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Property profile & analytics
OFF-MARKET
Estimated value
$800,000
Investment properties
116-118 Myrtle St Melrose, MA 02176
Individually Owned
10-yr Hold
Property ID
US38-1443847
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1886
Construction
FRAME
Total area
3,280 SF
Lot
0.17 ac (7,510 SF)
Zoning code
URD
APN
MELR M:0C8 P:0000055
UPID
US38-1443847
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$835k
Comparable Approach
Comparable
$995k
Blend (final)
Blend
$800k
Owner & transaction history
Joseph J Monzione · 10 yrs held
Joseph J Monzione
since 2016
7 recorded transactions
Zoning & alternative use
URD · Melrose, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$925,000
+8.9%
Neighborhood: shopping center
$910,000
+7.2%
Retail stores
$885,000
+4.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Melrose submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melrose submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$900,000
6.5%
$835,000
7%
$775,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$850,000
Current use
AUTO REPAIR, GARAGE
$925,000
Change: +9% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$910,000
Change: +7% · Conversion: Difficult
RETAIL STORES
$885,000
Change: +4% · Conversion: Easy
OFFICE BUILDING
$720,000
Change: -15% · Conversion: Easy
Blend value · Realmo final
$800k
Range $720k – $880k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$244 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Assessed value
$889,300
Assessed 2024
Previous assessed
$889,300
+0.0% YoY
Assessed land
$402,400
Assessed improvement
$486,900
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1886
Construction
FRAME
Heating
HOT WATER
Buildings
1
Stories
2
Units
2
Rooms
12
Bathrooms
4
Total area
3,280 SF
Lot
0.17 ac (7,510 SF)
Zoning code
URD
APN
MELR M:0C8 P:0000055
UPID
US38-1443847
Jurisdiction
MELROSE
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
URD · Melrose, MA
Zoning URD · permitted uses
URD · Melrose, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melrose. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$850,000
AUTO REPAIR, GARAGE
Est. value
$925,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$910,000
RETAIL STORES
Est. value
$885,000
OFFICE BUILDING
Est. value
$720,000
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1886
Construction
FRAME
Heating
HOT WATER
Stories
2
Buildings
1
Units
2
Rooms
12
Bathrooms
4
Lot
0.17 ac
Current owner
From public records · entity-resolved
Joseph J Monzione
Individual
Mailing address
118 MYRTLE ST, MELROSE, MA 02176-3118
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 2, 2016
—
Joseph J Monzione
Rickards,barbara S
Quit Claim Deed
related
—
Aug 19, 2013
—
Barbara S Rickards
—
Deed Of Trust
related
$250,000 · Melrose Capital Bank
Dec 16, 2011
—
Rickards,barbara S
—
Grant Deed
related
$25,000 · Melrose Capital Bank
Oct 25, 2010
—
Barbara S Rickards
—
Deed Of Trust
related
$100,000 · Gary Needham
Dec 1, 1997
—
Barbara S Rickards
—
Deed Of Trust
related
$25,000 · Massbank Of Savings
Apr 5, 1994
—
Barbara A Rickards
—
Deed Of Trust
related
$200,000 · Massbank Of Savings
Jun 9, 1992
—
Barbara Rickards
—
Deed Of Trust
related
$10,000 · Bank For Savings, The
Dec 23, 1991
$125,000
Barbara A Rickards
Malden Trust Co
Grant Deed
—
Aug 21, 1989
$198,000
Malden Trust Co
Malden Trust Co
Grant Deed
related
—
Mar 25, 1988
—
Frank J Dedulonus
—
Deed Of Trust
related
$198,400 · Malden Trust Co
Jun 11, 1987
—
Frank J Dedulonus
—
Deed Of Trust
related
$118,000 · Eagle Home Mortgage Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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