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Property profile & analytics
OFF-MARKET
Estimated value
$11,795,000
Retail properties & Spaces
230 Independence Way Danvers, MA 01923-3692
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US38-1408557
Property profile
Verified
Property type
Retail properties & Spaces
Use group
DEPARTMENT STORE
Year built
1999
Construction
STEEL FRAME
Total area
45,160 SF
Lot
4.57 ac (199,069 SF)
Zoning code
C3
APN
DANV M:063 L:019 P:
UPID
US38-1408557
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
-
Best Buy Electronics & Wireless Store
-
Geek Squad Tech Support Center (Bike/Boat/Book/etc) Store
-
Davinci Meeting Rooms Conference Center Trade Show Venue
-
HealthPoint Plus Insurance Agency
-
Prymal Products Marketing & Advertising IT Consulting Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$10.03M
CAP Approach
CAP
$11.42M
Comparable Approach
Comparable
$12.17M
Blend (final)
Blend
$11.80M
Owner & transaction history
Agree LP · 3 yrs held
Agree LP
since 2022
Last sale
$11.8M
7 recorded transactions
Zoning & alternative use
C3 · Danvers, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$15.6M
+55.2%
Apartment house (5+ units)
$14.4M
+43.8%
Auto repair, garage
$10.8M
+7.7%
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 Danvers submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Danvers 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
$13,200,000
ML approach
$10,030,000
CAP Approach
CAP Return
Estimation
6%
$12,365,000
6.5%
$11,415,000
7%
$10,600,000
Alternative Use
Use
Estimation
RETAIL STORES
$10,045,000
Current use
RESTAURANT
$15,585,000
Change: +55% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$14,440,000
Change: +44% · Conversion: Difficult
AUTO REPAIR, GARAGE
$10,820,000
Change: +8% · Conversion: Difficult
COMMERCIAL (GENERAL)
$8,940,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$11.80M
Range $10.62M – $12.97M · ±10% · vs last sale $11.80M (Nov 14 2022)
Last sale anchor
$11.80M
Nov 14 2022
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
$261 / 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
$184,276
Tax year 2024
Assessed value
$9,907,300
Assessed 2024
Previous assessed
$9,907,300
+0.0% YoY
Effective rate
1.86%
On assessed value
Assessed land
$5,374,900
Assessed improvement
$4,532,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Retail properties & Spaces
Use group
DEPARTMENT STORE
Status
Off-Market
Year built
1999
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
1
Bathrooms
6
Total area
45,160 SF
Lot
4.57 ac (199,069 SF)
Zoning code
C3
APN
DANV M:063 L:019 P:
UPID
US38-1408557
Jurisdiction
DANVERS
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
C3 · Danvers, MA
Zoning C3 · permitted uses
C3 · Danvers, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Danvers. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$10.0M
RESTAURANT
Est. value
$15.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$14.4M
AUTO REPAIR, GARAGE
Est. value
$10.8M
COMMERCIAL (GENERAL)
Est. value
$8.9M
RETAIL STORES Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
1999
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
1
Bathrooms
6
Lot
4.57 ac
Current owner
From public records · entity-resolved
Agree LP
Entity
Mailing address
7601 PENN AVE S, RICHFIELD, MN 55423-8500
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 14, 2022
$11,800,000
Agree LP
Arw Best Buy Danvers LLC
Warranty Deed
—
Feb 24, 2017
—
Prism Best Buy Danvers
—
Deed
related
$5,900,000 · Goldman Sachs Com Mtg
Feb 13, 2007
$1
Squires Best Buy Danv LLC
Squires,richard D
Grant Deed
—
Feb 13, 2007
—
Arw Best Buy Danvers LLC
—
Deed Of Trust
related
$7,600,000 · Worth Funding INC
Nov 21, 2006
$1
Audrey Rachel Wong INC
Spi Best Buy Danvers LLC
Grant Deed
related
—
Nov 20, 2006
$5,625,000
Prism Addison 1 LP
Spi Best Buy Danvers LLC
Grant Deed
—
Jul 28, 1999
—
Liberty Tree Mall Danv
—
Deed Of Trust
related
$5,000,000 · Fleet National Bank
Feb 26, 1999
—
Spi Best Buy Danvers
—
Deed Of Trust
related
$4,200,000 · Peoples Benefit Life
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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