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131 Altamont Ave Melrose — Photo 1 of 32

131 Altamont Ave Melrose — Photo 1 of 32

$999,000

Investment Analysis — 131 Altamont Ave

Melrose, MA 02176

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 2-unit multi-family in 02176 carries an estimated $6,550/mo in gross rent — about a 4.93% cap rate and $49,234/yr in estimated NOI at the $999,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

6

Baths

2

SqFt

2,864

Style

2 Family - 2 Units Up/Down

Built

1884

Two-family home at 131 Altamont Ave in Melrose, Massachusetts, offering 6 bedrooms, 2 bathrooms, and 2,800+ square feet across two units with great bones and strong renovation potential. Each unit features its own separate systems, hardwood flooring throughout most of the home, and high ceilings that add volume and light to both living spaces. Every unit also includes its own private deck, providing separate outdoor space for both households. Two separate driveways offer off-street parking for up to two cars per unit — a valuable feature in Melrose. The home needs updating throughout, making it well-suited for an owner-occupant or investor looking to build equity through renovation. Located on a street surrounded by luxury single-family homes in one of Melrose's most desirable neighborhoods, this 2,800+ square-foot two-family sits in a thriving Massachusetts market with strong long-term upside. A rare opportunity to reimagine 6 bedrooms and 2 baths across two units in a premier Melrose location.

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 MLS and other third-party data may be inaccurate or out of date.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.

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Property Details

Financials

Original Price$999,000
Annual Taxes$10,502

Parking

Garage0
Off-Street4

Interior Specifications

Total Rooms11
FireplacesNone
FlooringWood, Carpet, Hardwood
BasementFull, Unfinished

Climate & Utilities

HeatingForced Air, Electric, Oil
CoolingWindow Unit(s)
WaterPublic
SewerPublic Sewer

Building & Exterior

ConstructionFrame
RoofAsphalt/Composition Shingles
FoundationStone
ZoningSRB

Property & Lot

Acres0.27
SqFt Lot11,805
Lot FeaturesLevel

Amenities & Appliances

Range • Refrigerator

Neighborhood

Shopping • Highway Access • Public School

Geography

Listing Provided By

Listing Agent: The Bill Butler Group

Listing Office: Leading Edge Real Estate

MLS® Number: 73579211