256 Pleasant St Methuen, MA 01844-7151
Property profile & analytics
256 Pleasant St Methuen, MA 01844-7151
- Retail space
- 13,520 SF
- 2.85 lot acres
Property ID
US38-1222703
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.
Location Intelligence
Current Use by Public Records
- Walgreens Photo / (Bike/Boat/Book/etc) Store
- Walgreens Pharmacy / Pharmacy
- Walgreens / Cosmetic Store
- FedEx OnSite / Postal Service / Courier Service
- COVID-19 Drive-Thru Testing at Walgreens / Pharmacy
Property Details for 256 Pleasant St
- Year built
- 2005
- Construction
- CONCRETE
- Lot size
- 2.85 lot acres
- Property size
- 13,520 SF
- Zone code
- BL
- Property type
- Retail space
- APN
- METH M:00812 B:00059 L:00100
- APU
- METHM00812B00059L00100
Description
This exceptional investment opportunity presents a 13,227 square foot Walgreens pharmacy located at 256 Pleasant St, Methuen, MA 01844. Boasting a strong 8.03% cap rate, this property offers a secure, passive income stream with a NNN lease structure, eliminating landlord responsibilities. The lease, corporately guaranteed by Walgreens (NASDAQ: WBA), features a remaining term of approximately 3.9 years and includes rare 10% rent bumps, providing a hedge against inflation. Built in 2005, this single-tenant property sits on a 2.73-acre lot with 57 parking spaces and benefits from a high-traffic location between I-93 and Pleasant St (combined ~76,000 vehicles per day). The property enjoys a prime location near Holy Family Hospital (1.5 miles), Methuen High School (2 miles), and a dense population with high household incomes (over $132,000 within a 1-mile radius). The area also shows strong retail synergy with nearby national tenants such as Target, Home Depot, Chick-fil-A, and Raising Cane's. Methuen's robust development pipeline, including approximately 35 approved projects, further enhances the long-term value of this asset. The lease commenced May 15, 2008, and expires May 31, 2028, providing a clear investment horizon. This is a rare opportunity to acquire a high-performing, passively managed retail investment with significant upside potential. The property is zoned BH and has a 100% occupancy rate.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,100,000
- ML approach
- $4,100,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,700,000
- 6.5%
- $3,420,000
- 7%
- $3,175,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $4,454,000
- AI Estimate
- $2,710,000
Market price range: $1.87M - $4.45MMarket price range: $909k - $2.71M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $3,005,000 Current use
- RESTAURANT
- $4,665,000 Change: +55% Conversion: Easy
- APARTMENT HOUSE (5+ UNITS)
- $4,325,000 Change: +44% Conversion: Difficult
- AUTO REPAIR, GARAGE
- $3,240,000 Change: +8% Conversion: Difficult
- COMMERCIAL (GENERAL)
- $2,480,000 Change: -18% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Methuen
- County
- Essex
- State
- Massachusetts
- Longitude
- -71.1694
- Latitude
- 42.7413
- 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
$61,482
$1,229,200
$1,698,500
$2,927,700
-
$0.00
$0.00
$0.00
