Three-Family Building with
61 Grove Street, Belmont, MA 02478
For Sale
New
$1,395,000
Two apartments are available for rental or owner occupancy, while the third-floor unit is occupied.
Property Size3,876 SF
Days on Market4
Property Features for 61 Grove Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Public Transit
Multifamily Units
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
porches
backyard
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Ingram Realty Co.
Listed By:
Dana Ingram
(617) 596-9530
Source:
Classifiedrealtygroup
Added: Nov 6
Last Checked: Nov 8 at 2:57AM
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 Ingram Realty Co.
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Investment Insights
Based on property information with market context.
Built in 1900, this legal three-family property contains large two-bedroom apartments. Interior details include high ceilings, hardwood flooring, and French doors. Updated gas heating systems and replacement vinyl windows serve the building. Front and rear porches and a backyard add outdoor space. Two units are ready for rental or owner occupancy; the third-floor apartment is occupied with a tenancy at will.
The property is near the Cambridge line, with bus service a short walk away. Harvard Square is a 20-minute walk from the building.
The property is near the Cambridge line, with bus service a short walk away. Harvard Square is a 20-minute walk from the building.
Key Highlights
- Legal 3‑family building with large two‑bedroom apartments
- Two units available for rental or owner occupancy; third‑floor unit occupied with TAW
- Updated gas heating systems and replacement vinyl windows throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,018
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,640,360
$1.6M
Cap Rate 7%
$1,171,686
$1.2M
Cap Rate 9%
$911,311
$911.3K
Market Conditions
NOI Build-Up for 3,876 SF
Gross rent
$123.3K $31.80/SF
− Vacancy
−$6.1K −$1.57/SF
EGI
$117.2K $30.23/SF
− OpEx
−$35.2K −$9.07/SF
NOI
$82.0K $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%
$1,640,360
Cap Rate 7%
$1,171,686
Cap Rate 9%
$911,311
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.03M – $1.37M
NOI $82,018 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$1.10M
$964.0K – $1.29M
NOI $77,119 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$2.29M
$2.01M – $2.68M
NOI $160,620 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
832
Businesses Nearby
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Business Placement
Demographics for 02478, MA
27,286
Population
10,811
Households
2.5
Avg Household Size
42
Median Age
80%
College-Educated
98%
High-School Grad
4.6 sq mi
ZIP Area
5,932
Density / Sq Mi
$177,790
Median Household Income
$95,206
Median Earnings
$2,382
Median Rent
$1,108,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Triplexes in Middlesex County, MA
Properties on Market for Triplexes in Middlesex County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Two apartments are available for rental or owner occupancy, while the third-floor unit is occupied.
Where is this triplex located?
The property is located at 61 Grove Street Belmont, MA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Legal 3‑family building with large two‑bedroom apartments; Two units available for rental or owner occupancy; third‑floor unit occupied with TAW; Updated gas heating systems and replacement vinyl windows throughout
