Two-Family Hilltop
For Sale
$1,050,000
46 Oakland Street, Melrose, MA 02176
Two updated eat-in kitchens with separate utilities, off-street parking, and a shared patio overlooking the surrounding area.
Property Size2,600 SF
Price / SF$403.85
Days on Market94
Property Features for 46 Oakland Street
General Information
Standard status
Active
Size
2,600 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
Compass
Listed By:
Lisa Howitt
(617) 957-0521
Source:
Somervillelofts
Added: Jul 13
Changed: Oct 12
Last Checked: Oct 5 at 9:11PM
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 Compass
Investment Insights
Based on property information with market context.
This two-family hilltop residence offers two separate updated eat-in kitchens and a layout designed for independent living. The home features natural woodwork and beamed ceilings, along with separate updated utilities for each unit. Off-street parking is available, and residents can enjoy a shared patio.
Set on an expansive 10,000+ square foot lot, the property sits high above the street. The commuter convenience is highlighted in the proximity to train service to Boston, described as just three blocks away. Area amenities noted in the remarks include the weekly Farmers Market at Bowden Park, Bohemian Coffee House, downtown Melrose, and nearby grocery and retail options.
With its duplex configuration and separate utility setup, the property is presented as suitable for owner-occupancy or investment, according to the seller’s notes.
Set on an expansive 10,000+ square foot lot, the property sits high above the street. The commuter convenience is highlighted in the proximity to train service to Boston, described as just three blocks away. Area amenities noted in the remarks include the weekly Farmers Market at Bowden Park, Bohemian Coffee House, downtown Melrose, and nearby grocery and retail options.
With its duplex configuration and separate utility setup, the property is presented as suitable for owner-occupancy or investment, according to the seller’s notes.
Key Highlights
- Two‑family home built in 1900 with timeless character features including natural woodwork and beamed ceilings
- Two updated eat‑in kitchens
- Separate updated utilities for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,017
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,100,340
$1.1M
Cap Rate 7%
$785,957
$786.0K
Cap Rate 9%
$611,300
$611.3K
Market Conditions
NOI Build-Up for 2,600 SF
Gross rent
$82.7K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$78.6K $30.23/SF
− OpEx
−$23.6K −$9.07/SF
NOI
$55.0K $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%
$1,100,340
Cap Rate 7%
$785,957
Cap Rate 9%
$611,300
Alternative Uses
Best Use
Multifamily LT 5
$786.0K
$687.7K – $917.0K
NOI $55,017 @ 7.0% cap · market cap 5.24%
Second Best
Apartment 5plus
$739.0K
$646.6K – $862.2K
NOI $51,731 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$1.54M
$1.35M – $1.80M
NOI $107,743 @ 7.0% cap · market cap 10.26%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,009
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated eat-in kitchens with separate utilities, off-street parking, and a shared patio overlooking the surrounding area.
Where is this duplex located?
The property is located at 46 Oakland Street Melrose, MA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Two‑family home built in 1900 with timeless character features including natural woodwork and beamed ceilings; Two updated eat‑in kitchens; Separate updated utilities for each unit
