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    Property profile & analytics

    38 Norman St Salem, MA 01970

    • Parking lots & garages
    • 2,016 SF
    • 0.32 lot acres
    For Lease
    View listing
    $30 SF/Yr
    Last Sale
    Jul 25, 2022
    $1,210,000
    Value Estimations
    $1,355,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0728059
    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

    • Parking lots & garages

    Property Details for 38 Norman St

    Year built
    1945
    Construction
    STEEL FRAME
    Lot size
    0.32 lot acres
    Property size
    2,016 SF
    Zone code
    B3
    Property type
    Parking lots & garages
    APN
    SALE M:26 L:0464
    APU
    SALEM26L0464

    Description

    This exceptional Class A commercial property, located at 38 Norman Street in Salem, Massachusetts, offers 2,890 square feet of versatile space ideal for retail, restaurant, or special purpose uses. Situated on a 0.35-acre lot, this single-tenant building boasts new construction and is conveniently located near Salem's airport. The property features modern amenities including elevators, making it an attractive option for a variety of businesses. The building's prime location within Salem offers excellent visibility and accessibility, ensuring high foot traffic and potential for significant growth. This is a rare opportunity to secure a brand-new, high-quality commercial space in a thriving Massachusetts market. The property is anticipated to be available in 2025. The building's design and construction meet the highest standards, ensuring a functional and aesthetically pleasing space for your business. Its strategic location near the airport provides convenient access for both local clientele and those traveling through the region. With its ample square footage and versatile layout, this property presents a unique opportunity for businesses seeking a prominent presence in Salem. Inquire today to learn more about this exceptional commercial space. Zip code: 01970.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,355,000
      ML approach
      $1,345,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8979
    Latitude
    42.5203
    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
    $19,371
    $663,600
    $154,100
    $817,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $310,000
      0.30 Acres

      21 Leach St, Unit G2

      RESIDENTIAL PARKING GARAGE • 0.30 Acres
      21 Leach St, Salem, MA 01970-4710
      View Details
    • Value Estimation
      $330,000
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      18 Linden St, Unit 5G

      RESIDENTIAL PARKING GARAGE • 0.28 Acres
      18 Linden St, Salem, MA 01970-4665
      View Details
    • Value Estimation
      $330,000
      0.07 Acres

      9 Dodge St Ct, Unit 2

      RESIDENTIAL PARKING GARAGE • 0.07 Acres
      9 Dodge St Ct, Salem, MA 01970
      View Details
    • Value Estimation
      $315,000
      0.07 Acres

      9 Dodge St Ct, Unit 4

      RESIDENTIAL PARKING GARAGE • 0.07 Acres
      9 Dodge St Ct, Salem, MA 01970
      View Details
    • Value Estimation
      $335,000
      0.31 Acres

      289 Essex St, Unit 1

      RESIDENTIAL PARKING GARAGE • 0.31 Acres
      289 Essex St, Salem, MA 01970-3451
      View Details
    • Value Estimation
      $335,000
      0.31 Acres

      289 Essex St, Unit 12

      RESIDENTIAL PARKING GARAGE • 0.31 Acres
      289 Essex St, Salem, MA 01970-3451
      View Details

    Similar Nearby for Sale

    • Contact for pricing

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    Similar Nearby for Lease

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      Convenient Garage Parking For Rent

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      Visible Commercial Space on Highland

      Highly visible 9,831 sq ft commercial space on Highland Ave.
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      Flex Space Near Downtown Salem

      Established flex space suitable for retail or office use.
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      View Details
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    38 Norman St
    Salem, MA 01970
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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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