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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    224th E St Methuen, MA 01844-5461

    • Commercial real estate
    • 7,080 SF
    • 2.14 lot acres
    OFF-MARKET
    Last Sale
    Apr 10, 2023
    Value Estimations
    $1,360,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0929715
    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

    • Commercial real estate

    Property Details for 224th E St

    Year built
    1970
    Construction
    STEEL FRAME
    Lot size
    2.14 lot acres
    Property size
    7,080 SF
    Zone code
    BH
    Property type
    Commercial real estate
    APN
    METH M:01014 B:00108 L:00106B
    APU
    METHM01014B00108L00106B

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,698,000
      Market price range: $860k - $1.70M
      AI Estimate
      $1,024,000
      Market price range: $354k - $1.25M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,300,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $2,265,000
      Change: +74% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,695,000
      Change: +31% Conversion: Difficult
      RETAIL STORES
      $1,575,000
      Change: +21% Conversion: Easy
      OFFICE BUILDING
      $1,200,000
      Change: -8% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,160,000
      Change: -11% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Methuen
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.141
    Latitude
    42.7273
    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
    2020
    $28,241
    $604,000
    $678,600
    $1,282,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,685,000
      11,056 SF

      Hampshire Rd

      COMMERCIAL (GENERAL) • 11,056 SF
      Hampshire Rd, Methuen, MA 01844
      View Details
    • Value Estimation
      $750,000
      3,564 SF

      62 Osgood St

      SHOW ROOM, WAREHOUSE • 3,564 SF
      62 Osgood St, Methuen, MA 01844-3039
      View Details
    • Value Estimation by Request
      1,419 SF

      60 Ee St Ste, Unit 2500

      COMMERCIAL CONDOMINUIM • 1,419 SF
      60 Ee St Ste, Methuen, MA 01844-4519
      View Details
    • Value Estimation
      $2,020,000
      3,480 SF

      18 Ayers Vlg Rd

      COMMERCIAL (GENERAL) • 3,480 SF
      18 Ayers Vlg Rd, Methuen, MA 01844-1272
      View Details
    • Value Estimation by Request
      1,182 SF

      60 Ee St Ste, Unit 1200

      COMMERCIAL CONDOMINUIM • 1,182 SF
      60 Ee St Ste, Methuen, MA 01844-4547
      View Details
    • Value Estimation by Request
      1,547 SF

      60 Ee St Ste, Unit 1500

      COMMERCIAL CONDOMINUIM • 1,547 SF
      60 Ee St Ste, Methuen, MA 01844-4549
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2.00 Acres

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      248 Haverhill St, Methuen, MA 01844
      View Details
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      Freestanding building with drive-thru on 0.52 acres.
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    • New
      $750,000
      2,466 SF

      Two-Unit Home with Inground Pool

      Two-unit home near Route 93 with pool and ample parking.
      296 Pelham St, Methuen, MA 01844
      View Details
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      Mixed-Use Property Near Route 28

      Three-unit property with residential and commercial spaces, convenient location.
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      View Details
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      Charming Two-Family Home Available

      Charming two-family home with hardwood floors and flexible living spaces.
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    Similar Nearby for Lease

    • $20 SF/Yr
      33,945 SF

      Methuen Medical Office Space

      Prime Medical Office Suite Available
      380R Merrimack St, Methuen, MA 01844
      View Details
    • $20 SF/Yr

      Commercial Office/Retail Condo Available

      Commercial office/retail condo with attractive finishes and basement.
      5 Wallace St, Methuen, MA 01844
      View Details
    • $599 /Mo
      150 SF

      Professional Office Space For Rent

      Private office in downtown Methuen with shared amenities included.
      45 Osgood St, Methuen, MA 01844
      View Details
    • Contact for pricing
      3,566 SF

      Regional Shopping Center Retail Space

      Retail spaces available in a high-traffic shopping center.
      90 Pleasant Valley St, Methuen, MA 01844
      View Details
    • $3,100 /Mo
      1,400 SF

      Methuen Commercial Space For Lease

      Well-located 1,400 SF commercial suite ideal for various businesses.
      105 Haverhill St, Methuen, MA 01844
      View Details
    • $3,500 /Mo

      Drive-In Drive-Out Bay Warehouse

      Warehouse space featuring drive-in/drive-out bay, radiant heat, and keypad entry.
      15 Mcgrath Rd, Methuen, MA 01844
      View Details
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    224th E St
    Methuen, MA 01844-5461
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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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