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    Property profile & analytics

    303rd Highland Ave Salem, MA 01970-1831

    • Auto shops
    • 1,280 SF
    • 0.24 lot acres
    OFF-MARKET
    Last Sale
    Feb 13, 2020
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1832143
    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

    • Auto shops

    Property Details for 303rd Highland Ave

    Year built
    1960
    Construction
    STEEL FRAME
    Lot size
    0.24 lot acres
    Property size
    1,280 SF
    Zone code
    I
    Property type
    Auto shops
    APN
    SALE M:08 L:0133
    APU
    SALEM08L0133

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.9239
    Latitude
    42.5013
    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
    $9,339
    $343,300
    $50,900
    $394,200
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,740,000
      19,940 SF

      63 Jefferson Ave

      AUTO REPAIR, GARAGE • 19,940 SF
      63 Jefferson Ave, Salem, MA 01970-2956
      View Details
    • Value Estimation
      $1,185,000
      6,500 SF

      309-311 Highland Ave

      AUTO REPAIR, GARAGE • 6,500 SF
      309-311 Highland Ave, Salem, MA 01970
      View Details
    • Value Estimation by Request
      1,987 SF

      53 12th Canal St

      AUTO REPAIR, GARAGE • 1,987 SF
      53 12th Canal St, Salem, MA 01970-4843
      View Details
    • Value Estimation by Request
      5,000 SF

      19 Hersey St

      AUTO REPAIR, GARAGE • 5,000 SF
      19 Hersey St, Salem, MA 01970-4518
      View Details
    • Value Estimation by Request
      5,229 SF

      9 Lathrop St

      AUTO REPAIR, GARAGE • 5,229 SF
      9 Lathrop St, Salem, MA 01970-4114
      View Details
    • Value Estimation
      $505,000
      8,714 SF

      46 Tulip St

      AUTO REPAIR, GARAGE • 8,714 SF
      46 Tulip St, Salem, MA 01970-4530
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,106 SF

      Salem Retail Building Near Transit

      Freestanding 1,106 SF commercial building near Salem T.
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    • $599,900

      Commercial Building Near Salem University

      Commercial building for sale near Salem State University.
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      1,008 SF

      Salem Flex Space For Sale

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      Established Polish Deli For Sale

      Profitable Polish deli established in 2001, available for sale.
      176 Essex St, Salem, MA 01970
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    • Contact for pricing

      High-Visibility Commercial Space in Salem

      Commercial space in Salem near downtown and commuter rail.
      97 Bridge St, Salem, MA 01970
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    • $379,000
      1,100 SF

      Retail Building Near Salem T

      1,100 SF retail building with high traffic count.
      280 Bridge St, Salem, MA 01970
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    Similar Nearby for Lease

    • Contact for pricing

      Luxury Salon Space in Salem

      Fully furnished salon space with photography set available for rent.
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    • $27 SF/Yr
      1,106 SF

      Salem Train Station Storefront

      Freestanding Commercial Space, High Traffic
      280 Bridge St, Salem, MA 01970
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    • Contact for pricing
      9,831 SF

      Highland Avenue Commercial Space Available

      Highly visible commercial space suitable for retail, medical, or office.
      207 Highland Ave, Salem, MA 01970
      View Details
    • Contact for pricing
      1,245 SF

      Retail Space Available for Lease

      1,245 SF retail space with strong co-tenants in Salem.
      10 Traders Way, Salem, MA 01970
      View Details
    • Contact for pricing
      2,000 SF

      Established Flex Space Near Downtown

      Versatile retail/office space near downtown, courts, and commuter rail.
      65-67 Congress St, Salem, MA 01970
      View Details
    • Contact for pricing
      1,380 SF

      Retail Space on Highland Avenue

      Retail space available now at a busy intersection.
      276 Highland Ave, Salem, MA 01970
      View Details
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    Salem, MA 01970-1831
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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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