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    46-48 Waverly Pl Melrose, MA 02176

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    For Sale
    $1,650,000

    Seven-unit multifamily property near Wyoming Hill MBTA station.

    Property size:
    2,940 SF

    Property Features for 46-48 Waverly Pl

    General Information

    Size
    2,940 SF

    Building Details

    Year built
    1900

    Source: Brad Carlson Agent Brad Carlson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Melrose Multifamily Investment Opportunity

    The Waverly Place Apartments, a seven-unit multifamily property in Melrose, Massachusetts, is available for sale. The property features seven one-bedroom apartments and eight off-street parking spaces for tenant use. Situated next to the Wyoming Hill MBTA station, the location provides convenient access for commuters traveling into the city. This is the first time this property has been on the market in over 26 years. Rents are currently 40% below market rate, presenting investors with a value-add opportunity through unit and hallway upgrades to achieve a more modern aesthetic and increase rents to market rates. Waverly Place Apartments is located in Melrose, north of Boston, offering a blend of small-town charm and urban convenience. The Wyoming Hill MBTA Commuter Rail station provides a 10-15 minute train ride into North Station. Boston Logan International Airport is 11.5 miles away, and I-95 is 2.6 miles away, facilitating travel. The property is also near restaurants and bars in downtown Melrose.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0689175
    Latitude
    42.4513569

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    FAQs

    What type of property is this?
    Apartment building - Seven-unit multifamily property near Wyoming Hill MBTA station.
    Where is this apartment building located?
    The property is located at 46-48 Waverly Pl Melrose, MA.
    What is the asking price?
    The asking price for this property is $1,650,000.
    What are key features of this property?
    This property features: - Directly next to Wyoming Hill MBTA station for easy commuting to Boston.; - Significant value-add opportunity through unit upgrades and rent increases (40% below market).; - Off-street parking available for tenants.
    (781) 334-8044
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    46-48 Waverly Pl Melrose, MA 02176
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    46-48 Waverly Pl Melrose, MA 02176
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