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    220 Columbia Rd Hanover, MA 02339

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    220 Columbia Rd Hanover, MA 02339

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    • Neighborhood centers
    • 59,590 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 220 Columbia Rd

    Year built
    1957
    Property size
    59,590 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional 59,590 square foot retail strip center, located at 220 Columbia Road in Hanover, Massachusetts (zip code 02339), presents a compelling investment opportunity. Built in 1957 and renovated in 1999, the property boasts a single-story design and sits on a sizable 6.35-acre lot. The center is comprised of three suites, with a minimum divisible space of 2,460 square feet and a maximum contiguous space of 2,460 square feet. Strategically positioned along the Route 3 Corridor, this property benefits from its high visibility and accessibility. Its location along the North River, and near the intersection of Routes 53 and 139, provides excellent connectivity to surrounding communities, including Duxbury and Hingham. The area enjoys a high median household income and significant traffic counts, creating a strong retail environment. This prime location, combined with the property's size and existing infrastructure, makes it ideal for a variety of retail uses. Plymouth County location offers a strong market for retail businesses. The property is situated in the Route 3 Corridor submarket.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hanover
    County
    Plymouth
    State
    Massachusetts
    Longitude
    -70.8176
    Latitude
    42.1132

    Comparable in this City

    • Value Estimation
      $830,000
      4,480 SF

      1800 Washington St

      DEPARTMENT STORE • 4,480 SF
      1800 Washington St, Hanover, MA 02339-1648
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    • Value Estimation
      $2,440,000
      14,237 SF

      1810 Washington St

      DEPARTMENT STORE • 14,237 SF
      1810 Washington St, Hanover, MA 02339-1685
      View Details
    • Value Estimation
      $3,295,000
      27,988 SF

      200 Webster St

      DEPARTMENT STORE • 27,988 SF
      200 Webster St, Hanover, MA 02339-1230
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    • Value Estimation
      $2,685,000
      18,600 SF

      1271 Washington St

      DEPARTMENT STORE • 18,600 SF
      1271 Washington St, Hanover, MA 02339-1630
      View Details
    • Value Estimation
      $870,000
      7,470 SF

      528 Washington St

      DEPARTMENT STORE • 7,470 SF
      528 Washington St, Hanover, MA 02339-2370
      View Details
    • Value Estimation
      $1,545,000
      9,000 SF

      1176 Washington St

      DEPARTMENT STORE • 9,000 SF
      1176 Washington St, Hanover, MA 02339-1615
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,000 SF

      Route 53 Retail/Office Opportunity

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      962 Washington St, Hanover, MA 02339
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      Industrial Space in South Shore

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      Hanover Commercial Development Opportunity

      5.87-acre commercial site with frontage on Route 53.
      775-785 Washington St, Hanover, MA 02339
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    Similar Nearby for Lease

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      2,800 SF

      Hanover Office and Retail Spaces

      Office and retail spaces for lease in Hanover, Massachusetts.
      269 Hanover St, Hanover, MA 02339
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    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease at 1810 Washington St.
      1810 Washington St, Hanover, MA 02339
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Single tenant retail space available, 3,370 SqFt.
      303 Columbia Rd, Hanover, MA 02339
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    • Contact for pricing
      2,021 SF

      Retail Space in Merchants Row

      2,021 SF retail space available in Hanover, Massachusetts.
      2103 Washington St, Hanover, MA 02339
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      6,100 SF

      Retail and Office Spaces Available

      Retail, office, and flex spaces for lease in Hanover.
      193 Rockland St, Hanover, MA 02339
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    • Contact for pricing
      9,800 SF

      Retail End Cap Space Available

      9,800+ SF retail space with pylon sign available.
      35 Columbia Rd, Hanover, MA 02339
      View Details
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    Hanover, MA 02339
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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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