Two-Unit Duplex with Finished
For Sale
$1,000,000
64 Cleveland St, Melrose, MA 02176
Two-unit residential property with separate utilities, private outdoor areas, and convenient access to commuter rail and Route 93.
Property Size2,276 SF
Price / SF$439.37
Days on Market41
Property Features for 64 Cleveland St
General Information
Standard status
Active
Size
2,276 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Sprinkler System
Yes
Multifamily Units
2
Amenities
finished walk up attic
private fenced in outdoor sitting areas
Reeds Ferry Shed
Composite vinyl porch
granite stairway
two separate W/D set ups
radiant heated first floor kitchen
HVAC unit
Building Details
Year Built
1900
Listing Agency:
Ryan Mccormick, Metro Realty Corp
(617) 398-4444
Listed By:
The Goodrich Team
(617) 398-4444
Source:
Goodrichboston
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 28 at 10:14AM
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 Ryan Mccormick, Metro Realty Corp
Investment Insights
Based on property information with market context.
This 2,276-square-foot duplex contains two residential units, each with its own entrance and fully equipped kitchen. The property includes a finished attic with HVAC, separate heating and hot-water utilities, and two basement laundry setups. Additional improvements include a sprinkler system, Cedar Impressions vinyl siding, composite porch features, front granite steps, rear stairways, and a Reeds Ferry shed. The first-floor kitchen has radiant heat.
Outdoor features include two privately fenced sitting areas and 4 side-by-side parking spaces. The property is near commuter rail service to Boston, bus service to Oak Grove station, and the Orange Line, approximately 1 mile away. Route 93 provides access in both directions. Melrose amenities identified nearby include restaurants, shopping, a public library, hospital, Ell Pond, Shaw's, Whole Foods, public tennis courts, parks, a swimming pool, and public and private schools.
Outdoor features include two privately fenced sitting areas and 4 side-by-side parking spaces. The property is near commuter rail service to Boston, bus service to Oak Grove station, and the Orange Line, approximately 1 mile away. Route 93 provides access in both directions. Melrose amenities identified nearby include restaurants, shopping, a public library, hospital, Ell Pond, Shaw's, Whole Foods, public tennis courts, parks, a swimming pool, and public and private schools.
Key Highlights
- 2,276 SF duplex with a finished walk‑up attic
- Two separate residential units with individual entrances
- 4 side‑by‑side parking spaces and 2 private fenced outdoor areas
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
$48,161
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
4.82%
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%
$963,220
$963.2K
Cap Rate 7%
$688,014
$688.0K
Cap Rate 9%
$535,122
$535.1K
Market Conditions
NOI Build-Up for 2,276 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
$72.4K $31.80/SF
− Vacancy
−$3.6K −$1.57/SF
EGI
$68.8K $30.23/SF
− OpEx
−$20.6K −$9.07/SF
NOI
$48.2K $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%
$963,220
Cap Rate 7%
$688,014
Cap Rate 9%
$535,122
Alternative Uses
Best Use
Multifamily LT 5
$688.0K
$602.0K – $802.7K
NOI $48,161 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$646.9K
$566.1K – $754.8K
NOI $45,285 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$1.35M
$1.18M – $1.57M
NOI $94,317 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
988
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?
Duplex - Two-unit residential property with separate utilities, private outdoor areas, and convenient access to commuter rail and Route 93.
Where is this duplex located?
The property is located at 64 Cleveland St Melrose, MA.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 2,276 SF duplex with a finished walk‑up attic; Two separate residential units with individual entrances; 4 side‑by‑side parking spaces and 2 private fenced outdoor areas
