Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    224 Essex St, Unit 3 Salem, MA 01970-3705

    • Office Properties & Spaces
    • 3,650 SF
    • 0.09 lot acres
    OFF-MARKET
    Value Estimations
    $1,000,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1390284
    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

    • James M Walsh Law Offices / Law Firm
    • Eastern Debt Solutions / Law Firm / Financial Advisor
    • Law Office of Diane R. Cooper / Law Firm
    • Moniz Law & Mediation, PC / Law Firm

    Property Details for 224 Essex St

    Year built
    1920
    Construction
    STEEL FRAME
    Lot size
    0.09 lot acres
    Property size
    3,650 SF
    Zone code
    B5
    Property type
    Office Properties & Spaces
    APN
    SALE M:35 L:0203 S:803
    APU
    SALEM35L0203S803

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $977,000
      Market price range: $549k - $1.45M
      AI Estimate
      $977,000
      Market price range: $484k - $1.76M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,045,000
      Current use
      COMMERCIAL (GENERAL)
      $1,010,000
      Change: -4% Conversion: Easy
      AUTO REPAIR, GARAGE
      $875,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8953
    Latitude
    42.5216
    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
    $12,125
    $0.00
    $511,800
    $511,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      200 SF

      121 Loring Ave Ste, Unit 520

      CONDOMINIUM OFFICES • 200 SF
      121 Loring Ave Ste, Salem, MA 01970-4472
      View Details
    • Value Estimation by Request
      445 SF

      121 Loring Ave Ste, Unit 805

      CONDOMINIUM OFFICES • 445 SF
      121 Loring Ave Ste, Salem, MA 01970-4473
      View Details
    • Value Estimation by Request
      259 SF

      10 Colonial Rd, Unit 21

      CONDOMINIUM OFFICES • 259 SF
      10 Colonial Rd, Salem, MA 01970-2943
      View Details
    • Value Estimation by Request
      939 SF

      10 Colonial Rd, Unit 29

      CONDOMINIUM OFFICES • 939 SF
      10 Colonial Rd, Salem, MA 01970-2943
      View Details
    • Value Estimation by Request
      250 SF

      121 Loring Ave, Unit 749

      CONDOMINIUM OFFICES • 250 SF
      121 Loring Ave, Salem, MA 01970-4461
      View Details
    • Value Estimation by Request
      536 SF

      70 Washington St Fl 5e

      CONDOMINIUM OFFICES • 536 SF
      70 Washington St Fl 5e, Salem, MA 01970-3518
      View Details

    Similar Nearby for Sale

    • $395,000

      Downtown Salem Office Condo

      First floor office condo in downtown Salem for sale.
      20 Central St, Salem, MA 01970
      View Details
    • Contact for pricing
      384,000 SF

      Salem Office Space Available

      Office space for sale in Salem, Massachusetts, available immediately.
      35 Congress St, Salem, MA 01970
      View Details
    • $1,295,000

      Renovated Salem Triplex Near Downtown

      Turn-key, renovated triplex near downtown Salem and the beach.
      51 Ocean Ave, Salem, MA 01970
      View Details
    • Contact for pricing
      31,366 SF

      Salem Industrial Condo For Sale

      31,366 SF industrial condo in Salem, Massachusetts for sale.
      96 Swampscott Rd, Salem, MA 01970
      View Details
    • $699,000

      Landmark Mixed-Use Building For Sale

      Fully leased investment property near downtown and train station.
      112 North St, Salem, MA 01970
      View Details
    • Contact for pricing

      3.3 Acre Salem Land Parcels

      3.3 acres in Salem, close to transportation and attractions.
      358 Highland Ave, Salem, MA 01970
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      1,106 SF

      Salem Train Station Storefront

      Freestanding Commercial Space, High Traffic
      280 Bridge St, Salem, MA 01970
      View Details
    • $18 SF/Yr
      9,831 SF

      Visible Commercial Space on Highland

      Highly visible 9,831 sq ft commercial space on Highland Ave.
      207 Highland Ave, Salem, MA 01970
      View Details
    • $19 SF/Yr
      2,363 SF

      Downtown Salem Office Suite For Lease

      Attractive 2,363 sqft office suite in downtown Salem available now.
      262 Essex St, Salem, MA 01970
      View Details
    • $18 SF/Yr

      Waterfront Business Center Office Space

      Premier waterfront business center with ocean views near historic district.
      47 Congress St, Salem, MA 01970
      View Details
    • $3,000 /Mo

      Flex Space Near Downtown Salem

      Established flex space suitable for retail or office use.
      65-67 Congress St, Salem, MA 01970
      View Details
    • $18 SF/Yr
      9,831 SF

      Highland Avenue Commercial Space Available

      Highly visible commercial space suitable for retail, medical, or office.
      207 Highland Ave, Salem, MA 01970
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    224 Essex St, Unit 3
    Salem, MA 01970-3705
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.