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    3 Speen St Framingham, MA 01701-4679
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    Property profile & analytics

    3 Speen St, Framingham, MA 01701-4679

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    • Office buildings
    • 73,924 SF
    • 5.98 lot acres
    Off-Market
    Last Sale Jan 23, 2025
    $24,256,000
    Property ID
    US38-1087312
    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.
    Value Estimations
    $18,900,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • American Spa Magazine / Corporate Office
    • American Cancer Society / Charitable Organization / Social Service Agency
    • IDG World Expo Corporation / Event Planning / Wedding Service
    • Coffee Pond Photography and Yearbooks / Photography Service / (Bike/Boat/Book/etc) Store
    • FUVI Cognitive Network Corp. / Corporate Office

    Property Details for 3 Speen St

    Year built
    1981
    Construction
    CONCRETE
    Lot size
    5.98 lot acres
    Zone code
    M-1
    Property type
    Office buildings
    APN
    FRAM M:072 B:58 L:9000 U:000
    APU
    FRAMM072B58L9000U000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 23, 2025 $24,256,000 The Tjx Companies INC 3 Speen LLC Deed —
    Aug 17, 2020 — 3 Speen LLC — Deed · related $13M · Carruth Partners LLC
    Nov 23, 2018 — 3 Speen LLC — Deed · related $13M · Carruth Partners LLC
    Mar 19, 2013 — 3 Speen LLC — Deed Of Trust · related $10M · Carruth Partners LLC
    Jun 9, 2010 — 3 Speen LLC — Deed Of Trust · related $10M · Carruth Partners LLC
    Jan 2, 2009 — 3 Speen LLC — Deed Of Trust · related $10M · Carruth Partners LLC
    Jun 17, 2004 — Three Speen INC — Grant Deed · related $5.1M · Carruth Dev LLC
    Feb 6, 2003 — Speen LP — Deed Of Trust · related $5.1M · Zuckerman Family Nomi
    Dec 7, 2000 — Three Speen LP — Deed Of Trust · related $6.3M · Zuckerman Family Nomi
    Aug 30, 2000 $23,750,000 Rod Two LP Flanders Asp Point West LLC Grant Deed —
    Oct 20, 1998 $9,881,400 Asp Point West LLC Allstate Life Ins Co Grant Deed —
    — — 3 Speen LLC — Deed Of Trust · related $13M · Carruth Partners LLC
    — — 3 Speen LLC — Deed Of Trust · related $10M · Carruth Partners LLC
    — — 3 Speen LLC — Deed Of Trust · related $13M · Carruth Partners LLC

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $21,240,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,630,000
      Current use
      RESTAURANT
      $21,460,000
      Change: +85% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $20,805,000
      Change: +79% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $20,480,000
      Change: +76% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $17,035,000
      Change: +46% Conversion: Easy
      RETAIL STORES
      $15,875,000
      Change: +36% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $12,780,000
      Change: +10% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $11,345,000
      Change: -2% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Framingham
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.3898
    Latitude
    42.3099
    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
    $253,500
    $2,497,900
    $7,478,500
    $9,976,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

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      235,005 SF

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      OFFICE BUILDING
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    • Value Estimation
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      12,618 SF

      495 Old Connecticut Path

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    • Value Estimation
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      25,372 SF

      11 Pleasant St

      OFFICE BUILDING
      11 Pleasant St, Framingham, MA 01701-4707
      View Details
    • Value Estimation
      $760,000
      10,680 SF

      150 Speen St

      OFFICE BUILDING
      150 Speen St, Framingham, MA 01701-2005
      View Details
    • Value Estimation
      $2,715,000
      33,438 SF

      20 Speen St

      OFFICE BUILDING
      20 Speen St, Framingham, MA 01701-4680
      View Details
    • Value Estimation
      $4,135,000
      64,517 SF

      1891 Worcester Rd

      OFFICE BUILDING
      1891 Worcester Rd, Framingham, MA 01701
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,822 SF

      Renovated Office and Retail Property

      Freestanding office/retail building with flexible space and high visibility.
      211 Cochituate Rd, Framingham, MA 01701
      View Details
    • Contact for pricing
      25,200 SF

      Renovated Boutique Office Building For Sale

      Completely renovated 25,200 SF office building near Route 9/Mass Pike.
      9 Pleasant St, Framingham, MA 01701
      View Details
    • Contact for pricing

      Route 9 Office Building

      Office building on Route 9 with stable tenants.
      1291 Worcester Rd, Framingham, MA 01701
      View Details
    • Contact for pricing

      Multi-Tenanted Office Building For Sale

      Three-story office building with available space for owner/occupant.
      495 Old Connecticut Path, Framingham, MA 01701
      View Details
    • Contact for pricing

      Renovated Boutique Office Building For Sale

      Completely renovated office building near Route 9/Mass Pike available for sale.
      9 Pleasant St, Framingham, MA 01701
      View Details
    • Contact for pricing
      12,670 SF

      Multi-Tenanted Office Building For Sale

      Three-story office building with tenant space and parking.
      495 Old Connecticut Path, Framingham, MA 01701
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      24,000 SF

      Framingham Office Building For Lease

      Three-story office building near major routes and amenities.
      1 Speen St, Framingham, MA 01701
      View Details
    • Contact for pricing
      8,249 SF

      Framingham Executive Park Office Space

      Attractive office buildings in Framingham Executive Park available for lease.
      10 Speen St, Framingham, MA 01701
      View Details
    • Contact for pricing
      2,300 SF

      Framingham Office Building For Lease

      Four-story office building in Metro West Marketplace available for lease.
      1253 Worcester Rd, Framingham, MA 01701
      View Details
    • Contact for pricing
      3,931 SF

      Framingham Office Building For Rent

      Three-story office building with atrium lobby and covered parking.
      959 Concord St, Framingham, MA 01701
      View Details
    • Contact for pricing
      1,028 SF

      Framingham Office Park Office Space

      Multi-tenant office building with renovated suites and abundant parking.
      1671 Worcester Rd, Framingham, MA 01701
      View Details
    • Contact for pricing
      121,656 SF

      Framingham Office Park with Amenities

      Interconnected office buildings with amenities near Mass Pike.
      500 Old Connecticut Path, Framingham, MA 01701
      View Details
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    Framingham, MA 01701-4679
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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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