We demonstrate quantitative optical property and elastic property imaging from ultrasound assisted optical tomography data. The measurements, which are modulation depth M and phase ϕ of the speckle pattern, are shown to be sensitively dependent on these properties of the object in the insonified focal region of the ultrasound (US) transducer. We demonstrate that Young's modulus (E) can be recovered from the resonance observed in M versus ω (the US frequency) plots and optical absorption (μ(a)) and scattering (μ(s)) coefficients from the measured differential phase changes. All experimental observations are verified also using Monte Carlo simulations.