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Property profile & analytics
OFF-MARKET
Estimated value
$615,000
Office Spaces
262 Essex St Ste 2 Salem, MA 01970-3452
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US38-1798866
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
1984
Construction
FRAME
Total area
1,718 SF
Lot
0.07 ac (3,157 SF)
Zoning code
B5
APN
SALE M:26 L:0646 S:802
UPID
US38-1798866
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$580k
CAP Approach
CAP
$785k
Comparable Approach
Comparable
$681k
Blend (final)
Blend
$615k
Owner & transaction history
Mcdonald Essex Street RT · 4 yrs held
Mcdonald Essex Street RT
since 2021
Last sale
$425,000
5 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
$610,000
ML approach
$580,000
CAP Approach
CAP Return
Estimation
6%
$850,000
6.5%
$785,000
7%
$730,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$495,000
Current use
COMMERCIAL (GENERAL)
$475,000
Change: -4% · Conversion: Easy
AUTO REPAIR, GARAGE
$410,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$615k
Range $554k – $677k · ±10% · vs last sale $425k (Nov 10 2021)
Last sale anchor
$425k
Nov 10 2021
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
$358 / 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
$10,042
Tax year 2024
Assessed value
$423,900
Assessed 2024
Previous assessed
$423,900
+0.0% YoY
Effective rate
2.37%
On assessed value
Assessed improvement
$423,900
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
1984
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Bathrooms
9
Total area
1,718 SF
Lot
0.07 ac (3,157 SF)
Zoning code
B5
APN
SALE M:26 L:0646 S:802
UPID
US38-1798866
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
$495,000
COMMERCIAL (GENERAL)
Est. value
$475,000
AUTO REPAIR, GARAGE
Est. value
$410,000
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
1984
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Bathrooms
9
Lot
0.07 ac
Current owner
From public records · entity-resolved
Mcdonald Essex Street RT
Individual
Mailing address
152 CTR ST, HOLBROOK, MA 02343-1011
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 10, 2021
$425,000
Mcdonald Essex Street RT
Liberty RT
Condominium Deed
—
Jun 11, 1999
—
Liberty RT
—
Deed Of Trust
related
$67,234 · William E Shanahan
Jul 29, 1994
$170,000
Liberty RT
New Essex RT
Grant Deed
—
Jul 29, 1994
—
Liberty RT
—
Deed Of Trust
related
$128,000 · Gary Needham
Aug 28, 1992
—
Essex RT New
—
Deed Of Trust
related
$165,892 · Shawmut Bank Of Boston
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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