Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    232-234 Highland Ave Salem, MA 01970

    • Car washes
    • 6,192 SF
    • 1.21 lot acres
    OFF-MARKET
    Value Estimations
    $1,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0829555
    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

    • Car washes

    Property Details for 232-234 Highland Ave

    Year built
    1998
    Construction
    STEEL FRAME
    Lot size
    1.21 lot acres
    Property size
    6,192 SF
    Property type
    Car washes
    APN
    SALE M:08 L:0120
    APU
    SALEM08L0120

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,254,000
      Market price range: $418k - $1.53M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,485,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $1,980,000
      Change: +33% Conversion: Difficult
      OFFICE BUILDING
      $1,775,000
      Change: +20% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,715,000
      Change: +15% Conversion: Moderate
      RETAIL STORES
      $1,375,000
      Change: -7% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.922
    Latitude
    42.5049
    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
    $40,595
    $1,299,100
    $414,500
    $1,713,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      1,877 SF

      4 Franklin St

      CAR WASH • 1,877 SF
      4 Franklin St, Salem, MA 01970
      View Details
    • Value Estimation by Request
      0.30 Acres

      21 Leach St, Unit G2

      RESIDENTIAL PARKING GARAGE • 0.30 Acres
      21 Leach St, Salem, MA 01970-4710
      View Details
    • Value Estimation by Request
      0.28 Acres

      18 Linden St, Unit 5G

      RESIDENTIAL PARKING GARAGE • 0.28 Acres
      18 Linden St, Salem, MA 01970-4665
      View Details
    • Value Estimation by Request
      0.07 Acres

      9 Dodge St Ct, Unit 2

      RESIDENTIAL PARKING GARAGE • 0.07 Acres
      9 Dodge St Ct, Salem, MA 01970
      View Details
    • Value Estimation by Request
      0.07 Acres

      9 Dodge St Ct, Unit 4

      RESIDENTIAL PARKING GARAGE • 0.07 Acres
      9 Dodge St Ct, Salem, MA 01970
      View Details
    • Value Estimation by Request
      0.31 Acres

      289 Essex St, Unit 1

      RESIDENTIAL PARKING GARAGE • 0.31 Acres
      289 Essex St, Salem, MA 01970-3451
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      High-Visibility Commercial Space in Salem

      Commercial space in Salem near downtown and commuter rail.
      97 Bridge St, Salem, MA 01970
      View Details
    • $379,000
      1,100 SF

      Retail Building Near Salem T

      1,100 SF retail building with high traffic count.
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing

      Established Polish Deli For Sale

      Profitable Polish deli established in 2001, available for sale.
      176 Essex St, Salem, MA 01970
      View Details
    • $390,000
      1,106 SF

      Salem Train Station Storefront

      Prime Salem location, 1,106 sq ft, high traffic.
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing
      1,008 SF

      Salem Flex Space For Sale

      Centrally located engineered steel building with B4 zoning.
      17 Meadow St, Salem, MA 01970
      View Details
    • Contact for pricing
      16,000 SF

      Salem Office Space - Downtown Location

      Prime Salem office space, flexible lease terms.
      10 Federal St, Salem, MA 01970
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Luxury Salon Space in Salem

      Fully furnished salon space with photography set available for rent.
      107 North St, Salem, MA 01970
      View Details
    • $27 SF/Yr
      1,106 SF

      Salem Train Station Storefront

      Freestanding Commercial Space, High Traffic
      280 Bridge St, Salem, MA 01970
      View Details
    • Contact for pricing

      Retail Space on Route 107

      Retail space available now at a busy intersection.
      276 Highland Ave, Salem, MA 01970
      View Details
    • Contact for pricing

      Salem Office/Retail Space Available

      Office or retail space with great visibility in Salem.
      167 Boston St, Salem, MA 01970
      View Details
    • Contact for pricing
      2,800 SF

      Downtown Salem Retail/Office Space

      Prime retail/office location in downtown Salem with high visibility.
      75 Washington St, Salem, MA 01970
      View Details
    • Contact for pricing
      4,500 SF

      Renovated Space for Diverse Uses

      Renovated, air-conditioned space suitable for retail, restaurant, office, fitness.
      57 Loring 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.
    232-234 Highland Ave
    Salem, MA 01970
    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.
    Sign Up Successful!
    You now have access to more from Realmo!