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Needham 02492
56 Melrose Avenue
Photo of 56 Melrose Avenue
Sold on Jul 31, 2007

1

Map

$494,500
● House - Off Market

56 Melrose Avenue

Needham, MA 02492
bedrooms
2 Beds
bathrooms
1 Bath
square feet
1,440 Ft²
$953,854
RealtyHop Estimate
87.40%
Since Aug 1, 2007
MA-Boston
Primary Model

About This Property

Picture-perfect cape in fabulous, walk-to-town location has it all -  gleaming hardwood floors throughout, sun-filled all-season porch, front to back living room with fireplace, formal dining room with corner cabinet, updated kitchen & bath, many new windows. Nothing to do but move in and enjoy!
Unit Size
1,440 Ft²
Days on Market
-
Land Size
0.16 acres
Price per sqft
$353
Property Type
House
Property Taxes
$408
HOA Dues
-
Year Built
1935

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Cap Rate Calculator

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Cap Rate 100% Occupancy
N/A (extreme outlier)

What does this mean?

Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.

How much can I actually make?

Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.

How is cap rate calculated?

Cap Rate = Net Operating Income (NOI) / Property Asset Value.

When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.

Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.

Last updated: 4 months ago (MLSPIN #70578294)

Price History

Date / Event Date Event Price
Jul 31, 2007 Sold
Premium
Sold
May 14, 2007 Listed $509,000
Listed
May 1, 2001 Sold
Premium
Sold
Feb 7, 2001 Listed $399,000
Listed
Sep 2, 1997 Sold
Premium
Sold
Show More

Property Highlights

Garage
Parking Available
Fireplace

Building Info

Overview

    General

  • Year Built: 1935
  • Effective Year Built: 2013
  • Total Rooms: 9
  • Bedroom Count: 5
  • Bathroom Count: 3
  • Full Bathrooms: 3
  • Partial Bathrooms: 3
  • Building Condition: 3
  • Building Quality: 0
  • Construction Type: 0
  • Building Style: 4
  • Exterior Walls Type: 18
  • Interior Walls Type: 0
  • Roof Shape Type: 1
  • Roof Cover Type: 15
  • Floor Count: 200
  • Floor Cover: 0
  • Basement Type: 2
  • Basement Area: 1,610
  • Garage Type: 17
  • Parking Space Count: 0
  • Patio Type: 0
  • Porch Type: 0
  • Pool Type: 0

    Dimensions

  • Lot Size Square Feet: 7,405
  • Total Building Area: 2,964
  • Gross Building Area: 4,574
  • Building Area: 2,964
  • Building Area Measurement: L

    Heating and Cooling

  • Fireplace Count: 1
  • Air Conditioning: 13
  • Heating: 10
  • Heated Square Feet: 2,964
  • Heating Fuel Type: 6

    Utilities

  • Sewer System: 0
  • Water Service: 0

Building

  • Building Type: 0
  • Property Class: R
  • Subdivision: NEEDHAM
  • Land Acres: 0000000170
  • Standard Land Use Code: 1001
  • County Land Use Code: 101

Neighborhood

  • School District Name: Needham School District
  • School Tax School District: NEEDHAM SD
  • Census Tract: 457200

Zoning

  • Zoning: SRB

Geography

  • Parcel: NEED M:054.0 B:0003 L:0000.0
  • Block: 3
  • Municipality: NEEDHAM
  • Latitude: 42.2852
  • Longitude: -71.2252

    Address

  • Full Address: 56 Melrose Ave
  • Address - House Number: 56
  • Address - Street Name: Melrose
  • Address - Suffix Type: Ave
  • State: MA
  • City Name: Needham
  • Carrier Code: C007
  • 4-Digit Zip Code: 3510
  • Zip Code: 02492

Valuation

    Tax

  • Tax Year: 2023
  • Tax Amount: $1,647,200
  • Initial Tax Delinquent Year: 2023

    Appraisal Valuation

  • Standard Deviation: 0.1548
  • Valuation Date: Jan 17, 2024
  • Confidence Score: 80
  • Final Value: 1,772,010
  • High Value: 2,046,457
  • Low Value: 1,497,563

    Assessments Valuation

  • Assessed Year: 2023
  • Assessed Total Value: $1,263,200
  • Assessed Land Value: $569,900
  • Assessed Improvements Value: $693,300

    Sales

  • Current Sale Recording Date: Jul 31, 2007
  • Current Sale Price:
    Premium
  • Current Sale Document Type: 27
  • Previous Sale Recording Date: May 01, 2001
  • Previous Sale Amount: $385,000
  • Previous Sale Document Type: 27
Data used for valuation calculations is provided by RealtyHop, and other third party sources
Request mortgage information redaction

Comparables

Unit
Status
Type
Beds
Baths
ft²
Price/ft²
Asking Price
Listed On
Closing Price
Sold On
HOA + Taxes

About Needham

Stats & Trends

Median Asking:

$1,629,000

Sale Price/ft²

$533

Below Asking

0.01%

Average Days on Market

64

Average Home Size

4242 ft²

Average Home Age

40.1 years

Currently For Sale

68 Listings
Based on RH Advisors, Inc. calculations of home data from MLS and/or public records.

Similar Homes for Sale

Currently no similar homes around

Nearby Rentals

Rentals Near You

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Last Updated: 4 months ago
Data Source: MLS PIN, MLS# 70578294

Frequently Asked Questions

When was property at 56 Melrose Avenue built and last sold?
The property at 56 Melrose Avenue was built in 1935 and last sold on Jan 1, 1970 for $494,500.
How much is this home worth?
The estimated value of the home located at 56 Melrose Avenue is $516,714.
What are some comparable homes to 56 Melrose Avenue?
There are currently no comparable homes to 56 Melrose Avenue.
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