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    Property profile & analytics

    38 Norman St Salem, MA 01970

    • Parking lots & garages
    • 2,016 SF
    • 0.32 lot acres
    For Lease
    View listing
    $30 SF/Yr
    Value Estimation
    $1,330,000
    Last Sale
    Jul 25, 2022
    $1,210,000
    Location Intelligence
    Property ID
    US38-0728059
    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

    • Parking lots & garages

    Property Details for 38 Norman St

    Year built
    1945
    Construction
    STEEL FRAME
    Lot size
    0.32 lot acres
    Property size
    2,016 SF
    Zone code
    B3
    Property type
    Parking lots & garages
    APN
    SALE M:26 L:0464
    APU
    SALEM26L0464

    Description

    This exceptional Class A commercial property, located at 38 Norman Street in Salem, Massachusetts, offers 2,890 square feet of versatile space ideal for retail, restaurant, or special purpose uses. Situated on a 0.35-acre lot, this single-tenant building boasts new construction and is conveniently located near Salem's airport. The property features modern amenities including elevators, making it an attractive option for a variety of businesses. The building's prime location within Salem offers excellent visibility and accessibility, ensuring high foot traffic and potential for significant growth. This is a rare opportunity to secure a brand-new, high-quality commercial space in a thriving Massachusetts market. The property is anticipated to be available in 2025. The building's design and construction meet the highest standards, ensuring a functional and aesthetically pleasing space for your business. Its strategic location near the airport provides convenient access for both local clientele and those traveling through the region. With its ample square footage and versatile layout, this property presents a unique opportunity for businesses seeking a prominent presence in Salem. Inquire today to learn more about this exceptional commercial space. Zip code: 01970.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $1,355,000

    • CAP approach

      CAP return
      Estimation
      6%
      $1,175,000
      6.5%
      $1,330,000
      7%
      $1,295,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $1,290,000
      Geo Method
      $1,305,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $1,210,000
      Retail
      $1,295,000
      Mixed-Use
      $1,285,000
      Hospitality
      $1,065,000
      Educational
      $1,360,000
      Residential Income
      $1,325,000
      Energy
      $1,265,000
      Income-Based Land
      $1,290,000
      Food Service
      $1,170,000

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8979
    Latitude
    42.5203
    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
    $19,371
    $663,600
    $154,100
    $817,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      0.30 Acres

      21 Leach St, Unit G2

      RESIDENTIAL PARKING GARAGE • 0.30 Acres
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      View Details
    • Value Estimation by Request
      0.28 Acres

      18 Linden St, Unit 5G

      RESIDENTIAL PARKING GARAGE • 0.28 Acres
      18 Linden St, Salem, MA 01970-4665
      View Details
    • Value Estimation by Request
      0.07 Acres

      9 Dodge St Ct, Unit 2

      RESIDENTIAL PARKING GARAGE • 0.07 Acres
      9 Dodge St Ct, Salem, MA 01970
      View Details
    • Value Estimation by Request
      0.07 Acres

      9 Dodge St Ct, Unit 4

      RESIDENTIAL PARKING GARAGE • 0.07 Acres
      9 Dodge St Ct, Salem, MA 01970
      View Details
    • Value Estimation by Request
      0.31 Acres

      289 Essex St, Unit 1

      RESIDENTIAL PARKING GARAGE • 0.31 Acres
      289 Essex St, Salem, MA 01970-3451
      View Details
    • Value Estimation by Request
      0.31 Acres

      289 Essex St, Unit 12

      RESIDENTIAL PARKING GARAGE • 0.31 Acres
      289 Essex St, Salem, MA 01970-3451
      View Details

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    38 Norman St
    Salem, MA 01970
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    Realmo Value Estimation

    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.

    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.

    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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