Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Auburndale Village Redevelopment Opportunity Title is generated by Realmo AI

    283 Melrose Street, Newton, MA 02466

    View on Map
    Claim this Listing
    For Sale
    $16,500,000

    43,783 sq ft VC2-zoned land for redevelopment in Newton.

    Type:Commercial
    Lot size:
    1.01 Acres
    Added:
    Feb 21, 2026
    Days on Market:
    106
    Last Refresh:
    Apr 21 at 6:06 am

    Property Features for 283 Melrose Street

    General Information

    Standard status
    Active
    Lot size
    1.01 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    2020

    We can help!

    Listing Contact
    Ward Shifman

    Listing agent Ward Shifman

    Listing office Coldwell Banker Realty - Newton

    Listing date Feb 21, 2026

    Source Stevebremis

    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 - Newton

    HighLights

    • Rare VC2‑zoned land in Auburndale Village, ideal for housing and mixed‑use development.
    • Large lot size (approximately 43,783 sq ft) with potential for subdivision.
    • Prime location steps to village shops and a short distance to the Commuter Rail.
    • Opportunity to build up to 3.5 stories with tight setbacks.
    • Ideal for delivering much‑needed residential or mixed‑use product in a walkable, transit‑served location.
    • Newly created VC2 district encourages density in Newton's village centers.

    Overview

    Located in the heart of Auburndale Village, this property offers approximately 43,783 square feet of VC2-zoned land. Situated steps from village shops and a short distance from the Commuter Rail, the site is positioned to capitalize on the vision of encouraging housing and mixed-use density in Newton's village centers. The property presents opportunities for value creation, including the potential to sub-divide the lot and pursue multiple buildings up to 3.5 stories. Currently, there are two existing condemned structures on site, and the offering is being marketed as land for redevelopment. This location is suitable for residential or mixed-use development in a walkable, transit-served area. Inquire with agent regarding Solar Panel lease buyout.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newton
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.2490954
    Latitude
    42.3468054

    Nearby Similar for Sale

    • $3,916,000
      3,927 SF

      New Luxury Townhomes in Newton

      New construction luxury townhomes with customizable options, completion Spring 2027.
      25-27 High Street, Newton, MA 02461
      View Details
    • $999,899
      2,466 SF

      Charming Newton Two-Family Home

      Classic 5 bed, 2 bath two-family in Newton Corner.
      16-18 Russell Rd, Newton, MA 02458
      View Details
    • $6,250,000
      14,485 SF

      Newton Mixed-Use Development Opportunity

      Mixed-use property near transit with development potential in Newton, MA.
      823-833 Washington Street, Newton, MA 02460
      View Details
    • $2,700,000
      5,000 SF

      West Newton Retail Opportunity

      Retail asset near West Newton Cinema with redevelopment potential.
      1298-1308 Washington Street, Newton, MA 02465
      View Details
    • $2,200,000
      4,000 SF

      West Newton Retail Asset ForSale

      Retail asset in West Newton with street presence and parking.
      1286-1294 Washington Street, Newton, MA 02465
      View Details
    • $2,700,000
      5,000 SF

      West Newton Retail Opportunity

      Retail asset near West Newton Cinema with redevelopment potential.
      1298-1308 Washington St, Newton, MA 02465
      View Details
    • $740,000
      1,738 SF

      Auburndale Office Condo For Sale

      1,738 SF office condo in the heart of Auburndale.
      450 Lexington St #204, Newton, MA 02466
      View Details
    • $349,000
      1,400 SF

      Versatile Retail/Office Space For Sale

      Street-level commercial space with high visibility and flexible zoning.
      2A Hale Street, Newton, MA 02464
      View Details
    • $16,500,000

      Auburndale Village Redevelopment Opportunity

      43,783 sq ft VC2-zoned land near Commuter Rail.
      283 Melrose Street, Newton, MA 02466
      View Details
    • $16,500,000

      Auburndale Village Redevelopment Opportunity

      43,783 sq ft VC2-zoned land for redevelopment in Newton.
      283 Melrose Street, Newton, MA 02466
      View Details
    • $799,000

      Prime Commercial Condo in Newton

      Two-story commercial condo in Newton Centre's vibrant village atmosphere.
      21 Pelham St #21, Newton, MA 02459
      View Details
    • $8,999,000

      Auburndale Village VC2-Zoned Land

      Rare opportunity for housing and mixed-use development in Newton.
      283 Melrose St, Newton, MA 02466
      View Details

    FAQs

    What type of property is this?
    Commercial land - 43,783 sq ft VC2-zoned land for redevelopment in Newton.
    Where is this commercial land located?
    The property is located at 283 Melrose Street Newton, MA.
    What is the asking price?
    The asking price for this property is $16,500,000.
    What are key features of this property?
    This property features: Rare VC2‑zoned land in Auburndale Village, ideal for housing and mixed‑use development.; Large lot size (approximately 43,783 sq ft) with potential for subdivision.; Prime location steps to village shops and a short distance to the Commuter Rail.
    We can help!
    Listing Contact
    Ward Shifman
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    283 Melrose Street, Newton, MA 02466
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!