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    Property profile & analytics

    56 Pickering St Needham, MA 02492

    • Office Properties & Spaces
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • D.M. Power Construction LLC / Contractor / Deck Builder
    • Bailit Health / Consultant
    • HBLU Training / Medical Clinic
    • David Danzig, LICSW / Social Worker / Family Counselor
    • Art in Needham / Art Studio / Art Center

    Property Details for 56 Pickering St

    Property type
    Office Properties & Spaces
    Property subtype
    Office space

    Description

    This exceptional 400-square-foot office space is perfectly situated in Needham Center, offering a prime location for professionals. Recently renovated, this bright and sunny first-floor suite features two rooms, providing ample space for a variety of professional uses. Its ideal location places it directly across from Greene's Field, offering a tranquil view and pleasant surroundings. The property's central location also provides easy access to a wide array of restaurants, shops, and the MBTA commuter rail, ensuring convenient commuting and a vibrant work environment. The space is particularly well-suited for professionals such as accountants, attorneys, or other similar office-based businesses. Ample parking is also available, adding to the convenience and appeal of this exceptional office space. This single-tenant occupancy offers privacy and control, making it an attractive option for those seeking a professional and efficient workspace in a desirable Needham location. The property is classified as a Traditional Office, Executive Office, and Creative Office, offering versatility for various business needs. Located in Norfolk County, Massachusetts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Needham
    County
    Norfolk
    State
    Massachusetts
    Longitude
    -71.2344
    Latitude
    42.2814

    Comparable in this City

    • Value Estimation
      $630,000
      1,531 SF

      105 Chestnut St Ste, Unit 10

      CONDOMINIUM OFFICES • 1,531 SF
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    • Value Estimation
      $940,000
      601 SF

      105 Chestnut St Ste, Unit 12

      CONDOMINIUM OFFICES • 601 SF
      105 Chestnut St Ste, Needham, MA 02492-2520
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    • Value Estimation
      $300,000
      530 SF

      105 Chestnut St Ste, Unit 24

      CONDOMINIUM OFFICES • 530 SF
      105 Chestnut St Ste, Needham, MA 02492-2520
      View Details
    • Value Estimation
      $325,000
      673 SF

      105 Chestnut St Ste, Unit 31

      CONDOMINIUM OFFICES • 673 SF
      105 Chestnut St Ste, Needham, MA 02492-2520
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    • Value Estimation
      $340,000
      894 SF

      1032 Great Pln Ave, Unit 2

      CONDOMINIUM OFFICES • 894 SF
      1032 Great Pln Ave, Needham, MA 02492-2510
      View Details
    • Value Estimation
      $1,945,000
      1,529 SF

      1032 Great Pln Ave, Unit 5

      CONDOMINIUM OFFICES • 1,529 SF
      1032 Great Pln Ave, Needham, MA 02492-2510
      View Details

    Similar Nearby for Sale

    • $550,000
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      Needham Office Condo For Sale

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    Similar Nearby for Lease

    • Contact for pricing
      8,335 SF

      Needham Office Space For Rent

      8,335 SF office space available in Needham, MA.
      20 Pickering St, Needham, MA 02492
      View Details
    • $775 /Mo
      425 SF

      Professional Office Space For Rent

      Bright office space in Needham, near transportation and amenities.
      20 Chestnut St, Needham, MA 02492
      View Details
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    56 Pickering St
    Needham, MA 02492
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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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