The Offering

An occupied brick asset, priced to its rents.

Hunneman presents 38 Clapp Street, an 18-unit brick apartment building in Malden's Linden neighborhood. The asset is fully occupied, generates positive in-place cash flow, and carries real value-add upside. A long-term private ownership group has completed many recent improvements to both the building and the apartments. The numbers an investor scans first sit below.

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0 Parking Spaces

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Offering Price $5,950,000

Price / Unit $330,556

Price / SF ~$360

Occupancy Fully Occupied

Walk The Asset

See where the value sits. The brick, the lot, the turned interiors.

The exterior tells the durability story: brick mass, stacked balconies, and a full off-street lot. Inside, the renovated units show what the realized value-add already looks like, and the common spaces show where the ancillary income comes from. Request the offering memorandum to walk it in person.

Side elevation of 38 Clapp Street with on-site parking lot — On-site parking and the building's brick elevation.

Front entrance of 38 Clapp Street with off-street parking — The entrance and off-street resident parking.

Renovated apartment kitchen with white shaker cabinets and a dining nook — A renovated kitchen, white shaker cabinetry and stainless appliances.

Renovated apartment living room with a slider to outside — A renovated living room in a turned unit.

Renovated apartment bedroom with plank flooring — A turned bedroom with new flooring and fresh paint.

Renovated apartment bathroom with a subway-tile tub surround — An updated full bath with a tiled tub surround.

Renovated apartment kitchen with stone counters and stainless appliances — A second renovated kitchen with stone counters and a dishwasher.

Renovated apartment living room with a light sofa and slider — Another turned unit, bright and leased.

On-site coin-operated laundry room at 38 Clapp Street — On-site coin-operated laundry, an additional income stream.

Interior stairwell with exposed brick at 38 Clapp Street — An interior stair landing with original exposed brick.

The Unit Mix

Eighteen doors, three plans.

The rent roll is built on a durable, family-sized mix. Two-bedroom units lead the building two to one, the configuration that holds tenants longest and rents deepest in this submarket. The complete rent roll, by unit, is in the offering memorandum.

Request The Rent Roll

Two-Bedroom

The core of the rent roll. The longest tenancies and the strongest rents in the mix.

67%

One-Bedroom

Efficient single-occupant units that turn quickly and broaden the tenant pool across price points.

28%

Studio

A single studio at the entry of the rent roll. The most flexible door in the building.

18 Total Units

30 Total Beds

18 Total Baths

“Fully occupied, generating positive cash flow, with the renovations already proving the upside.”

Income In Place

The cash flow is already here.

38 Clapp Street is delivered fully occupied with positive in-place cash flow. This is not a lease-up or a turnaround. It is a stabilized brick building that has paid its way under a long-term private ownership group, now offered to the next investor.

The renovated units in these photos are the value-add story made visible. Ownership has already turned apartments to white shaker kitchens, stone counters, tiled baths, and new flooring. Those completed units set the template, and the market rents they support map the path for the remaining doors as they turn.

Ancillary income supports the rent roll on top of the apartments: 32 off-street parking spaces, a genuine premium in a dense submarket, and on-site coin-operated laundry. The full income and expense detail, the rent roll, and the in-place financials are available in the offering memorandum.

The Pricing

$330,556 / Unit

$5,950,000 across 18 units, roughly $360 per square foot of building. Underwrite it against the in-place rents in the memorandum.

The Upside

Value-Add Path

Completed renovations prove the rents. The remaining classic units are the runway to market as they turn.

The Construction

Brick, Low Carry

A 1970 brick building on a 21,044 SF lot. Durable mass, low-maintenance envelope, recent ownership improvements.

The Investment Case

What underwrites this asset.

Fully Occupied

Delivered with every door leased and positive in-place cash flow. Income from day one, not a lease-up bet.

32 Off-Street Spaces

Roughly 1.78 spaces per unit, a genuine premium in a dense rental submarket and a lever for parking income.

Renovated Interiors

Multiple units already turned to shaker kitchens, stone counters, and tiled baths. The realized proof of the rents.

On-Site Laundry Income

A common coin-operated laundry room runs as a steady ancillary stream on top of the apartment rents.

Brick Construction

A 1970 brick envelope on nearly half an acre. Durable, low-maintenance mass with recent ownership improvements.

Value-Add To Market

The classic remaining units carry the upside, a clear path to market rents on a proven renovation template.

Run The Acquisition

Estimate the debt service.

Model the monthly debt service on an acquisition loan. These are your financing assumptions, not the property's in-place numbers. The actual income and expenses are in the offering memorandum.

Down Payment 30%

Interest Rate 6.5%

Amortization

Estimated Monthly Debt Service

$26,320

Loan Amount $4,165,000

Price / Unit $330,556

Principal and interest only, on a $5,950,000 acquisition. This models your financing, not the asset's in-place income, expenses, or returns. Request the offering memorandum for those.

The Submarket

Linden, and the rent demand around it.

38 Clapp Street sits in the Linden neighborhood of Malden, a dense, established rental market on the north side of Boston. The MBTA Orange Line at Malden Center carries tenants into downtown Boston, and Route 1 puts the commuter corridor minutes away. This is renter territory, and the demand depth is what keeps a building like this occupied.

Malden's combination of transit access, relative affordability against Boston proper, and steady in-migration has kept apartment fundamentals firm. The kind of submarket where occupied brick holds its meaning across cycles.

Minutes from the MBTA Orange Line at Malden Center and Route 1

Eighteen Units. Income In Place.