Four-Unit Residential Income
For Sale
$1,450,000
38-40 Hurd Street, Melrose, MA 02176
Well-maintained quadplex with 4 separately metered units, off-street parking, shared laundry, and a full basement.
Property Size3,519 SF
Price / SF$412.05
Days on Market154
Property Features for 38-40 Hurd Street
General Information
Standard status
Active
Size
3,519 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
URA
Additional Details
Multifamily Units
4
Building Details
Building Size
3,519 SF
Year Built
1900
Stories
5
Tenancy
Multi
Listing Agency:
Legacy Realty Advisors LLC
Listed By:
Jonathan Mathews
(216) 973-3072
Source:
Hometown-team
Added: May 20
Changed: Sep 4
Last Checked: May 28 at 5:01AM
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 Legacy Realty Advisors LLC
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Investment Insights
Based on property information with market context.
This four-unit residential income property is well maintained and arranged as a quadplex. The building offers functional unit layouts with bright living areas, updated kitchens, and hardwood/vinyl flooring. Each unit has access to full bathrooms, and the property includes separately metered utilities to support independent operations. Additional features include off-street parking, shared laundry, and a full basement for storage.
The property is located in Melrose near downtown shops, restaurants, parks, schools, and public transportation, including the Wyoming Hill commuter rail station for access to Boston.
The building totals approximately 3,519 square feet of living space and is described as having 9 bedrooms and 4 full baths across the four units.
The property is located in Melrose near downtown shops, restaurants, parks, schools, and public transportation, including the Wyoming Hill commuter rail station for access to Boston.
The building totals approximately 3,519 square feet of living space and is described as having 9 bedrooms and 4 full baths across the four units.
Key Highlights
- Well‑maintained 4‑family (quadplex) with approximately 3,519 sq ft of living space (year built 1900).
- 9 bedrooms and 4 full baths across four units, offering flexible owner‑occupant or investment use.
- Units have updated kitchens and hardwood/vinyl flooring with separately metered utilities.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,463
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,489,260
$1.5M
Cap Rate 7%
$1,063,757
$1.1M
Cap Rate 9%
$827,367
$827.4K
Market Conditions
NOI Build-Up for 3,519 SF
Gross rent
$111.9K $31.80/SF
− Vacancy
−$5.5K −$1.57/SF
EGI
$106.4K $30.23/SF
− OpEx
−$31.9K −$9.07/SF
NOI
$74.5K $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%
$1,489,260
Cap Rate 7%
$1,063,757
Cap Rate 9%
$827,367
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$930.8K – $1.24M
NOI $74,463 @ 7.0% cap · market cap 5.14%
Second Best
Apartment 5plus
$1.00M
$875.2K – $1.17M
NOI $70,016 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$2.08M
$1.82M – $2.43M
NOI $145,826 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,237
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?
Quadplex - Well-maintained quadplex with 4 separately metered units, off-street parking, shared laundry, and a full basement.
Where is this quadplex located?
The property is located at 38-40 Hurd Street 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: Well‑maintained 4‑family (quadplex) with approximately 3,519 sq ft of living space (year built 1900).; 9 bedrooms and 4 full baths across four units, offering flexible owner‑occupant or investment use.; Units have updated kitchens and hardwood/vinyl flooring with separately metered utilities.
