Historic Duplex with Fenced
For Sale
$799,900
37 South High Street, Melrose, MA 02176
Two-family property with flexible living areas, outdoor space, and off-street parking in Melrose.
Property Size2,605 SF
Price / SF$307.06
Days on Market166
Property Features for 37 South High Street
General Information
Standard status
Active
Size
2,605 SF
Total Parking Spaces
4
Property subtype
Multi-family / 2 Family
Zoning
URA
Property Condition
Severity
Repairs Needed
Evidence
potential to update
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,661
Amenities
fenced yard
No
Wood, Vinyl, Carpet, Varies, Hardwood
Range
2.0
Stained Glass Window(s)
Full, Interior Access, Concrete Floor, Unfinished Basement
Ceiling Fan(s), Bathroom With Tub, Walk-Up Attic, Living Room, Kitchen, Office/Den
2
2.00
Frame
Cleared, Gentle Sloping
Porch, Deck
Building Details
Year Built
1874
Buildings
1
Listing Agency:
Coldwell Banker Realty - Lynnfield
(781) 334-5700
Listed By:
Amy Copeland Potamis · License #9022106
(781) 334-5700
Source:
Compass
Added: Mar 18
Changed: Aug 29
Last Checked: Aug 29 at 7:55PM
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 - Lynnfield
Investment Insights
Based on property information with market context.
Built in 1874, this 2,605-square-foot duplex includes two separate residential units. The first-floor unit has two bedrooms, while the second offers three bedrooms, a small office, and two additional rooms on the third floor. Interior features include high ceilings, large windows, stained glass, a living room, kitchens, bathrooms with tubs, and a walk-up attic. The property also includes an unfinished basement with interior access and a concrete floor.
Exterior improvements include a porch, deck, fenced yard, cleared gently sloping grounds, and double-wide off-street parking. The property is zoned URA and is located near Melrose shops, restaurants, local amenities, Cedar Park and Melrose Highlands commuter rail stations, and Oak Grove access to Boston routes.
Exterior improvements include a porch, deck, fenced yard, cleared gently sloping grounds, and double-wide off-street parking. The property is zoned URA and is located near Melrose shops, restaurants, local amenities, Cedar Park and Melrose Highlands commuter rail stations, and Oak Grove access to Boston routes.
Key Highlights
- 2,605‑square‑foot duplex with two residential units
- First‑floor unit includes 2 bedrooms
- Second unit has 3 bedrooms, a small office, and 2 additional third‑floor rooms
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
$55,123
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
6.89%
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%
$1,102,460
$1.1M
Cap Rate 7%
$787,471
$787.5K
Cap Rate 9%
$612,478
$612.5K
Market Conditions
NOI Build-Up for 2,605 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
$82.8K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$78.7K $30.23/SF
− OpEx
−$23.6K −$9.07/SF
NOI
$55.1K $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%
$1,102,460
Cap Rate 7%
$787,471
Cap Rate 9%
$612,478
Alternative Uses
Best Use
Multifamily LT 5
$787.5K
$689.0K – $918.7K
NOI $55,123 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$740.4K
$647.9K – $863.9K
NOI $51,831 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,951 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,393
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 - Two-family property with flexible living areas, outdoor space, and off-street parking in Melrose.
Where is this duplex located?
The property is located at 37 South High Street Melrose, MA.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 2,605‑square‑foot duplex with two residential units; First‑floor unit includes 2 bedrooms; Second unit has 3 bedrooms, a small office, and 2 additional third‑floor rooms
