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    Property profile & analytics

    178 Park St North Reading, MA 01864

    • Office buildings
    • 4,680 SF
    • 0.79 lot acres
    For Lease
    View listing
    $1,500 /Mo
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1616395
    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

    • Joseph Tatone & Associates / Architect
    • Emma's Classic / Barber Shop / Hair Salon
    • Dooley & Mason Realty Group / Real Estate Agency
    • Asch Alexander J MD / Pediatrician
    • Laser RN Skincare / Medical Spa

    Property Details for 178 Park St

    Year built
    1961
    Lot size
    0.79 lot acres
    Property size
    4,680 SF
    Zone code
    R1
    Property type
    Office buildings
    APN
    NREA M:042.0 B:0000 L:0001.0
    APU
    NREAM0420B0000L00010

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,160,000
      Market price range: $747k - $1.52M
      AI Estimate
      $1,095,000
      Market price range: $645k - $1.48M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,135,000
      Current use
      AUTO REPAIR, GARAGE
      $1,315,000
      Change: +16% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,295,000
      Change: +14% Conversion: Difficult
      RETAIL STORES
      $1,260,000
      Change: +11% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $1,210,000
      Change: +7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    North Reading
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.082
    Latitude
    42.5733
    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
    $11,380
    $368,400
    $493,100
    $861,500
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,675,000
      9,200 SF

      50 Main St

      OFFICE BUILDING • 9,200 SF
      50 Main St, North Reading, MA 01864-2292
      View Details
    • Value Estimation
      $1,915,000
      7,560 SF

      73 Concord St

      OFFICE BUILDING • 7,560 SF
      73 Concord St, North Reading, MA 01864-2601
      View Details
    • Value Estimation by Request
      758 SF

      143 Main St

      OFFICE BUILDING • 758 SF
      143 Main St, North Reading, MA 01864-2201
      View Details
    • Value Estimation
      $1,645,000
      5,444 SF

      184 Main St

      OFFICE BUILDING • 5,444 SF
      184 Main St, North Reading, MA 01864-3115
      View Details
    • Value Estimation
      $1,980,000
      18,936 SF

      84 Main St

      OFFICE BUILDING • 18,936 SF
      84 Main St, North Reading, MA 01864-5005
      View Details
    • Value Estimation
      $565,000
      1,688 SF

      239 Nn St

      OFFICE BUILDING • 1,688 SF
      239 Nn St, North Reading, MA 01864-1217
      View Details

    Similar Nearby for Sale

    • $160,000

      North Reading Office Condominium

      Well-maintained office condo with updated kitchenette and newer HVAC.
      350 Park St, North Reading, MA 01864
      View Details
    • $248,000

      Land For Sale

      Land available for sale in North Reading, Massachusetts.
      1234 Confidential St, North Reading, MA 01864
      View Details
    • Contact for pricing

      Retail Space Near Major Shopping

      Retail property for sale or lease near shopping and amenities.
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      View Details
    • Contact for pricing
      31,524 SF

      Retail Space in North Reading

      Retail property with pad site available in North Reading.
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    • $1,150,000

      Updated Triplex in North Reading

      Rare, updated three-family property near schools and amenities.
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    • $799,900

      Equestrian Property with Barn and Home

      2.8-acre equestrian property with barn, paddock, and updated home.
      241 Haverhill St, North Reading, MA 01864
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    Similar Nearby for Lease

    • $1,500 /Mo

      Medical/Office/Retail Space in North Reading

      Turn-key medical/office/retail space in ideal North Reading location.
      178 Park St, North Reading, MA 01864
      View Details
    • $1,200 /Mo

      Versatile Office Space Available

      Office space for rent, suitable for various business uses.
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      View Details
    • $3,500 /Mo

      Route 28 Retail/Office Space

      1,056 SF retail/office space with yard and basement storage.
      170 Main St, North Reading, MA 01864
      View Details
    • Contact for pricing
      40,280 SF

      Industrial Truck Terminal & Repair

      40,000 SF industrial truck terminal and repair garage for lease.
      North Reading, MA 01864
      View Details
    • $5,800 /Mo

      New Warehouse Space Available

      New warehouse building with one remaining bay for rent.
      14R Concord St, North Reading, MA 01864
      View Details
    • Contact for pricing
      2,012 SF

      Retail Space on Route 28

      Highly visible retail space in North Reading, Massachusetts.
      291 Main St, North Reading, MA 01864
      View Details
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    178 Park St
    North Reading, MA 01864
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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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