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    Property profile & analytics

    29 Crafts St Newton, MA 02458

    • Office buildings
    • 70,140 SF
    • 1.12 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1328168
    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

    • Alkon & Levine PC / Accounting Firm / Tax Preparation
    • Alkon & Levine Pc: Levine Jeffrey CPA / Accounting Firm / Tax Preparation
    • Yang Li, DO / Physician
    • Volpe Plastic Surgery / Spa & Massage Center / Alternative Medicine Practice
    • Parker Hannifin Corporation / Company

    Property Details for 29 Crafts St

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.12 lot acres
    Property size
    70,140 SF
    Zone code
    MAN
    Property type
    Office buildings
    APN
    NEWT S:14 B:023 L:0009
    APU
    NEWTS14B023L0009

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $17,956,000
      Market price range: $14.9M - $30.0M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $21,405,000
      Current use
      RESTAURANT
      $20,365,000
      Change: -5% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $19,740,000
      Change: -8% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $19,435,000
      Change: -9% Conversion: Difficult
      RETAIL STORES
      $18,910,000
      Change: -12% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Newton
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.1997
    Latitude
    42.3549
    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
    $231,777
    $1,916,100
    $10,728,600
    $12,644,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $545,000
      1,796 SF

      413 Watertown St

      OFFICE BUILDING • 1,796 SF
      413 Watertown St, Newton, MA 02458-1113
      View Details
    • Value Estimation
      $21,390,000
      140,228 SF

      235241 Washington St

      OFFICE BUILDING • 140,228 SF
      235241 Washington St, Newton, MA 02458-1637
      View Details
    • Value Estimation
      $1,365,000
      6,132 SF

      8 Midland Ave

      OFFICE BUILDING • 6,132 SF
      8 Midland Ave, Newton, MA 02458-1021
      View Details
    • Value Estimation
      $735,000
      2,943 SF

      602 Washington St

      OFFICE BUILDING • 2,943 SF
      602 Washington St, Newton, MA 02458-1449
      View Details
    • Value Estimation
      $1,060,000
      4,760 SF

      153 California St

      OFFICE BUILDING • 4,760 SF
      153 California St, Newton, MA 02458-1023
      View Details
    • Value Estimation
      $1,285,000
      4,480 SF

      697 Washington St

      OFFICE BUILDING • 4,480 SF
      697 Washington St, Newton, MA 02458-1388
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,500 SF

      Mixed-Use Portfolio in Newton

      Fully-tenanted mixed-use portfolio with income and expansion potential.
      262 Adams St, Newton, MA 02458
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      Newton Corner Lot Investment Property

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      Prime Newton Corner Development Opportunity

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      Development Opportunity in Newton, MA

      13,543 SF development opportunity near Boston and public transit.
      189-191 Adams St, Newton, MA 02458
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      Pending

      Newton Multifamily Home for Sale

      Multifamily home in Newton, MA, primed for updates.
      49 Hawthorn St, Newton, MA 02458
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      12,146 SF

      Development Opportunity in Newton, MA

      13,543 SF development opportunity near Boston with BU2 zoning.
      189-191 Adams St, Newton, MA 02458
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    Similar Nearby for Lease

    • Contact for pricing
      10,431 SF

      Victorian Architecture Office Space

      Two-story office with parking in central location.
      303-321 Washington St, Newton, MA 02458
      View Details
    • Contact for pricing
      22,000 SF

      Class A Office Space Available

      Office, retail, and medical suites for lease in Newton.
      296-334 Washington St, Newton, MA 02458
      View Details
    • Contact for pricing
      27,646 SF

      Office/R&D Campus for Lease

      27646 SF office/R&D space in Newton, MA.
      94 Bridge St, Newton, MA 02458
      View Details
    • Contact for pricing
      5,782 SF

      Newton Office Space For Rent

      Office space available in Newton, MA with on-site parking.
      59-85 Chapel St, Newton, MA 02458
      View Details
    • $37 SF/Yr
      13,000 SF

      Newton Office Space For Rent

      Office suites available, ranging from 850 to 13,600 SF.
      300 Washington St, Newton, MA 02458
      View Details
    • Contact for pricing
      1,796 SF

      Newton Office Space For Rent

      1,796 SF office space in Newton, easily accessible.
      413 Watertown St, Newton, MA 02458
      View Details

    Property Visit Statistics

    • Visits by month
      83.0k
    • Visitors by month
      46.1k
    • Avg Time on site
      23 min
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    Newton, MA 02458
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    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
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