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Property profile & analytics
OFF-MARKET
Estimated value
$3,135,000
Investment properties
215 Essex St 233 Melrose, MA 02176-3123
Entity Owned
20-yr Hold
Free & Clear
Property ID
US38-1744534
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1854
Construction
FRAME
Total area
22,093 SF
Lot
0.28 ac (12,188 SF)
Zoning code
BA2
APN
MELR M:0B8 P:0000114
UPID
US38-1744534
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.92M
Blend (final)
Blend
$3.14M
Owner & transaction history
217 Essex Ljs LLC · 20 yrs held
217 Essex Ljs LLC
since 2006
3 recorded transactions
Zoning & alternative use
BA2 · Melrose, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Melrose submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melrose submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$5,090,000
Change: -11% · Conversion: Moderate
OFFICE BUILDING
$4,835,000
Change: -15% · Conversion: Easy
Blend value · Realmo final
$3.14M
Range $2.82M – $3.45M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$142 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Assessed value
$3,502,900
Assessed 2024
Previous assessed
$3,502,900
+0.0% YoY
Assessed land
$481,100
Assessed improvement
$3,021,800
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1854
Construction
FRAME
Heating
HOT WATER
Buildings
1
Stories
4
Units
30
Rooms
60
Bathrooms
36
Total area
22,093 SF
Lot
0.28 ac (12,188 SF)
Zoning code
BA2
APN
MELR M:0B8 P:0000114
UPID
US38-1744534
Jurisdiction
MELROSE
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
BA2 · Melrose, MA
Zoning BA2 · permitted uses
BA2 · Melrose, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melrose. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS)
Est. value
$5.1M
OFFICE BUILDING
Est. value
$4.8M
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1854
Construction
FRAME
Heating
HOT WATER
Stories
4
Buildings
1
Units
30
Rooms
60
Bathrooms
36
Lot
0.28 ac
Current owner
From public records · entity-resolved
217 Essex Ljs LLC
Entity
Free & Clear · 20 yrs held
Mailing address
60 LEO M BIRMINGHAM PKWY, BRIGHTON, MA 02135-1123
Ownership since
2006
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 25, 2014
—
217 Essex Ljs LLC
—
Grant Deed
related
$2,172,000 · Rockland Tr
Jul 25, 2013
—
217 Essex Ljs LLC
—
Deed Of Trust
related
$1,700,000 · Rockland Trust Co
Apr 25, 2006
$1
217 Essex Ljs LLC
217 Essex St Ljs Nt
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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