
188 Florence Street Melrose — Photo 1 of 29
$799,900
Investment Analysis — 188 Florence Street
Melrose, MA 02176
Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 3-bedroom in 02176 carries an estimated $3,380/mo in gross rent — about a 2.91% cap rate and $23,298/yr in estimated NOI at the $799,900 list price. Adjust every assumption in the calculator below.
Beds
3
Baths
1.5
SqFt
1,406
Style
Single Family
Built
1900
Tucked into one of Melrose's most cherished neighborhoods, this charming 3-bedroom, 1.5-bath Colonial offers more than just a home, it offers a lifestyle. Enjoy a short stroll to downtown shops and restaurants, the library, farmers market, commuter rail, and neighborhood favorites like Table 4. Overlooking Gooch Park, the setting provides a rare sense of openness just moments from downtown. Thoughtfully updated while preserving its historic character, the home features mini-split heating and cooling, solar panels, a first-floor half bath, and a dedicated home office that could also serve as a playroom. The inviting front porch is a favorite gathering spot, screened during the warmer months for outdoor dining, relaxing, and connecting with neighbors. Cement-board siding, architectural shingles inspired by the home's original design, and a timeless color palette enhance its curb appeal. A wonderful blend of character, convenience, and community.
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: 703 sq ft (the lesser of 900 sq ft or half the 1,406 sq ft principal dwelling). Lot size: 3,890 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.
Immersive Experience
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Gas Water Heater • Water Heater • Range • Dishwasher • Disposal • Microwave • Freezer • Washer • Dryer
Neighborhood
Public Transportation • Shopping • Pool • Tennis Court(s) • Park • Walk/Jog Trails
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First15 x 11
Flooring - Wood, Recessed Lighting, Crown Molding, Pocket Door
Dining Room
Lvl First14 x 11
Closet, Closet/Cabinets - Custom Built, Flooring - Wood
Kitchen
Lvl First14 x 8
Flooring - Stone/Ceramic Tile, Countertops - Stone/Granite/Solid
Office
Lvl First14 x 11
Closet/Cabinets - Custom Built, Flooring - Wood, Recessed Lighting, Crown Molding
Primary Bedroom
Lvl Second14 x 11
Closet, Closet/Cabinets - Custom Built, Flooring - Wood, Attic Access
Bedroom 2
Lvl Second12 x 11
Bedroom 3
Lvl Second11 x 11
Closet, Flooring - Wood
Bathroom 1
Lvl FirstBathroom - Half, Flooring - Stone/Ceramic Tile
Bathroom 2
Lvl SecondCloset - Linen, Flooring - Stone/Ceramic Tile, Jacuzzi / Whirlpool Soaking Tub, Recessed Lighting
Listing Agent: Kim Izzi
Listing Office: Leading Edge Real Estate
MLS® Number: 73565475
Related Insights

Melrose Sellers Hold the Pen in a Tight Market

Melrose Home Prices: What Each Buyer Tier Pays

Massachusetts Property Tax Rates: Newton vs Lexington

After the Grant Window: Massachusetts First-Time Buyers
