Two-Unit Residential Income
For Sale
$975,000
9 Elm St, Melrose, MA 02176
Three-story two-family building with two 3-bedroom units, each featuring in-unit laundry and a private porch.
Property Size2,630 SF
Lot Size0.13 Acres
Price / SF$370.72
Days on Market76
Property Features for 9 Elm St
General Information
Standard status
Active
Size
2,630 SF
Total Parking Spaces
2
Lot size
0.13 Acres
Property subtype
Multi-Family
Zoning
URA
Net Operating Income
$31,966
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,949
Building Details
Building Size
2,630 SF
Year Built
1896
Stories
3
Tenancy
Multi
Listing Agency:
Herion Karbunara
(833) 668-4649
Listed By:
Chris Bernier
(978) 578-5013
Source:
Churchillprop
Added: Jun 22
Changed: Sep 4
Last Checked: Sep 4 at 2:30AM
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 Herion Karbunara
Investment Insights
Based on property information with market context.
This three-story two-family residential income property features two separate 3-bedroom, 1-bath units within a single building. Both units include in-unit laundry and porches, offering everyday convenience and outdoor space. The property is situated on a corner parcel and includes two off-street parking spaces.
Located in downtown Melrose, the building provides access to the city’s central business district as well as nearby neighborhood retail corridors and surrounding residential areas.
The offering presents two well-sized, separately functioning units within one property, supported by the unit-level laundry and porch amenities and dedicated off-street parking.
Located in downtown Melrose, the building provides access to the city’s central business district as well as nearby neighborhood retail corridors and surrounding residential areas.
The offering presents two well-sized, separately functioning units within one property, supported by the unit-level laundry and porch amenities and dedicated off-street parking.
Key Highlights
- Two‑family investment property built in 1896 at 9 Elm Street in Melrose, MA
- Three‑story building with 2 units, each a 3‑bedroom/1‑bath layout
- 2,630 sq ft gross living area and 5,544 sq ft gross area
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
$55,652
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
5.71%
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%
$1,113,040
$1.1M
Cap Rate 7%
$795,029
$795.0K
Cap Rate 9%
$618,356
$618.4K
Market Conditions
NOI Build-Up for 2,630 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
$83.6K $31.80/SF
− Vacancy
−$4.1K −$1.57/SF
EGI
$79.5K $30.23/SF
− OpEx
−$23.9K −$9.07/SF
NOI
$55.7K $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 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%
$1,113,040
Cap Rate 7%
$795,029
Cap Rate 9%
$618,356
Alternative Uses
Best Use
Multifamily LT 5
$795.0K
$695.7K – $927.5K
NOI $55,652 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$747.5K
$654.1K – $872.1K
NOI $52,328 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $108,987 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,036
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 - Three-story two-family building with two 3-bedroom units, each featuring in-unit laundry and a private porch.
Where is this duplex located?
The property is located at 9 Elm St Melrose, MA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Two‑family investment property built in 1896 at 9 Elm Street in Melrose, MA; Three‑story building with 2 units, each a 3‑bedroom/1‑bath layout; 2,630 sq ft gross living area and 5,544 sq ft gross area
