Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3 Griffin Way Chelsea, MA 02150-3335

    • Showrooms
    • 32,616 SF
    • 1.31 lot acres
    OFF-MARKET
    Last Sale
    Jun 09, 2021
    $10,050,000
    Value Estimations
    $10,110,000
    Show details
    Cap Rate Potential
    4.4%
    Showrooms
    Location Intelligence
    Property ID
    US38-1339766
    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

    • Showrooms

    Property Details for 3 Griffin Way

    Year built
    1986
    Construction
    STEEL FRAME
    Lot size
    1.31 lot acres
    Property size
    32,616 SF
    Zone code
    INDUST
    Property type
    Showrooms
    APN
    CHEL M:031 P:111
    APU
    CHELM031P111

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,460,000
      ML approach
      $10,225,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,590,000
      6.5%
      $7,005,000
      7%
      $6,505,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $10,060,000
      Current use
      AUTO REPAIR, GARAGE
      $16,400,000
      Change: +63% Conversion: Difficult
      RETAIL STORES
      $12,415,000
      Change: +23% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $11,025,000
      Change: +10% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $10,570,000
      Change: +5% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Chelsea
    County
    Suffolk
    State
    Massachusetts
    Longitude
    -71.025
    Latitude
    42.3915
    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
    $191,860
    $908,600
    $7,169,700
    $8,078,300
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,940,000
      33,588 SF

      360 Beacham St

      SHOW ROOM, WAREHOUSE • 33,588 SF
      360 Beacham St, Chelsea, MA 02150-1723
      View Details
    • Value Estimation
      $4,090,000
      7,360 SF

      290 4th St

      SHOW ROOM, WAREHOUSE • 7,360 SF
      290 4th St, Chelsea, MA 02150-1524
      View Details
    • Value Estimation by Request
      2,536 SF

      24 Adams St

      SHOW ROOM, WAREHOUSE • 2,536 SF
      24 Adams St, Chelsea, MA 02150-1403
      View Details
    • Value Estimation
      $2,045,000
      7,700 SF

      350 Broadway

      SHOW ROOM, WAREHOUSE • 7,700 SF
      350 Broadway, Chelsea, MA 02150-2874
      View Details
    • Value Estimation
      $1,630,000
      13,500 SF

      111 Cres Ave

      SHOW ROOM, WAREHOUSE • 13,500 SF
      111 Cres Ave, Chelsea, MA 02150-3008
      View Details
    • Value Estimation
      $6,530,000
      56,260 SF

      151 Everett Ave

      SHOW ROOM, WAREHOUSE • 56,260 SF
      151 Everett Ave, Chelsea, MA 02150-1812
      View Details

    Similar Nearby for Sale

    • $1,700,000

      Chelsea Commercial Building For Sale

      Versatile commercial building in Chelsea's transforming downtown district.
      22 Washington Ave, Chelsea, MA 02150
      View Details
    • $260,000

      Retail Opportunity Near Chelsea City Hall

      Retail variety store with inventory and equipment included in sale.
      479 Broadway, Chelsea, MA 02150
      View Details
    • $499,000

      Spacious Two-Family Home Near Transit

      Two-family home near transit, ideal for investors or conversion.
      65 6Th St, Chelsea, MA 02150
      View Details
    • $949,900

      Chelsea Multifamily Investment Opportunity

      Fully occupied three-unit property in a prime Chelsea location.
      837 Broadway, Chelsea, MA 02150
      View Details
    • $1,275,000
      5,976 SF

      Well-Maintained Multifamily in Prattville Area

      Spacious 4-family property with updates and convenient location.
      3 Nichols St, Chelsea, MA 02150
      View Details
    • $850,000

      Updated Two-Family Home Near Downtown

      Updated two-family home near Downtown Chelsea with strong rental income.
      29 Cottage St, Chelsea, MA 02150
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,749 SF

      Retail/Restaurant Space in Chelsea, MA

      2,749 SF retail/restaurant space near transportation and Encore Boston Harbor.
      600 Broadway, Chelsea, MA 02150
      View Details
    • Contact for pricing
      2,749 SF

      Retail Space Available For Rent

      Retail space available for rent in Everett, Massachusetts.
      600 Broadway, Everett, MA 02150
      View Details
    • $2,500 /Mo

      Centrally Located Garage For Lease

      Garage space suitable for contractors, handyman, and tradesman.
      155 Division St, Chelsea, MA 02150
      View Details
    • Contact for pricing

      Chelsea Commercial Property For Rent

      Commercial property available for rent in Chelsea, Massachusetts.
      Chelsea, MA 02150
      View Details
    • Contact for pricing
      4,730 SF

      Chelsea Executive Office Suites

      Prime Chelsea location, flexible space available
      145 Beech St, Chelsea, MA 02150
      View Details
    • $18 SF/Yr
      100,000 SF

      Patriot Office Park: Chelsea Office Space

      Flexible Suites, Prime Chelsea Location
      100 Everett Ave, Chelsea, MA 02150
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3 Griffin Way
    Chelsea, MA 02150-3335
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.