Two-Family Residential Income
For Sale
$1,050,000
213-215 Main Street, 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
Price / SF$512.95
Days on Market99
Property Features for 213-215 Main Street
General Information
Standard status
Active
Size
2,047 SF
Total Parking Spaces
8
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
walk-out basement
spacious yard
Building Details
Year Built
1928
Listing Agency:
J. Barrett & Company
Listed By:
Joyce Diliegro
(781) 760-9575
Source:
Benoitrealestate
Added: Jul 8
Changed: Oct 14
Last Checked: Oct 10 at 1:37AM
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 / Yr
$43,315
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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 Street 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
