601 Franklin Street #2 Melrose — Photo 1 of 32
Recent Drop: $20,900
$479,000
Investment Analysis — 601 Franklin Street #2
Melrose, MA 02176 — Melrose Highlands
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 3.67% cap rate and $17,591/yr in estimated NOI at the $479,000 list price. Adjust every assumption in the calculator below.
Beds
3
Baths
1
SqFt
1,330
Style
Condominium
Built
1910
Stop renting and start living the Melrose lifestyle! This spacious 3-bedroom condo offers an unbeatable 0.2-mile walk to the commuter rail, making your Boston commute a breeze. Inside, you'll find charming coffered ceilings, an open layout, and a fully equipped kitchen with Haier refrigerator (2022), Bosch dishwasher (2022) and gas range. Modern must-haves are all here—in unit laundry with 2024 LG all-in-one washer/dryer combo, extra storage, and a warm, pet-friendly community. Most importantly, your monthly budget is predictable: heat and hot water are included in the condo fee! Nestled near the famous Sheepfold trails and just half a mile from local pet care and grooming, it’s a paradise for you and your four-legged friends. Low maintenance, high convenience, and a rare 3-bedroom find in Melrose’s most walkable pocket.
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 MLS and other third-party data may be inaccurate or out of date.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.
Property Details
Financials
Parking
Interior Specifications
Climate & Utilities
Building & Exterior
Property & Lot
Amenities & Appliances
Range • Dishwasher • Disposal • Microwave • Refrigerator
Neighborhood
Public Transportation • Shopping • Park • Walk/Jog Trails • Medical Facility • Laundromat
Geography
Floorplan Breakdown
Structural Layout
Living Room
Lvl First13.333333333 x 7.833333333
Ceiling Fan(s), Flooring - Hardwood, Lighting - Overhead, Crown Molding
Dining Room
Lvl First15.333333333 x 11.416666666
Coffered Ceiling(s), Flooring - Hardwood, Wainscoting, Lighting - Overhead, Crown Molding, Decorative Molding
Kitchen
Lvl First11.75 x 9.083333333
Flooring - Hardwood, Pantry, Stainless Steel Appliances, Gas Stove, Lighting - Overhead
Primary Bedroom
Lvl First14.5 x 12.166666666
Coffered Ceiling(s), Walk-In Closet(s), Flooring - Hardwood, Lighting - Overhead, Crown Molding
Bedroom 2
Lvl First9.583333333 x 10.75
Bedroom 3
Lvl First11 x 12
Closet, Flooring - Hardwood, Lighting - Overhead, Crown Molding
Bathroom 1
Lvl First7.333333333 x 5.416666666
Bathroom - Full, Bathroom - Tiled With Tub & Shower, Flooring - Stone/Ceramic Tile, Lighting - Overhead, Crown Molding
Property History
$479,000
Was $479,900
Jun 11, 2026
MLS® 73513959
$479,900
Was $499,900
Jun 5, 2026
MLS® 73513959
$499,900
May 6, 2026
MLS® 73513959
$498,500
Apr 3, 2026
MLS® 73472364
$498,500
Jan 28, 2026
MLS® 73472364
Listing Agent: Joanne Rodrigues
Listing Office: Redfin Corp.
MLS® Number: 73513959