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Victorian Mixed-Use Building in Melrose

3-5 E Foster St, Melrose, MA 02176

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For Sale

$1,450,000

Mixed-use property with residential and commercial units in downtown Melrose.

Property size:

4,497 SF

Price / SF:

$322/SF

HighLights

Prime downtown Melrose location: Steps to shops, restaurants, commuter rail, and bus lines.
Turnkey investment property: Fully rented with high, consistent operating income.
Mixed‑use building: Features four residential units and two commercial spaces with excellent street frontage and visibility.
Well‑maintained: Numerous updates including renovated kitchens/baths in select units, updated flooring, newer water heaters, and a new chimney liner.
Classic Victorian architecture: A highly admired property with charm and character.
Ample nearby public parking: Convenient for tenants and customers.

We can help!

Contact an agent

Lesley Smith

For Sale

$1,450,000

Mixed-use property with residential and commercial units in downtown Melrose.

Property size:

4,497 SF

Price / SF:

$322/SF

Added:: Mar 24, 2026
Days on Market:: 105
Last Refresh:: Mar 24 at 8:12 pm

Property Features for 3-5 E Foster St

General Information

Standard status: Active
Size: 4,497 SF

Building Details

Year Built: 1860

We can help!

Contact an agent

Lesley Smith

Listing office Barrett Sotheby's International Realty

Listing date Mar 24, 2026

Source Corcoran

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 Barrett Sotheby's International Realty

HighLights

Prime downtown Melrose location: Steps to shops, restaurants, commuter rail, and bus lines.
Turnkey investment property: Fully rented with high, consistent operating income.
Mixed‑use building: Features four residential units and two commercial spaces with excellent street frontage and visibility.
Well‑maintained: Numerous updates including renovated kitchens/baths in select units, updated flooring, newer water heaters, and a new chimney liner.
Classic Victorian architecture: A highly admired property with charm and character.
Ample nearby public parking: Convenient for tenants and customers.

Overview

This classic Victorian mixed-use building is located in downtown Melrose, Massachusetts, near shops, restaurants, commuter rail, and bus lines. The property includes four residential units and two commercial spaces with street frontage and visibility. All units are fully rented and generate operating income. Updates include renovated kitchens and baths in select units, updated flooring, newer water heaters, and a new chimney liner. Ample public parking is available nearby. This property offers a location in a downtown setting.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$171.6k	$38.16
− Vacancy	−$8.9k	−$1.98
EGI	$162.7k	$36.18
− OpEx	−$73.2k	−$16.28
NOI	$89.5k	$19.90

4,497 SF · lease $38.16/SF/yr · vacancy 5.20% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$1.28M

$1.12M – $1.49M (±1% cap)

NOI $89,475 @ 7.0% cap · market cap 6.17%

Second Best

Mixed Use

$1.06M

$927.5K – $1.24M (±1% cap)

NOI $74,201 @ 7.0% cap · market cap 5.12%

Theoretical Best

Office A

$2.66M

$2.33M – $3.11M (±1% cap)

NOI $186,355 @ 7.0% cap · market cap 12.85%

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

Property Profile Location Intelligence

Current Use by Public Records

Mixed-use properties

Suggested Use

Location Insight

Map
Local Demand

City: Melrose
County: Middlesex
State: Massachusetts
Longitude: -71.0651958
Latitude: 42.4545684

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For sale
Mixed-use properties
MA
Melrose
02176
3-5 E Foster St

What type of property is this?

Mixed-use property - Mixed-use property with residential and commercial units in downtown Melrose.

Where is this mixed-use property located?

The property is located at 3-5 E Foster St Melrose, MA.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: Prime downtown Melrose location: Steps to shops, restaurants, commuter rail, and bus lines.; Turnkey investment property: Fully rented with high, consistent operating income.; Mixed‑use building: Features four residential units and two commercial spaces with excellent street frontage and visibility.