Four-Unit Residential Income
For Sale
$1,295,000
38 & 40 Hurd St, Melrose, MA 02176
Well-maintained four-unit property with updated kitchens, separately metered utilities, off-street parking, shared laundry, and a full basement.
Property Size3,519 SF
Price / SF$368
Days on Market47
Property Features for 38 & 40 Hurd St
General Information
Standard status
Active
Size
3,519 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Amenities
shared laundry
full basement
off-street parking
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Legacy Realty Advisors LLC
Listed By:
Jonathan Mathews
(216) 973-3072
Source:
Gooddeedsrealtypartners
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 4 at 10:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Legacy Realty Advisors LLC
Investment Insights
Based on property information with market context.
Well-maintained four-unit residential income property offering a total of 9 bedrooms and 4 full bathrooms across approximately 3,519 sq ft of living space. The units feature functional layouts with bright living areas, updated kitchens, and hardwood/vinyl flooring. Utilities are separately metered, and the building includes shared laundry facilities and a full basement for storage.
Located in the heart of Melrose, the property is convenient to downtown shops, restaurants, parks, schools, and public transportation. The Wyoming Hill commuter rail station is listed as nearby for access to Boston.
The combination of separate utility metering, off-street parking, and on-site shared laundry supports straightforward day-to-day management for this four-unit configuration.
Located in the heart of Melrose, the property is convenient to downtown shops, restaurants, parks, schools, and public transportation. The Wyoming Hill commuter rail station is listed as nearby for access to Boston.
The combination of separate utility metering, off-street parking, and on-site shared laundry supports straightforward day-to-day management for this four-unit configuration.
Key Highlights
- Well‑maintained four‑unit building (Year built 1900) with approx. 3,519 sq ft of living space
- 9 bedrooms and 4 full baths across four units for flexible living and rental arrangements
- Updated kitchens in the units, with hardwood/vinyl flooring
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$74,463
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.75%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,489,260
$1.5M
Cap Rate 7%
$1,063,757
$1.1M
Cap Rate 9%
$827,367
$827.4K
Market Conditions
NOI Build-Up for 3,519 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$111.9K $31.80/SF
− Vacancy
−$5.5K −$1.57/SF
EGI
$106.4K $30.23/SF
− OpEx
−$31.9K −$9.07/SF
NOI
$74.5K $21.16/SF
Area
Middlesex County, MA
Vacancy
4.94%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,489,260
Cap Rate 7%
$1,063,757
Cap Rate 9%
$827,367
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$930.8K – $1.24M
NOI $74,463 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$1.00M
$875.2K – $1.17M
NOI $70,016 @ 7.0% cap · market cap 5.41%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,826 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,237
Businesses Nearby
Explore this area
Business Placement
Demographics for 02176, MA
29,817
Population
12,724
Households
2.3
Avg Household Size
41
Median Age
62%
College-Educated
95%
High-School Grad
4.7 sq mi
ZIP Area
6,344
Density / Sq Mi
$126,854
Median Household Income
$80,293
Median Earnings
$1,933
Median Rent
$796,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property with updated kitchens, separately metered utilities, off-street parking, shared laundry, and a full basement.
Where is this quadplex located?
The property is located at 38 & 40 Hurd St Melrose, MA.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Well‑maintained four‑unit building (Year built 1900) with approx. 3,519 sq ft of living space; 9 bedrooms and 4 full baths across four units for flexible living and rental arrangements; Updated kitchens in the units, with hardwood/vinyl flooring
