Four-Unit Residential Income
38 & 40 Hurd St Melrose, MA 02176
New
38 & 40 Hurd St, Melrose, MA, 02176
$1,395,000
For Sale
$1,395,000
Well-maintained four-unit property with updated kitchens, separately metered utilities, off-street parking, shared laundry, and a full basement.
Property Size3,519 SF
Price / SF$396.42
Days on Market2
Property Features for 38 & 40 Hurd St
General Information
- Standard status
- Active
- Size
- 3,519 SF
- Property subtype
- Investment
Building Details
- Year Built
- 1900
Listing agency
(781) 853-1765
Listed by
Jonathan Mathews
(781) 853-1765
Source
Elliman
Added: Jul 21 Updated: Jul 22 at 11:59AM Checked: Jul 22 at 11:59AM
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 Jonathan Mathews
Investment Insights
Based on property information with market context.
Well-maintained four-unit residential income property offering a total of 9 bedrooms and 4 full bathrooms across approximately 3,519 sq ft of living space. The units feature functional layouts with bright living areas, updated kitchens, and hardwood/vinyl flooring. Utilities are separately metered, and the building includes shared laundry facilities and a full basement for storage.
Located in the heart of Melrose, the property is convenient to downtown shops, restaurants, parks, schools, and public transportation. The Wyoming Hill commuter rail station is listed as nearby for access to Boston.
The combination of separate utility metering, off-street parking, and on-site shared laundry supports straightforward day-to-day management for this four-unit configuration.
Located in the heart of Melrose, the property is convenient to downtown shops, restaurants, parks, schools, and public transportation. The Wyoming Hill commuter rail station is listed as nearby for access to Boston.
The combination of separate utility metering, off-street parking, and on-site shared laundry supports straightforward day-to-day management for this four-unit configuration.
Key Highlights
- Well‑maintained four‑unit building (Year built 1900) with approx. 3,519 sq ft of living space
- 9 bedrooms and 4 full baths across four units for flexible living and rental arrangements
- Updated kitchens in the units, with hardwood/vinyl flooring
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $111.9k | $31.80 |
| − Vacancy | −$5.5k | −$1.57 |
| EGI | $106.4k | $30.23 |
| − OpEx | −$31.9k | −$9.07 |
| NOI | $74.5k | $21.16 |
3,519 SF · lease $31.80/SF/yr · vacancy 4.94% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$930.8K – $1.24M
NOI $74,463 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$1.00M
$875.2K – $1.17M
NOI $70,016 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,826 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Well-maintained four-unit property with updated kitchens, separately metered utilities, off-street parking, shared laundry, and a full basement.
Where is this quadplex located?
The property is located at 38 & 40 Hurd St Melrose, MA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Well‑maintained four‑unit building (Year built 1900) with approx. 3,519 sq ft of living space; 9 bedrooms and 4 full baths across four units for flexible living and rental arrangements; Updated kitchens in the units, with hardwood/vinyl flooring
