36 Days on market
188 Florence Street Melrose — Photo 1 of 29

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.

View Standard Listing

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

Original Price$799,900
Annual Taxes$7,528

Parking

Garage1
Off-Street2

Interior Specifications

Total Rooms7
FireplacesNone
FlooringWood, Flooring - Wood
BasementFull, Interior Entry, Bulkhead, Concrete

Climate & Utilities

HeatingBaseboard, Hot Water, Natural Gas
CoolingHeat Pump, Ductless
WaterPublic
SewerPublic Sewer

Building & Exterior

ConstructionFrame
RoofShingle
FoundationStone
ZoningURA

Property & Lot

Acres0.09
SqFt Lot3,890
Lot Features--

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

Second
Primary BedroomBedroom 2Bedroom 3Bathroom 2
First
Living RoomDining RoomKitchenOfficeBathroom 1
Living Room
Lvl First

15 x 11

Flooring - Wood, Recessed Lighting, Crown Molding, Pocket Door

Dining Room
Lvl First

14 x 11

Closet, Closet/Cabinets - Custom Built, Flooring - Wood

Kitchen
Lvl First

14 x 8

Flooring - Stone/Ceramic Tile, Countertops - Stone/Granite/Solid

Office
Lvl First

14 x 11

Closet/Cabinets - Custom Built, Flooring - Wood, Recessed Lighting, Crown Molding

Primary Bedroom
Lvl Second

14 x 11

Closet, Closet/Cabinets - Custom Built, Flooring - Wood, Attic Access

Bedroom 2
Lvl Second

12 x 11

Bedroom 3
Lvl Second

11 x 11

Closet, Flooring - Wood

Bathroom 1
Lvl First

Bathroom - Half, Flooring - Stone/Ceramic Tile

Bathroom 2
Lvl Second

Closet - Linen, Flooring - Stone/Ceramic Tile, Jacuzzi / Whirlpool Soaking Tub, Recessed Lighting

Listing Provided By

Listing Agent: Kim Izzi

Listing Office: Leading Edge Real Estate

MLS® Number: 73565475