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Property profile & analytics
OFF-MARKET
Estimated value
$1,450,000
Office buildings
32 Church St, Salem, MA 01970-3769
Entity Owned
27-yr Hold
~
Est. High Equity
Property ID
US38-1637534
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1879
Construction
FRAME
Total area
5,750 SF
Lot
0.06 ac (2,557 SF)
Zoning code
B5
APN
SALE M:35 L:0197
UPID
US38-1637534
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
-
Pitman & Wardley Associates, LLC Architect Architecture Firm
-
Lance I Layne Law Office Law Firm
-
Brix Condominiums Sales Center Real Estate Agency
-
MHANe Medical Clinic
-
Shelby Ortega, Ph.D Physician Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.40M
Blend (final)
Blend
$1.45M
Owner & transaction history
East India Group LLC · 27 yrs held
East India Group LLC
since 1998
6 recorded transactions
Zoning & alternative use
B5 · Salem, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$2.0M
+20.3%
Apartment house (5+ units)
$1.8M
+11.5%
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 Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,650,000
Current use
RESTAURANT
$1,985,000
Change: +20% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$1,840,000
Change: +11% · Conversion: Easy
COMMERCIAL (GENERAL)
$1,590,000
Change: -4% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,375,000
Change: -17% · Conversion: Difficult
Blend value · Realmo final
$1.45M
Range $1.31M – $1.60M · ±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
$252 / 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
$17,419
Tax year 2024
Assessed value
$735,300
Assessed 2024
Previous assessed
$735,300
+0.0% YoY
Effective rate
2.37%
On assessed value
Assessed land
$274,900
Assessed improvement
$460,400
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
1879
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
2
Units
5
Bathrooms
3
Total area
5,750 SF
Lot
0.06 ac (2,557 SF)
Zoning code
B5
APN
SALE M:35 L:0197
UPID
US38-1637534
Jurisdiction
SALEM
Metro division
ESSEX COUNTY, MA METROPOLITAN DIVISION
Zoning & alternative use
B5 · Salem, MA
Zoning B5 · permitted uses
B5 · Salem, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.7M
RESTAURANT
Est. value
$2.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$1.4M
OFFICE BUILDING Current
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1879
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
2
Buildings
1
Units
5
Bathrooms
3
Lot
0.06 ac
Current owner
From public records · entity-resolved
East India Group LLC
Entity
Mailing address
32 CHURCH ST, SALEM, MA 01970-3769
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 7, 2018
—
East India Group LLC
—
Deed
related
$300,000 · Martha B Pitman
Mar 13, 2007
—
East India Group LLC
—
Deed Of Trust
related
$50,000 · Marblehead Savings Bank
Jul 14, 1998
$300,000
East India Group LLC
Red RT
Grant Deed
$225,000 · Marblehead Savings Bank
Feb 14, 1992
—
Red RT
—
Deed Of Trust
related
$275,774 · Gary Needham
May 2, 1990
—
One Church St. RT
—
Deed Of Trust
related
$282,000 · Gary Needham
—
—
East India Group LLC
—
Deed Of Trust
related
$300,000 · Martha B Pitman
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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