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5 Days on market

57 Nowell Rd Melrose — Photo 1 of 42

$1,050,000

Investment Analysis — 57 Nowell Rd

Melrose, MA 02176

Based on HUD Small Area Fair Market Rent for Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, a 5-bedroom in 02176 carries an estimated $3,730/mo in gross rent — about a 2.21% cap rate and $23,205/yr in estimated NOI at the $1,050,000 list price. Adjust every assumption in the calculator below.

View Standard Listing

Beds

Baths

1.5

SqFt

2,675

Style

Single Family

Built

1908

Welcome Home! Step into this beautifully maintained Center Entrance Colonial, cherished by the same family for over 60 years. Nestled in desirable Melrose Highlands, this home sits on an oversized lot that offers both privacy and ample space for outdoor activities in a neighborhood setting. As you enter, you are greeted by a spacious foyer adorned with natural woodwork, which elegantly separates the formal living areas. The dining room features a custom-built cabinet, chair rail, and classic picture molding, adding a touch of yesteryear. The inviting living room boasts a centerpiece fireplace complemented by rich natural woodwork and built-ins, creating a warm and welcoming atmosphere perfect for gatherings. The custom-built kitchen, while not brand new, is in pristine condition, offering both functionality and excellent storage. A winding staircase invites you to explore the upper floors. On the second floor, you will find three well-appointed bedrooms, including one with a delightful sleeping porch, perfect for relaxation or as a cozy reading nook. An additional two bedrooms on the third floor provide ample space for children, guests, or in-laws, ensuring everyone has their own retreat. Recent upgrades include newer siding and windows, enhancing the home’s efficiency and curb appeal. Step outside to discover a brand new composite deck off the kitchen, ideal for entertaining or enjoying quiet moments overlooking your spacious yard. Completing this exceptional property is a two-car garage, providing convenience and additional storage.

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 2,675 sq ft principal dwelling). Lot size: 15,006 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.