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Property profile & analytics
OFF-MARKET
Estimated value
$700,000
Office Spaces
226 Essex St Salem, MA 01970-3705
Individually Owned
8-yr Hold
Free & Clear
Property ID
US38-0336526
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1920
Construction
STEEL FRAME
Total area
2,425 SF
Lot
0.09 ac (3,927 SF)
Zoning code
B5
APN
SALE M:35 L:0203 S:802
UPID
US38-0336526
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
Current use
Occupant on record · Public records
-
Ivanov Guecrgui DDS Dental Office
-
Moons Gift Shop (Bike/Boat/Book/etc) Store
-
Mass Bay Dental - Salem Dental Office
-
Jeff Bauer Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$689k
Blend (final)
Blend
$700k
Owner & transaction history
Karen D Davis · 8 yrs held
Karen D Davis
since 2018
7 recorded transactions
Zoning & alternative use
B5 · Salem, 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 Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem 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
OFFICE BUILDING
$695,000
Current use
COMMERCIAL (GENERAL)
$670,000
Change: -4% · Conversion: Easy
AUTO REPAIR, GARAGE
$580,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$700k
Range $630k – $770k · ±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
$289 / 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
Tax billed
$8,547
Tax year 2024
Assessed value
$360,800
Assessed 2024
Previous assessed
$360,800
+0.0% YoY
Effective rate
2.37%
On assessed value
Assessed improvement
$360,800
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
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
1920
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
1
Bathrooms
11
Total area
2,425 SF
Lot
0.09 ac (3,927 SF)
Zoning code
B5
APN
SALE M:35 L:0203 S:802
UPID
US38-0336526
Jurisdiction
SALEM
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
B5 · Salem, MA
Zoning B5 · permitted uses
B5 · Salem, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$695,000
COMMERCIAL (GENERAL)
Est. value
$670,000
AUTO REPAIR, GARAGE
Est. value
$580,000
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1920
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
1
Bathrooms
11
Lot
0.09 ac
Current owner
From public records · entity-resolved
Karen D Davis
Individual
Free & Clear · 8 yrs held
Mailing address
226 ESSEX ST, SALEM, MA 01970-3705
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 30, 2018
—
Wonder Witch LLC
—
Deed
related
$220,000 · Eastern Bank
Feb 22, 2018
—
Karen D Davis
Missys LLP
Quit Claim Deed
related
—
Jul 16, 2004
$220,000
Missys LLP
Borne,barbara
Grant Deed
$164,221 · Gary Needham
Dec 12, 2001
—
Jerald Borne
—
Deed Of Trust
related
$36,000 · Salem Five Cents Savings Bank
Oct 30, 1998
$205,000
Jerald Borne
Tragakis RT
Grant Deed
$128,000 · Salem Five Cents Savings Bank
Oct 30, 1998
—
Jerald Borne
—
Deed Of Trust
related
$36,000 · Zenon Grzybowski
Jun 28, 1993
$238,000
Christos Tragakis
Browne R T
Grant Deed
$120,000 · Salem Five Cents Savings Bank
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.
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