3.1% in Malden — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#29 in MA, #1,360 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Malden (suburban): math 26% / reading 42% proficiency, ranked #238 of 302 in MA (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 48 active listings in the ZIP; solid renter incomes; 3,670 units permitted in Middlesex County in 2024 (2,611 in 5+ unit buildings).
• At $31,699/mo this rent would consume 378% of the median local household income ($101k/yr) (locally 3600% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $68k of value loss. Plan a longer hold.
• Middlesex County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $630k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($1.98M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $150k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $169k; list at $2.25M implies a 1231% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,980,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.41% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.80%
• DSCR: 1.93
• GRM: 5.9

CMA / ARV

• ARV (median comp): $1,451,566
• List price: $2,250,000
• Delta: 55.01%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.38×
• Total profit: $237,732
• Equity at exit: $335,482

10-year hold

• IRR: 16.5%
• Equity multiple: 2.18×
• Total profit: $742,106
• Equity at exit: $194,539

Cash invested: $630,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 20 Strongly Tenant-Friendly
• State Massachusetts: 20 Strongly Tenant-Friendly · D+15
• County: — inherits STATE
• City: — inherits STATE

Cambridge / Boston historically rent-controlled (preempted 1994 but consideration ongoing); strong tenant protections; court backlogs.

Methodology + full state rankings →

ZIP-level market 02148

• Rents YoY: -0.8%
• Active inventory: 48
• Price-to-rent: 53.2×

Monthly cashflow live

• Estimated rent: $31,699 medium
• Mortgage (P&I): −$11,799
• Tax from tax record: −$1,384 /mo · $16,602/yr
• Insurance: −$938
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,657
• Net cashflow: $10,922

Break-even live

Break-even rent $17,874

Max offer price $2,250,000

Occupancy floor 61%

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	7	9	$31,698
Total (9 units)			$31,699

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $562,500
• Closing costs: $67,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $2,250,000 Active 188 DOM
2. 2026-06-17
   days on market $2,250,000 Active 187 DOM
3. 2026-06-16
   days on market $2,250,000 Active 186 DOM
4. 2026-06-15
   days on market $2,250,000 Active 185 DOM
5. 2026-06-13
   days on market $2,250,000 Active 183 DOM
6. 2026-06-13
   days on market $2,250,000 Active 182 DOM
7. 2026-06-09
   days on market $2,250,000 Active 179 DOM
8. 2026-06-08
   days on market $2,250,000 Active 178 DOM
9. 2026-06-07
   days on market $2,250,000 Active 177 DOM
10. 2026-06-04
    days on market $2,250,000 Active 174 DOM
11. 2026-06-03
    days on market $2,250,000 Active 173 DOM
12. 2026-06-02
    days on market $2,250,000 Active 172 DOM
13. 2026-06-01
    days on market $2,250,000 Active 171 DOM
14. 2026-05-31
    days on market $2,250,000 Active 170 DOM
15. 2026-05-18
    status Price Changed 392-char remark

    Show marketing remark (392 chars)

    Location, Location, Location!! Exceptional - 9 family apartment building. Great investment opportunity. On the bus line. Close to downtown Malden. Less than one mile from Malden Center T Station - the orange line. Complex consists of two studios, five one bedrooms and two one bedroom plus office room. Large parking lot with three garages. Fully occupied building. Perfect for 1031 exchange.

16. 2026-05-18
    price $2,250,000 392-char remark

    Show marketing remark (392 chars)

    Location, Location, Location!! Exceptional - 9 family apartment building. Great investment opportunity. On the bus line. Close to downtown Malden. Less than one mile from Malden Center T Station - the orange line. Complex consists of two studios, five one bedrooms and two one bedroom plus office room. Large parking lot with three garages. Fully occupied building. Perfect for 1031 exchange.

17. 2026-05-16
    historical 392-char remark

    Show marketing remark (392 chars)

    Location, Location, Location!! Exceptional - 9 family apartment building. Great investment opportunity. On the bus line. Close to downtown Malden. Less than one mile from Malden Center T Station - the orange line. Complex consists of two studios, five one bedrooms and two one bedroom plus office room. Large parking lot with three garages. Fully occupied building. Perfect for 1031 exchange.

18. 2026-04-12
    price $2,350,000 392-char remark

    Show marketing remark (392 chars)

    Location, Location, Location!! Exceptional - 9 family apartment building. Great investment opportunity. On the bus line. Close to downtown Malden. Less than one mile from Malden Center T Station - the orange line. Complex consists of two studios, five one bedrooms and two one bedroom plus office room. Large parking lot with three garages. Fully occupied building. Perfect for 1031 exchange.

19. 2025-12-11
    listed $2,400,000 New 392-char remark

    Show marketing remark (392 chars)

    Location, Location, Location!! Exceptional - 9 family apartment building. Great investment opportunity. On the bus line. Close to downtown Malden. Less than one mile from Malden Center T Station - the orange line. Complex consists of two studios, five one bedrooms and two one bedroom plus office room. Large parking lot with three garages. Fully occupied building. Perfect for 1031 exchange.

20. 1981-10-01
    soldstatus $169,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MA · Partial reset (capped growth)

• Current annual tax: $16,602 · $1,384/mo
• Projected year-2 tax: $22,138 · $1,845/mo
• Expected delta: +$5,536/yr (+$461/mo · 33.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $380,388
• − Mortgage interest: −$126,035
• − Property taxes: −$16,602
• − Insurance: −$11,250
• − Repairs & maintenance: −$30,431
• − Management: −$30,431
• − Depreciation: −$65,455
• Taxable income: $100,184
• Est. tax owed @ 24.0%: −$24,044
• After-tax cash flow: $107,019/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Malden
• NCES district ID: 2507170
• Math proficiency: 26% ▼ -16.00%
• Reading proficiency: 42% ▼ -8.00%
• Median HH income: $56,377
• Composite: 30.07/100
• National rank: #6346
• State rank: #238 of 302 in MA

Livability — Malden

• Score: 81/100
• State rank: #29
• US rank: #1360

Category grades

Amenities A+ Commute A+ Cost of living F Crime B- Employment A Housing B Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Malden, MA
• County: Middlesex County · 1,437,704 people
• City population: 65,906
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 65,906
• Household income: $100,606
• Rent vs Own: 58.7% rent · 41.3% own
• Severe rent burden: 3600.0

Population outlook (Middlesex County) Hauer SSP2

• Today (2025): 1,740,269 people
• By 2030: 1,817,187 · +4.4%
• By 2040: 1,963,195 · +12.8%
• By 2050: 2,087,461 · +20.0%
• By 2075: 2,344,036 · +34.7%
• By 2100: 2,383,776 · +37.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Asian 29% Black 13% Two or more races 9% Hispanic / Latino 8%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Hispanic 4% Estonian 4% Romanian 2%
• Foreign-born: 41% · Canada, China, Vietnam
• Languages at home: 51% English-only · Chinese 15% Other Indo-European 13% Spanish 5%

Political lean MEDSL · Middlesex

• 2024 margin: Solid D (+39.5) · D 68.5% · R 29.0% · Other 2.5%
• 2008→2024 swing: +9.3pp toward D · 2008: 30.1pp · 2024: 39.5pp
• All cycles: 2024: D+39.5 2020: D+45.2 2016: D+38.1 2012: D+26.9 2008: D+30.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -396.34%
• Current HPI: 336.6086
• Rent YoY: ▼ -0.77%
• Metro: Boston-Cambridge-Newton, MA-NH
• State GDP YoY: ▲ 2.28%
• F500 in state: 38

Industry mix (Fortune 500 HQ in MA)

Industry	F500 HQs	Revenue
▸Technology	3	$17B
▸Insurance	2	$84B
▸Retail	2	$76B
▸Life Sciences	1	$43B
▸Energy Technology	1	$31B
▸Aerospace / Defense	1	$18B

Price history

+1231.4% since first listed

6 events — show timeline

• 2026-05-18 Relisted — MLS PIN
• 2026-05-18 Price Changed $2,250,000 MLS PIN
• 2026-05-16 Listing Removed — MLS PIN
• 2026-04-12 Price Changed $2,350,000 MLS PIN
• 2025-12-11 Listed $2,400,000 MLS PIN
• 1981-10-01 Sold (Public Records) $169,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $16,602 · +4.4% YoY. Source: county tax records.