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    Property profile & analytics

    392 Chestnut St Needham, MA 02492-2411

    • Medical Office Space
    • 10,288 SF
    • 0.41 lot acres
    OFF-MARKET
    Value Estimations
    $1,740,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0313238
    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

    • Brignall David B MD / Pediatrician / Physician
    • Goldberg Renee MD / Physician
    • Khalarian Carol A / Medical Clinic
    • Healey Caitlin M / Physician
    • Pearl Guerzon, MD / Pediatrician / Physician

    Property Details for 392 Chestnut St

    Year built
    2007
    Lot size
    0.41 lot acres
    Property size
    10,288 SF
    Zone code
    CS
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    NEED M:046.0 B:0015 L:0000.0
    APU
    NEEDM0460B0015L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,728,000
      Market price range: $563k - $1.93M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,175,000
      Current use
      RESTAURANT
      $1,835,000
      Change: +56% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,280,000
      Change: +9% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,235,000
      Change: +5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,060,000
      Change: -10% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Needham
    County
    Norfolk
    State
    Massachusetts
    Longitude
    -71.2375
    Latitude
    42.2734
    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
    $86,980
    $857,700
    $2,682,400
    $3,540,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $755,000
      11,028 SF

      1410 Highland Ave

      MEDICAL BUILDING • 11,028 SF
      1410 Highland Ave, Needham, MA 02492-2671
      View Details
    • Value Estimation
      $1,700,000
      4,014 SF

      117 Chestnut St

      MEDICAL BUILDING • 4,014 SF
      117 Chestnut St, Needham, MA 02492-2515
      View Details
    • Value Estimation
      $940,000
      13,872 SF

      87 Chestnut St

      MEDICAL BUILDING • 13,872 SF
      87 Chestnut St, Needham, MA 02492-2578
      View Details
    • Value Estimation
      $1,290,000
      45,920 SF

      150 Lincoln St

      HOMES (RETIRED, NURSING) • 45,920 SF
      150 Lincoln St, Needham, MA 02492-2914
      View Details
    • Value Estimation by Request
      0.22 Acres

      52 Pickering St

      OFFICE BUILDING • 0.22 Acres
      52 Pickering St, Needham, MA 02492-3159
      View Details
    • Value Estimation
      $610,000
      10,523 SF

      433 Chestnut St

      OFFICE BUILDING • 10,523 SF
      433 Chestnut St, Needham, MA 02492-2822
      View Details

    Similar Nearby for Sale

    • $549,999

      Office/Medical Condo Near Hospital

      1,215 SF office/medical condo near Needham Town Center.
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    • $550,000
      1,215 SF

      Needham Office Condo For Sale

      Office condo in Needham, ideal for professional or medical use.
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    • Contact for pricing
      18,976 SF

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      Fully leased mixed-use building in the heart of downtown Needham.
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      View Details
    • $2,600,000
      6,300 SF

      Downtown Needham Free-Standing Retail Building

      Corner building with on-site parking in downtown Needham, Massachusetts.
      315-317 Chestnut St, Needham, MA 02492
      View Details
    • $2,600,000

      Downtown Needham Free-Standing Building

      Corner building with parking in downtown Needham for sale.
      315-317 Chestnut St, Needham, MA 02492
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    Similar Nearby for Lease

    • Contact for pricing
      8,335 SF

      Needham Office Space For Rent

      8,335 SF office space available in Needham, MA.
      20 Pickering St, Needham, MA 02492
      View Details
    • Contact for pricing
      1,045 SF

      Bright Office Unit For Rent

      Second-floor office unit with parking in Newton/Needham N2 Corridor.
      85 Franklin St, Needham, MA 02492
      View Details
    • $1,800 /Mo

      High-End Office Suite in Needham

      Professional office suite for sublease in a prime location.
      1040 Great Plain Ave, Needham, MA 02492
      View Details
    • $775 /Mo
      173 SF

      Single Office Space For Rent

      Second-floor office space with shared waiting room, utilities included.
      399 Chestnut St, Needham, MA 02492
      View Details
    • $1,200 /Mo

      Needham Office Space For Rent

      Well-maintained office building near Needham Center and BID Hospital.
      10 Oak St, Needham, MA 02492
      View Details
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    392 Chestnut St
    Needham, MA 02492-2411
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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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