Two-Family Residential Income
For Sale
$1,050,000
Pending
213-215 Main St, Melrose, MA 02176
Well-maintained two-family property with off-street parking, a two-car garage, and a full walk-out basement.
Property Size2,047 SF
Days on Market54
Property Features for 213-215 Main St
General Information
Standard status
Pending
Size
2,047 SF
Total Parking Spaces
8
Property subtype
Multifamily
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,265
Amenities
walk-out basement
spacious yard
Building Details
Building Size
2,047 SF
Year Built
1928
Listing Agency:
J. Barrett & Company
Listed By:
Joyce Diliegro
(781) 760-9575
Source:
Classifiedrealtygroup
Added: Jul 15
Changed: Aug 8
Last Checked: Jul 23 at 2:39AM
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 J. Barrett & Company
Investment Insights
Based on property information with market context.
This well-maintained two-family residential income property features a highly desirable layout and offers strong rental income potential. The home includes a two-car garage and off-street parking for up to six additional vehicles, along with a full walk-out basement that provides added functionality and abundant storage.
Located just minutes from Oak Grove MBTA Station and commuter rail, the property also places you near parks, shops, and downtown Melrose. Convenience is further supported by proximity to 93/95 and Rte 1.
With a spacious yard and a practical walk-out basement configuration, the property provides both indoor usability and outdoor space for everyday living.
Located just minutes from Oak Grove MBTA Station and commuter rail, the property also places you near parks, shops, and downtown Melrose. Convenience is further supported by proximity to 93/95 and Rte 1.
With a spacious yard and a practical walk-out basement configuration, the property provides both indoor usability and outdoor space for everyday living.
Key Highlights
- 1928‑built well‑maintained two‑family property
- Includes 2‑car garage plus off‑street parking for up to six additional vehicles
- Full walk‑out basement with abundant storage and added functionality
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
$43,315
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
4.13%
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%
$866,300
$866.3K
Cap Rate 7%
$618,786
$618.8K
Cap Rate 9%
$481,278
$481.3K
Market Conditions
NOI Build-Up for 2,047 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
$65.1K $31.80/SF
− Vacancy
−$3.2K −$1.57/SF
EGI
$61.9K $30.23/SF
− OpEx
−$18.6K −$9.07/SF
NOI
$43.3K $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%
$866,300
Cap Rate 7%
$618,786
Cap Rate 9%
$481,278
Alternative Uses
Best Use
Multifamily LT 5
$618.8K
$541.4K – $721.9K
NOI $43,315 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$581.8K
$509.1K – $678.8K
NOI $40,728 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,827 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
787
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 - Well-maintained two-family property with off-street parking, a two-car garage, and a full walk-out basement.
Where is this duplex located?
The property is located at 213-215 Main St Melrose, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1928‑built well‑maintained two‑family property; Includes 2‑car garage plus off‑street parking for up to six additional vehicles; Full walk‑out basement with abundant storage and added functionality
