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    Property profile & analytics

    1 Melvin St, Unit 2C Wakefield, MA 01880-2577

    • Industrial properties
    • 2,298 SF
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    9.4%
    Industrial properties
    Location Intelligence
    Property ID
    US38-0960735
    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

    • 1 Melvin Street / Flooring Contractor
    • Precision Auto Works / Auto Body Shop / Auto Painting
    • GEM Plumbing and Heating / Plumber / Air Conditioning Contractor
    • R.C. Enterprise Inc. / Electrician / Plumber
    • The Law Office of Franceska J. O'Reilly / Divorce Lawyer / Elder Law Attorney

    Property Details for 1 Melvin St

    Year built
    1987
    Construction
    STEEL FRAME
    Property size
    2,298 SF
    Zone code
    I
    Property type
    Industrial properties
    APN
    WAKE M:000017 B:0018 P:19252C
    APU
    WAKEM000017B0018P19252C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $405,000
      6.5%
      $375,000
      7%
      $350,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $414,000
      Market price range: $197k - $584k
      AI Estimate
      $178,000
      Market price range: $59.2k - $220k

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

    Location Insight

    • Map
    • Local Demand
    City
    Wakefield
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0638
    Latitude
    42.5042
    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
    $5,228
    $0.00
    $240,900
    $240,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $860,000
      152,456 SF

      107 Audubon Rd

      INDUSTRIAL (GENERAL) • 152,456 SF
      107 Audubon Rd, Wakefield, MA 01880-1266
      View Details
    • Value Estimation
      $430,000
      33,085 SF

      20 Del Carmine St

      INDUSTRIAL (GENERAL) • 33,085 SF
      20 Del Carmine St, Wakefield, MA 01880-3485
      View Details
    • Value Estimation
      $1,660,000
      8,740 SF

      486 Main St

      INDUSTRIAL (GENERAL) • 8,740 SF
      486 Main St, Wakefield, MA 01880-3320
      View Details
    • Value Estimation
      $395,000
      15,844 SF

      66 New Salem St

      INDUSTRIAL (GENERAL) • 15,844 SF
      66 New Salem St, Wakefield, MA 01880-1979
      View Details
    • Value Estimation
      $245,000
      3,130 SF

      87 New Salem St Ste, Unit 3

      CONDOMINIUMS (INDUSTRIAL) • 3,130 SF
      87 New Salem St Ste, Wakefield, MA 01880-6322
      View Details
    • Value Estimation
      $540,000
      57,587 SF

      50 Audubon Rd, Unit 60

      INDUSTRIAL (GENERAL) • 57,587 SF
      50 Audubon Rd, Wakefield, MA 01880-1203
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $18 SF/Yr
      2,838 SF

      Wakefield Industrial Unit For Rent

      Industrial unit with loading dock, newly renovated in 2025.
      1 Melvin St, Wakefield, MA 01880
      View Details
    • $25 SF/Yr
      14,145 SF

      70,163 SF Flex/Industrial Building

      Flex/industrial space in Wakefield, MA, with Route 128 access.
      7-11 Audubon Rd, Wakefield, MA 01880
      View Details
    • $3,000 /Mo

      Main Street Warehouse Space Available

      Warehouse/light industrial space for rent, utilities included.
      474 Main St, Wakefield, MA 01880
      View Details
    • $272 SF/Yr
      2,000 SF

      Downtown Wakefield Office Space

      Prime Retail/Office, Single Tenant, 950 sq ft.
      209 Albion St, Wakefield, MA 01880
      View Details
    • Contact for pricing
      4,037 SF

      Amenity-Rich Office Space Available

      Class A office campus with many amenities and natural surroundings.
      201 Edgewater Dr, Wakefield, MA 01880
      View Details
    • Contact for pricing
      3,932 SF

      Wakefield Office Space Available

      Office space for rent in Wakefield, Massachusetts.
      107 Audubon Rd, Wakefield, MA 01880
      View Details
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    1 Melvin St, Unit 2C
    Wakefield, MA 01880-2577
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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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