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    Property profile & analytics

    128 Parker St Lawrence, MA 01843-1537

    • Retail space
    • 2,296 SF
    • 0.10 lot acres
    OFF-MARKET
    Value Estimations
    $335,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0577643
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Packard Pharmacy / Pharmacy

    Property Details for 128 Parker St

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.10 lot acres
    Property size
    2,296 SF
    Property type
    Retail space
    APN
    LAWR M:0101 B:0000 L:0055
    APU
    LAWRM0101B0000L0055

    Description

    This exceptional commercial property at 128 Parker Street in Lawrence, MA, presents a unique investment opportunity. Formerly the renowned Packard Pharmacy, this building boasts a prominent location with high visibility and excellent foot traffic, ensuring strong customer accessibility. The property sits on a 0.1-acre lot and offers a spacious interior layout, adaptable to a wide range of commercial uses. Whether you envision a retail boutique, a medical office, or a professional workspace, the flexible design caters to diverse business needs. Large display windows flood the interior with natural light, creating an inviting and welcoming atmosphere for clients and employees. The building's rich history and established presence within the Lawrence community provide an immediate advantage for any new business. This is a chance to acquire a well-positioned commercial space with significant potential for growth and success in a thriving area. The asking price is $649,900. The square footage is not currently specified. This property is ready for its next chapter, and the possibilities are limitless. Don't miss this rare opportunity to own a piece of Lawrence history and build your business in a prime location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $330,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $458,000
      Market price range: $219k - $572k
      AI Estimate
      $329,000
      Market price range: $139k - $456k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lawrence
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1582
    Latitude
    42.6969
    CBSA code
    14460
    CBSA name
    BOSTON-CAMBRIDGE-QUINCY, MA-NH METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $8,839
    $161,600
    $294,700
    $456,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $550,000
      4,344 SF

      320 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 4,344 SF
      320 Broadway, Lawrence, MA 01843-2638
      View Details
    • Value Estimation
      $565,000
      9,486 SF

      179 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 9,486 SF
      179 Broadway, Lawrence, MA 01843-1426
      View Details
    • Value Estimation
      $345,000
      2,450 SF

      208 Broadway, Unit 214

      RETAIL STORES (PERSONAL SERVICES) • 2,450 SF
      208 Broadway, Lawrence, MA 01843-1420
      View Details
    • Value Estimation
      $150,000
      720 SF

      180 Boxford St

      RETAIL STORES (PERSONAL SERVICES) • 720 SF
      180 Boxford St, Lawrence, MA 01843-2232
      View Details
    • Value Estimation
      $305,000
      1,504 SF

      175 Broadway

      RETAIL STORES (PERSONAL SERVICES) • 1,504 SF
      175 Broadway, Lawrence, MA 01843-1426
      View Details
    • Value Estimation
      $320,000
      3,852 SF

      199 Salem St

      RETAIL STORES (PERSONAL SERVICES) • 3,852 SF
      199 Salem St, Lawrence, MA 01843-1405
      View Details

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    Similar Nearby for Lease

    • $3,800 /Mo
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      Retail and Office Space Available

      Retail and office space with street exposure for rent.
      601 South Union St, Lawrence, MA 01843
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      Retail space with high visibility and easy highway access.
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      Premier Retail/Dining Space

      High-visibility retail or dining space in a mixed-use district.
      282-290 Merrimack St, Lawrence, MA 01843
      View Details
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      Retail Space with High Traffic

      Retail space suitable for various businesses with high traffic.
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    • Contact for pricing
      16,500 SF

      Lawrence Retail Space Available

      16,500 SF retail space for rent in Lawrence.
      660 S Union St, Lawrence, MA 01843
      View Details
    • Contact for pricing

      Retail Endcap Space For Lease

      3,000 SF endcap space available in Lawrence, MA.
      Lawrence, MA 01843
      View Details
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    128 Parker St
    Lawrence, MA 01843-1537
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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