Duplex with Detached
New
For Sale
$949,900
24-26 Tappan Street, Melrose, MA 02176
The two-unit layout pairs a three-bedroom residence with a one-bedroom first-floor apartment.
Property Size2,181 SF
Price / SF$435.53
Days on Market5
Property Features for 24-26 Tappan Street
General Information
Standard status
Active
Size
2,181 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
URA
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,130
Amenities
deck
detached garage
Building Details
Building Size
2,181 SF
Year Built
1900
Buildings
1
Stories
3
Units
2
Listing Agency:
Coldwell Banker Realty - Boston
(617) 266-4430
Listed By:
Lento + Rivkind Real Estate Team
(617) 699-9823
Source:
Baycolonyrealty
Added: Oct 19
Changed: Oct 22
Last Checked: Oct 22 at 2:11PM
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 Coldwell Banker Realty - Boston
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Investment Insights
Based on property information with market context.
At 24–26 Tappan Street in Melrose, this 2,181-square-foot duplex was built in 1900. The larger residence spans two levels and has three bedrooms, one and a half bathrooms, a living room, and a formal dining room with hardwood flooring. Its kitchen includes white cabinetry, granite countertops, and stainless steel appliances. A separate first-floor apartment has one bedroom and one full bathroom and has been freshly painted.
Exterior features include a deck, landscaped grounds, a driveway, and a detached garage. The property is zoned URA.
Exterior features include a deck, landscaped grounds, a driveway, and a detached garage. The property is zoned URA.
Key Highlights
- 2,181‑square‑foot duplex built in 1900
- Two‑level residence with 3 bedrooms and 1.5 bathrooms
- First‑floor apartment with 1 bedroom and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,151
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$923,020
$923.0K
Cap Rate 7%
$659,300
$659.3K
Cap Rate 9%
$512,789
$512.8K
Market Conditions
NOI Build-Up for 2,181 SF
Gross rent
$69.4K $31.80/SF
− Vacancy
−$3.4K −$1.57/SF
EGI
$65.9K $30.23/SF
− OpEx
−$19.8K −$9.07/SF
NOI
$46.2K $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 Rate 5%
$923,020
Cap Rate 7%
$659,300
Cap Rate 9%
$512,789
Alternative Uses
Best Use
Multifamily LT 5
$659.3K
$576.9K – $769.2K
NOI $46,151 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$619.9K
$542.4K – $723.3K
NOI $43,395 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,380 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,000
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
Frequently Asked Questions
What type of property is this?
Duplex - The two-unit layout pairs a three-bedroom residence with a one-bedroom first-floor apartment.
Where is this duplex located?
The property is located at 24-26 Tappan Street Melrose, MA.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: 2,181‑square‑foot duplex built in 1900; Two‑level residence with 3 bedrooms and 1.5 bathrooms; First‑floor apartment with 1 bedroom and 1 full bathroom
