721 Franklin Street Melrose — Photo 1 of 33
$1,199,000
Investment Analysis — 721 Franklin Street
Melrose, MA 02176 — Melrose Highlands
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 8-bedroom in 02176 carries an estimated $3,730/mo in gross rent — about a 1.82% cap rate and $21,799/yr in estimated NOI at the $1,199,000 list price. Adjust every assumption in the calculator below.
Beds
8
Baths
3.5
SqFt
4,006
Style
Single Family
Built
1920
We are delighted to offer a unique opportunity in the Melrose Highlands. One of Melrose's finest grand turn of the century homes is now available for the home owner to lovingly restore or the house flipper to flip or a developer to search possibilities. It needs extensive work outside but it is in reasonably good condition inside with most of the original fine features still intact. We have a 4000 square foot single family 8 bedroom home plus a 20 x 20 carriage house with a cement floor that can be used as a two car garage that has a second floor with separate entrance that has possibilities to be an ADU. This home was built as a single but functioned as a two family at one time but now is back to a single.
ADU Potential
Massachusetts allows one accessory dwelling unit by right in single-family zoning districts statewide (M.G.L. c. 40A §3; 760 CMR 71.00, effective Feb 2025). Estimated maximum ADU size for this property: 900 sq ft (the lesser of 900 sq ft or half the 4,006 sq ft principal dwelling). Lot size: 22,431 sq ft.
Based on listing data, which indicates the property type — not the zoning district. Local dimensional, septic (Title 5), and historic-district requirements still apply. Not legal advice — verify with the municipality.
Estimates — not financial advice
These figures are illustrative estimates for informational purposes only — not an appraisal, valuation, or guarantee of rent, income, or returns, and not financial, tax, or investment advice. Rent is either the figure reported on the MLS listing — in-place rent that may differ from market and is not verified against the actual leases — or, where the listing reports none, an estimate from HUD Small Area Fair Market Rents, a government benchmark that may differ from actual market rent. Each figure is labelled with its source. Cap rate, NOI, and returns depend on the assumptions shown, which you can change. MLS and other third-party data may be inaccurate or out of date. Verify all figures independently and consult your own financial, tax, and legal advisors before making any investment decision.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Gas Water Heater
Neighborhood
Public Transportation • Shopping • Pool • Tennis Court(s) • Park • Golf
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First13 x 16
Flooring - Hardwood, Crown Molding, Pocket Door
Dining Room
Lvl First16 x 12
Closet/Cabinets - Custom Built, Flooring - Hardwood, Wainscoting, Crown Molding, Pocket Door
Kitchen
Lvl First25 x 12
Flooring - Hardwood, Flooring - Stone/Ceramic Tile, Dining Area, Countertops - Stone/Granite/Solid, Cabinets - Upgraded
Family Room
Lvl First14 x 16
Closet/Cabinets - Custom Built, Flooring - Hardwood, Wainscoting, Crown Molding, Window Seat
Master Bedroom
Lvl Second17 x 14
Closet, Flooring - Hardwood
Bedroom 2
Lvl Second16 x 12
Bedroom 3
Lvl Second13 x 12
Closet, Flooring - Hardwood
Bedroom 4
Lvl Second12 x 12
Closet, Flooring - Hardwood
Bedroom 5
Lvl Third14 x 9
Fireplace, Flooring - Hardwood
Bathroom 1
Lvl First5 x 12
Bathroom - Half
Bathroom 2
Lvl Second8 x 8
Bathroom - Full, Bathroom - With Tub
Bathroom 3
Lvl Second8 x 8
Bathroom - Full, Bathroom - Tiled With Tub & Shower
Listing Agent: Paul C. Coogan
Listing Office: Brad Hutchinson Real Estate
MLS® Number: 73532589
