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Property profile & analytics
OFF-MARKET
Estimated value
$50,665,000
Office buildings
3 Forbes Rd, Lexington, MA 02421-7305
Entity Owned
12-yr Hold
~
Est. High Equity
Property ID
US38-1084581
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1979
Construction
STEEL FRAME
Total area
160,722 SF
Lot
15.63 ac (680,842 SF)
Zoning code
CRO
APN
LEXI M:0043 L:00009D
UPID
US38-1084581
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
-
Agenus Inc Factory Production Facility
-
MIT Lincoln Laboratory Corporate Office
-
Aronex Pharmaceuticals Inc Factory Production Facility
-
Venture Crew 1775 Association Or Organization
-
Construction Co Sasso Construction Company General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$40.72M
Comparable Approach
Comparable
$49.27M
Blend (final)
Blend
$50.67M
Owner & transaction history
3 Forbes De LLC · 12 yrs held
3 Forbes De LLC
since 2014
7 recorded transactions
Zoning & alternative use
CRO · Lexington, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$46.7M
+11.8%
Auto repair, garage
$45.2M
+8.4%
Neighborhood: shopping center
$44.5M
+6.7%
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 Lexington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Lexington 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$44,110,000
6.5%
$40,715,000
7%
$37,810,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$41,735,000
Current use
RESTAURANT
$46,660,000
Change: +12% · Conversion: Moderate
AUTO REPAIR, GARAGE
$45,235,000
Change: +8% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$44,530,000
Change: +7% · Conversion: Difficult
RETAIL STORES
$43,325,000
Change: +4% · Conversion: Moderate
COMMERCIAL (GENERAL)
$41,530,000
Change: 0% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$37,030,000
Change: -11% · Conversion: Easy
Blend value · Realmo final
$50.67M
Range $45.60M – $55.73M · ±10%
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
$315 / 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
$1,093,404
Tax year 2024
Assessed value
$45,182,000
Assessed 2024
Previous assessed
$41,735,000
+8.3% YoY
Effective rate
2.42%
On assessed value
Assessed land
$6,471,000
Assessed improvement
$38,711,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Off-Market
Year built
1979
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
2
Units
2
Rooms
1
Total area
160,722 SF
Lot
15.63 ac (680,842 SF)
Zoning code
CRO
APN
LEXI M:0043 L:00009D
UPID
US38-1084581
Jurisdiction
LEXINGTON
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
CRO · Lexington, MA
Zoning CRO · permitted uses
CRO · Lexington, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Lexington. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$41.7M
RESTAURANT
Est. value
$46.7M
AUTO REPAIR, GARAGE
Est. value
$45.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$44.5M
RETAIL STORES
Est. value
$43.3M
COMMERCIAL (GENERAL)
Est. value
$41.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$37.0M
OFFICE BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
RETAIL STORES
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1979
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
1
Units
2
Rooms
1
Lot
15.63 ac
Current owner
From public records · entity-resolved
3 Forbes De LLC
Entity
Mailing address
116 HUNTINGTON AVE STE #600, BOSTON, MA 02116-5745
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 30, 2019
—
3 Forbes De LLC
—
Deed
related
$32,000,000 · Citizens Bk/ma
May 19, 2014
—
3 Forbes De LLC
3 Forbes RT
Quit Claim Deed
related
—
Jul 6, 2007
—
Forbes RT
—
Deed Of Trust
related
$455,000,000 · Anglo Irish Bank Corp
May 19, 2004
—
Forbes RT
—
Deed Of Trust
related
$16,200,000 · J Pilot Fncl Insur Co
Aug 21, 2003
—
Bhx LLC
—
Deed Of Trust
related
$14,600,000 · Fleet National Bank
Apr 24, 2003
—
Bhx LLC
—
Deed Of Trust
related
$14,600,000 · Gary Needham
Oct 27, 2000
$10,525,000
Forbes RT
Lockheed Martin Corp
Grant Deed
$15,000,000 · Key Bank NA
Oct 27, 2000
—
Forbes RT
—
Deed Of Trust
related
$1,123,700 · Zuckerman Family Nomi
Jan 25, 1990
$3,200,000
Loral Infrared
Honeywell INC
Grant Deed
—
—
—
3 Forbes De LLC
—
Deed Of Trust
related
$32,000,000 · Citizens Bk/ma
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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