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    447 Pleasant St Melrose, MA 02176

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    For Sale
    $7,000,000

    Well-maintained 24-unit building with value-add potential in desirable location.

    Lot size:
    0.45 Acres

    Property Features for 447 Pleasant St

    General Information

    Lot size
    0.45 Acres

    Building Details

    Year built
    1964

    Source: Horvath & Tremblay Agent John Pentore

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

    Overview

    Melrose Multifamily Investment Opportunity

    447 Pleasant St is a three-story brick building featuring 24 residential units. The unit mix consists of 1 studio unit and 23 one-bedroom, one-bathroom units. Each unit has a private walk-out patio or balcony. The property includes an elevator and an on-site laundry facility. There are 21 off-street parking spaces available. Electric is separately metered for each unit and paid directly by the tenants. The landlord is responsible for electric heat and hot water, common area electric, and domestic water and sewer. The property has been well maintained throughout its ownership. This property offers the opportunity to acquire a well-maintained investment property with upside in an exceptional, urban-infill location. It is ideal for a potential buyer looking for income growth and strong investment returns. In-place rents are below market rates, providing significant potential for upside by achieving market rents through programmatic upgrades to the unrenovated units.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0701948
    Latitude
    42.4505068

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    FAQs

    What type of property is this?
    Apartment building - Well-maintained 24-unit building with value-add potential in desirable location.
    Where is this apartment building located?
    The property is located at 447 Pleasant St Melrose, MA.
    What is the asking price?
    The asking price for this property is $7,000,000.
    What are key features of this property?
    This property features: - Well-maintained 24-unit brick building with a mix of studio and 1-bedroom apartments.; - Significant rental upside potential through upgrades to unrenovated units and achieving market rents.; - Ample off-street parking with 21 spaces.
    (781) 776-4004
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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
    447 Pleasant St Melrose, MA 02176
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