Quadplex With Private
New
For Sale
$1,599,000
46-48 Cleveland St, Melrose, MA 02176
Four residential units offer two bedrooms, one full bath, hardwood floors, and basement laundry hookups.
Property Size4,590 SF
Price / SF$348.37
Days on Market2
Property Features for 46-48 Cleveland St
General Information
Standard status
Active
Size
4,590 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
URA
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$10,016
Amenities
hardwood floors
private rear balconies
off street parking
w/d hookups
Building Details
Building Size
4,590 SF
Year Built
1900
Stories
4
Listing Agency:
The Greene Realty Group
(860) 560-1006
Listed By:
Derek Greene · License #10371200613
Source:
Laerrealty
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 4:48AM
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 The Greene Realty Group
Investment Insights
Based on property information with market context.
This 1900-built quadplex contains four residential units, each arranged with two bedrooms, one full bath, and hardwood flooring. Private rear balconies serve the units, while off-street parking adds on-site convenience. The property also includes a 2,255-square-foot basement with washer and dryer hookups. Furnaces, the roof, and windows have been updated.
Located at 46-48 Cleveland St in Melrose, the property is near downtown shops and restaurants, public schools, hiking trails, and MBTA commuter rail service. Boston is 7 miles away, with access to Routes 1 and 93. The property is identified with URA zoning.
Located at 46-48 Cleveland St in Melrose, the property is near downtown shops and restaurants, public schools, hiking trails, and MBTA commuter rail service. Boston is 7 miles away, with access to Routes 1 and 93. The property is identified with URA zoning.
Key Highlights
- Four‑unit residential property built in 1900
- Each unit includes 2 bedrooms and 1 full bath
- 2,255‑square‑foot basement with washer and dryer hookups
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
$97,126
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
6.07%
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%
$1,942,520
$1.9M
Cap Rate 7%
$1,387,514
$1.4M
Cap Rate 9%
$1,079,178
$1.1M
Market Conditions
NOI Build-Up for 4,590 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
$146.0K $31.80/SF
− Vacancy
−$7.2K −$1.57/SF
EGI
$138.8K $30.23/SF
− OpEx
−$41.6K −$9.07/SF
NOI
$97.1K $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%
$1,942,520
Cap Rate 7%
$1,387,514
Cap Rate 9%
$1,079,178
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.21M – $1.62M
NOI $97,126 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,326 @ 7.0% cap · market cap 5.71%
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,208 @ 7.0% cap · market cap 11.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
988
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?
Quadplex - Four residential units offer two bedrooms, one full bath, hardwood floors, and basement laundry hookups.
Where is this quadplex located?
The property is located at 46-48 Cleveland St Melrose, MA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Four‑unit residential property built in 1900; Each unit includes 2 bedrooms and 1 full bath; 2,255‑square‑foot basement with washer and dryer hookups
