Duplex with New Accessory Dwelling
56 Franklin St, Melrose, MA 02176
For Sale
New
$1,189,000
Two distinct residences pair a character-rich townhouse with a newly built, two-level accessory dwelling and separate entrance.
Property Size2,680 SF
Days on Market3
Property Features for 56 Franklin St
General Information
Standard status
Size
Property subtype
Site & Location
Highway Access
Public Transit
Units
Unit Mix
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
storage shed
side yard
side porch
deck
basement storage
central A/C
laundry
Building Details
Building Size
Year Built
Buildings
Stories
Units
Listed By:
Lorraine Gately
(781) 844-5191
Source:
Elliman
Added: Nov 8
Changed: Nov 10
Last Checked: Nov 10 at 9:40AM
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 Lorraine Gately
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Investment Insights
Based on property information with market context.
This duplex combines a circa-1900 townhouse with a new, two-level accessory dwelling unit measuring approximately 900 square feet. The townhouse has three bedrooms, two full bathrooms, high ceilings, hardwood floors, an eat-in kitchen, and second-floor laundry. The separate ADU offers two bedrooms, a full bathroom, an open kitchen and living area, and a deck; it is HERS-rated and has all-electric central heat and air conditioning. Both residences have basement storage and new roofs, with parking for two cars serving each residence. The property also includes a storage shed and side yard.
Oak Grove bus service, Highlands Commuter Rail, Whole Foods, restaurants, and Melrose High and Middle Schools are within walking distance. The Fells Reservation, Route 1, and Route 93 are accessible from the property, which is approximately 7 miles from Boston.
Oak Grove bus service, Highlands Commuter Rail, Whole Foods, restaurants, and Melrose High and Middle Schools are within walking distance. The Fells Reservation, Route 1, and Route 93 are accessible from the property, which is approximately 7 miles from Boston.
Key Highlights
- New, two‑level ADU with approximately 900 sq. ft. of living space
- Main townhouse has 3 bedrooms; ADU has 2 bedrooms
- HERS‑rated ADU with all‑electric central heat and AC
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,710
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,134,200
$1.1M
Cap Rate 7%
$810,143
$810.1K
Cap Rate 9%
$630,111
$630.1K
Market Conditions
NOI Build-Up for 2,680 SF
Gross rent
$85.2K $31.80/SF
− Vacancy
−$4.2K −$1.57/SF
EGI
$81.0K $30.23/SF
− OpEx
−$24.3K −$9.07/SF
NOI
$56.7K $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%
$1,134,200
Cap Rate 7%
$810,143
Cap Rate 9%
$630,111
Alternative Uses
Best Use
Multifamily LT 5
$810.1K
$708.9K – $945.2K
NOI $56,710 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$761.8K
$666.5K – $888.7K
NOI $53,323 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,059 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
858
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
$796,100
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Middlesex County, MA
Properties on Market for Duplexes in Middlesex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two distinct residences pair a character-rich townhouse with a newly built, two-level accessory dwelling and separate entrance.
Where is this duplex located?
The property is located at 56 Franklin St Melrose, MA.
What is the asking price?
The asking price for this property is $1,189,000.
What are key features of this property?
This property features: New, two‑level ADU with approximately 900 sq. ft. of living space; Main townhouse has 3 bedrooms; ADU has 2 bedrooms; HERS‑rated ADU with all‑electric central heat and AC
