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    Property profile & analytics

    397 School St Lowell, MA 01851

    • Auto shops
    • 2,854 SF
    • 0.13 lot acres
    For Lease
    View listing
    Last Sale
    Sep 01, 2022
    $600,000
    Value Estimations
    $570,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1759485
    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

    • Saem's Auto Services Center / Auto Repair Shop
    • Tepsena Auto Repair / Car Repair And Maintenance Service

    Property Details for 397 School St

    Year built
    1960
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.13 lot acres
    Property size
    2,854 SF
    Zone code
    TMU
    Property type
    Auto shops
    APN
    LOWE M:120 B:5240 L:397
    APU
    LOWEM120B5240L397

    Description

    This free-standing automotive repair garage, located at 397 School Street in Lowell, MA, offers a fantastic opportunity for a business seeking a well-situated space. The property encompasses approximately 2,854 square feet, distributed across two floors: 2,196 square feet on the ground floor and an additional 658 square feet on the second floor. Situated on a 0.13-acre lot, the building features a convenient 12-foot overhead garage door, perfect for accommodating vehicles and equipment. A fenced-in yard provides ample secure outdoor space for storage or additional operations. The property benefits from excellent visibility due to its location on the heavily trafficked School Street, ensuring high exposure to potential customers. This single-tenancy industrial warehouse is ideal for automotive repair businesses or similar operations requiring a blend of indoor and outdoor space. The property's size, features, and location combine to create a compelling opportunity for a business seeking to establish or expand its operations in a thriving area. Interested parties are encouraged to inquire for further details.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $545,000
      ML approach
      $530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $402,000
      Market price range: $215k - $613k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $435,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $790,000
      Change: +82% Conversion: Difficult
      RETAIL STORES
      $435,000
      Change: -0% Conversion: Difficult
      WAREHOUSE, STORAGE
      $415,000
      Change: -4% Conversion: Easy
      OFFICE BUILDING
      $375,000
      Change: -13% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $350,000
      Change: -19% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Lowell
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.3252
    Latitude
    42.6397
    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
    $6,436
    $117,100
    $159,500
    $276,600
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      3,608 SF

      1585 Middlesex St

      AUTO REPAIR, GARAGE • 3,608 SF
      1585 Middlesex St, Lowell, MA 01851-1113
      View Details
    • Value Estimation
      $605,000
      8,716 SF

      1375 Middlesex St

      AUTO REPAIR, GARAGE • 8,716 SF
      1375 Middlesex St, Lowell, MA 01851-1219
      View Details
    • Value Estimation by Request
      921 SF

      1600 Middlesex St

      AUTO REPAIR, GARAGE • 921 SF
      1600 Middlesex St, Lowell, MA 01851-1150
      View Details
    • Value Estimation by Request
      750 SF

      511 Middlesex St

      AUTO REPAIR, GARAGE • 750 SF
      511 Middlesex St, Lowell, MA 01851-1404
      View Details
    • Value Estimation by Request
      3,188 SF

      70 Stedman St

      AUTO REPAIR, GARAGE • 3,188 SF
      70 Stedman St, Lowell, MA 01851-2703
      View Details
    • Value Estimation by Request
      1,024 SF

      360 Chelmsford St

      AUTO REPAIR, GARAGE • 1,024 SF
      360 Chelmsford St, Lowell, MA 01851-4455
      View Details

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    Similar Nearby for Lease

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      658 SF

      Automotive Repair Garage For Lease

      Freestanding automotive repair garage available for lease in Lowell, MA.
      397 School St, Lowell, MA 01851
      View Details
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      Interconnected Office/R&D Buildings For Rent

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      Historic Building Retail Space Available

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      View Details
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    397 School St
    Lowell, MA 01851
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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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