447 Pleasant St is a three-story brick building with 24 residential units consisting of 1 Studio unit and (23) 1-Bedroom/1-Bathroom units. The units are separately metered for electric, which is paid directly by the tenants. The Landlord is responsible for electric heat and hot water, common area electric, and domestic water and sewer. 447 Pleasant Street has been well maintained throughout ownership and features ample off-street parking with 21 spaces. The Property also offers an elevator and on site laundry facility, and each unit has a private walk-out patio or balcony. 447 Pleasant Street offers the opportunity to acquire a well-maintained investment Property with upside in an exceptional, urban-infill location. The subject property is ideal for a potential buyer looking for income growth and strong investment returns. In-place rents are below market rates, providing significant potential for upside by achieving market rents through programmatic upgrades to the unrenovated units.

Property Details

Price:
$7,000,000
MLS #:
73380148
Status:
Active
Beds:
24
Baths:
24
Address:
447 Pleasant St
Type:
Multi Family
Subtype:
5+ Family – 5+ Units Up/Down
City:
Melrose
Listed Date:
May 27, 2025
State:
MA
Finished Sq Ft:
13,440
Total Sq Ft:
13,440
ZIP:
02176
Lot Size:
19,994 sqft / 0.45 acres (approx)
Year Built:
1964
Units:
24

Schools

Interior

Bathrooms
24 Full Bathrooms

Exterior

Community Features
Public Transportation, Shopping, Park, Walk/ Jog Trails, Medical Facility, Bike Path, Highway Access, Private School, Public School, T- Station
Parking Features
Off Street
Parking Spots
21
Roof
Rubber

Financial

Net Operating Income
$369,984
Tax Year
25
Taxes
$31,085

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CRP: Certified Relocation Professional
CRS: Certified Residential Specialist
GRI: Graduate of Realtors Institute
CBR: Certified Buyers Representative
BSBA: Bachelor of Science in Business Administration. Babson College 1979
MBA: Master of Business Administration. Babson College 2002

James M. Joly is President and Principal-Owner of Boardwalk Real Estate Corp.,…

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447 Pleasant St
Melrose, MA