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    399 Chestnut St Needham, MA 02492

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    399 Chestnut St Needham, MA 02492

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    • Retail space
    • 8,522 SF
    • 0.31 lot acres
    For Lease
    $775/Mo
    View Listing →
    Single Office Space For Rent For Lease
    $775/Mo

    Single Office Space For Rent

    Second-floor office space with shared waiting room, utilities included.

    399 Chestnut St, Needham, MA 2492
    View Listing
    Property ID
    US38-0600309
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • New Season Cleaners / (Bike/Boat/Book/etc) Store
    • Law Offices of Jennifer R. Cousineau / Law Firm
    • Life Safe Insurance / Insurance Agency
    • Robert T. Smart, Jr., Esq. / Law Firm
    • RingelLaw, PC / Law Firm

    Property Details for 399 Chestnut St

    Year built
    1984
    Lot size
    0.31 lot acres
    Property size
    8,522 SF
    Zone code
    CS
    Property type
    Retail space
    APN
    NEED M:046.0 B:0061 L:0000.0
    APU
    NEEDM0460B0061L00000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,495,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $2,450,000
      Change: -2% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,180,000
      Change: -13% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Needham
    County
    Norfolk
    State
    Massachusetts
    Longitude
    -71.2383
    Latitude
    42.2733
    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
    $36,889
    $767,200
    $734,200
    $1,501,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,015,000
      17,970 SF

      73 Chestnut St

      RETAIL STORES (PERSONAL SERVICES) • 17,970 SF
      73 Chestnut St, Needham, MA 02492-2526
      View Details
    • Value Estimation
      $2,045,000
      9,643 SF

      320 Chestnut St

      RETAIL STORES (PERSONAL SERVICES) • 9,643 SF
      320 Chestnut St, Needham, MA 02492-2411
      View Details
    • Value Estimation
      $3,385,000
      21,937 SF

      1013 Great Pln Ave

      RETAIL STORES (PERSONAL SERVICES) • 21,937 SF
      1013 Great Pln Ave, Needham, MA 02492-2511
      View Details
    • Value Estimation
      $950,000
      5,950 SF

      53 Chestnut St

      RETAIL STORES (PERSONAL SERVICES) • 5,950 SF
      53 Chestnut St, Needham, MA 02492-2579
      View Details
    • Value Estimation
      $1,810,000
      8,380 SF

      934 Great Pln Ave

      RETAIL STORES (PERSONAL SERVICES) • 8,380 SF
      934 Great Pln Ave, Needham, MA 02492-3030
      View Details
    • Value Estimation
      $750,000
      19,068 SF

      990 Great Pln Ave

      RETAIL STORES (PERSONAL SERVICES) • 19,068 SF
      990 Great Pln Ave, Needham, MA 02492-2508
      View Details

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      6,300 SF

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      View Details
    • Contact for pricing
      9,074 SF

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      Needham Office Condo For Sale

      Office condo in Needham, ideal for professional or medical use.
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    Similar Nearby for Lease

    • $60 SF/Yr

      Downtown Needham Commercial Space

      Street-level retail space in Downtown Needham with exclusive parking.
      315-317 Chestnut St, Needham, MA 02492
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      1,045 SF

      Bright Office Unit For Rent

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      8,335 SF office space available in Needham, MA.
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    • $1,175 /Mo

      Well-Maintained Office Building Near Center

      Office suite available now, close to amenities and transportation.
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    • $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
    • $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

    Property Visit Statistics

    • Visits by month
      37.7k
    • Visitors by month
      16.9k
    • Avg Time on site
      16 min
    View Listing
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    Needham, MA 02492
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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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    399 Chestnut St, Needham, MA, 02492

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