Two-Unit Home with Walkout
For Sale
$775,000
54-56 Dell Avenue, Melrose, MA 02176
Two residential units feature separate entrances, utilities, parking, and outdoor space near downtown Melrose.
Property Size1,819 SF
Price / SF$426.06
Days on Market160
Property Features for 54-56 Dell Avenue
General Information
Standard status
Active
Size
1,819 SF
Total Parking Spaces
6
Property subtype
Multi-family / 2 Family - 2 Units Up/Down
Zoning
URB
Property Condition
Severity
Repairs Needed
Evidence
would benefit from updating
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,351
Amenities
No
Range, Refrigerator
2
Yes
3.0
Partially Finished, Walk Out
Living Room, Kitchen
3
3.00
Frame
Shingle
Level
Rain Gutters, Porch
Porch
Building Details
Year Built
1895
Buildings
1
Listing Agency:
Brad Hutchinson Real Estate
(781) 665-2222
Listed By:
Maureen Grant · License #9031002
(781) 665-2222
Source:
Compass
Added: Mar 25
Changed: Aug 30
Last Checked: Aug 30 at 6:06PM
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 Brad Hutchinson Real Estate
Investment Insights
Based on property information with market context.
This duplex contains two residential units within an 1,819-square-foot property built in 1895. Each unit has a four-room layout with two bedrooms, a kitchen, living room, and full bathroom. Separate entrances and utility services support distinct unit operations. The full walkout basement adds two finished rooms and a three-quarter bathroom, while the exterior includes a porch, level grounds, and rain gutters.
The property is located at 54-56 Dell Avenue in Melrose, near downtown shops, restaurants, schools, and public transportation. Ample parking and outdoor space are also included. URB zoning applies to the property.
The property is located at 54-56 Dell Avenue in Melrose, near downtown shops, restaurants, schools, and public transportation. Ample parking and outdoor space are also included. URB zoning applies to the property.
Key Highlights
- Two residential units, each with a four‑room layout and two bedrooms
- 1,819 SF property built in 1895
- Separate entrances and utility services for each unit
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
$38,491
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
4.97%
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%
$769,820
$769.8K
Cap Rate 7%
$549,871
$549.9K
Cap Rate 9%
$427,678
$427.7K
Market Conditions
NOI Build-Up for 1,819 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
$57.8K $31.80/SF
− Vacancy
−$2.9K −$1.57/SF
EGI
$55.0K $30.23/SF
− OpEx
−$16.5K −$9.07/SF
NOI
$38.5K $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 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%
$769,820
Cap Rate 7%
$549,871
Cap Rate 9%
$427,678
Alternative Uses
Best Use
Multifamily LT 5
$549.9K
$481.1K – $641.5K
NOI $38,491 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$517.0K
$452.4K – $603.2K
NOI $36,192 @ 7.0% cap · market cap 4.67%
Theoretical Best
Office A
$1.08M
$942.2K – $1.26M
NOI $75,379 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,352
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 residential units feature separate entrances, utilities, parking, and outdoor space near downtown Melrose.
Where is this duplex located?
The property is located at 54-56 Dell Avenue Melrose, MA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Two residential units, each with a four‑room layout and two bedrooms; 1,819 SF property built in 1895; Separate entrances and utility services for each unit
