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Property profile & analytics
FOR LEASE
Office buildings
254 2Nd Ave Needham, MA 02494
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US38-0230540
For Lease
1 / 2
$32,070,000
254 2Nd Ave, Needham, MA 02494
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1954
Total area
87,161 SF
Lot
5.35 ac (233,046 SF)
Zoning code
I
APN
NEED M:300.0 B:0026 L:0000.0
UPID
US38-0230540
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
-
Quinn Eileen M Physician
-
Commons Capital, LLC Financial Advisor
-
Watertown Tab & Press Publishing House Newspaper & Magazine
-
VNA Care Wellness Program Home Health Care Service
-
Gate House Media New England Business Management Consultant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$31.39M
Comparable Approach
Comparable
$34.27M
Blend (final)
Blend
$32.07M
Owner & transaction history
254 Needham LLC · 4 yrs held
254 Needham LLC
since 2022
Last sale
$30.7M
7 recorded transactions
Zoning & alternative use
I · Needham, 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 Needham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Needham 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
$33,395,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$34,005,000
6.5%
$31,385,000
7%
$29,145,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$43,805,000
Current use
RESTAURANT
$37,410,000
Change: -15% · Conversion: Moderate
Blend value · Realmo final
$32.07M
Range $28.86M – $35.28M · ±10% · vs last sale $30.65M (Jun 30 2022)
Last sale anchor
$30.65M
Jun 30 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
$368 / 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
$422,034
Tax year 2024
Assessed value
$17,176,800
Assessed 2024
Previous assessed
$15,714,200
+9.3% YoY
Effective rate
2.46%
On assessed value
Assessed land
$6,096,100
Assessed improvement
$11,080,700
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
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1954
Heating
NONE
Cooling
YES
Buildings
2
Total area
87,161 SF
Lot
5.35 ac (233,046 SF)
Zoning code
I
APN
NEED M:300.0 B:0026 L:0000.0
UPID
US38-0230540
Jurisdiction
NEEDHAM
Metro division
BOSTON-QUINCY, MA METROPOLITAN DIVISION
Zoning & alternative use
I · Needham, MA
Zoning I · permitted uses
I · Needham, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Needham. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$43.8M
RESTAURANT
Est. value
$37.4M
OFFICE BUILDING Current
RESTAURANT
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
1954
Heating
NONE
Cooling
Yes
Buildings
2
Lot
5.35 ac
Current owner
From public records · entity-resolved
254 Needham LLC
Entity
Mailing address
116 HUNTINGTON AVE STE #600, BOSTON, MA 02116-5745
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
Jun 30, 2022
$30,650,000
254 Needham LLC
Gcp Second Avenue LLC
Quit Claim Arm's Length For Ne States
$31,961,300 · Berkshire Bank
Jul 28, 2014
$15,900,000
Gcp Second Avenue LLC
254 Second Avenue LLC
Quit Claim Deed
$11,100,000 · Blue Hills Bk
Sep 28, 2011
—
254 2nd Avenue LLC
—
Deed Of Trust
related
$14,100,000 · Cambridge Savings Bank
Aug 5, 2010
$9,000,000
254 2nd Avenue LLC
254 2nd Avenue Nt
Grant Deed
related
$9,300,000 · Lender RT
Sep 20, 2004
—
Janet F Aserkoff
—
Deed Of Trust
related
$6,800,000 · Citizens Bank Of Ma
Sep 10, 2004
$1
Janet F Aserkoff
New Boston LP
Grant Deed
related
—
Apr 20, 2004
$10,485,000
New Boston Prtnrshp
Fnpf LLC
Grant Deed
—
Jul 26, 1994
$5,100,000
Community Newspaper Co
Orono RT
Grant Deed
—
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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