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    West Hanover Storage/Warehouse Space Title is generated by Realmo AI

    385 King St, Hanover, MA 02339

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    Multilevel storage/warehouse space available for rent in West Hanover.

    Type:Industrial
    Added:
    May 24, 2024
    Days on Market:
    741
    Last Refresh:
    May 12 at 8:58 pm

    Property Features for 385 King St

    General Information

    Standard status
    Active
    Property subtype
    Industrial

    Building Details

    Year Built
    1940

    Spaces For Lease

    at 385 King St Contact us

    1st Floor Office $6/Mo

    Size
    Type
    Industrial
    1st Floor Office Space with mupltiple private offices, bullpen areas, and breakroom
    Contact us

    3rd Floor Warehouse $6/Mo

    Size
    Type
    Industrial
    Multilevel storage/warehouse space in West Hanover. Great space and value for longer...
    show more
    Contact us

    We can help!

    Listing Contact
    David Ellis

    Listing agent David Ellis License #MA 9524572

    Listing office Ellis Realty Advisors

    Listing date May 24, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Ellis Realty Advisors

    HighLights

    • Multilevel storage/warehouse space
    • Great value for longer term dead storage
    • Common freight elevator available
    • Loading area for easy access
    • Larger self‑storage alternative
    • Built in 1940

    Overview

    This multilevel storage and warehouse space is located in West Hanover. It offers a suitable space and value for longer-term dead storage needs. The property includes a common freight elevator and loading area. It can serve as a larger alternative to self-storage units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Buckley Associates, Inc. Big Box & Wholesale Store

    Suggested Use

    Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Department Store Kitchen & Bath Showroom Accounting Firm Storage Facility HVAC Service

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Dependable Moving & Storage, LLC — 40 Morningside Dr, Rockland, MA 02370

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Plymouth
    State
    Massachusetts
    Longitude
    -70.8849978
    Latitude
    42.0982269

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    FAQs

    What type of property is this?
    Warehouse - Multilevel storage/warehouse space available for rent in West Hanover.
    Where is this warehouse located?
    The property is located at 385 King St Hanover, MA.
    What is the lease rate?
    The lease rate is $6 SF/Yr.
    What are key features of this property?
    This property features: Multilevel storage/warehouse space; Great value for longer term dead storage; Common freight elevator available
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    David Ellis
    Real Estate License ID: MA 9524572
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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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