Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$1,485,000
Grocery and convenience stores
453 Franklin St 463 Melrose, MA 02176-1855
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US38-0878426
Property profile
Verified
Property type
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Year built
1967
Construction
FRAME
Total area
4,580 SF
Lot
0.11 ac (4,996 SF)
Zoning code
BA2
APN
MELR M:C12 P:0000016
UPID
US38-0878426
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.52M
CAP Approach
CAP
$1.02M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.49M
Owner & transaction history
Franklin St Dev LLC · 5 yrs held
Franklin St Dev LLC
since 2021
Last sale
$1.5M
7 recorded transactions
Zoning & alternative use
BA2 · Melrose, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$1.3M
+4.4%
Neighborhood: shopping center
$1.3M
+2.8%
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 Melrose submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Melrose 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
$1,420,000
ML approach
$1,520,000
CAP Approach
CAP Return
Estimation
6%
$1,095,000
6.5%
$1,015,000
7%
$940,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,235,000
Current use
AUTO REPAIR, GARAGE
$1,290,000
Change: +4% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,270,000
Change: +3% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,185,000
Change: -4% · Conversion: Easy
OFFICE BUILDING
$1,000,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$1.49M
Range $1.34M – $1.63M · ±10% · vs last sale $1.50M (Jul 8 2021)
Last sale anchor
$1.50M
Jul 8 2021
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
$324 / 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
$8,426
Tax year 2024
Assessed value
$475,800
Assessed 2024
Previous assessed
$475,800
+0.0% YoY
Effective rate
1.77%
On assessed value
Assessed land
$256,100
Assessed improvement
$219,700
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Grocery and convenience stores
Use group
GROCERY, SUPERMARKET
Status
Off-Market
Year built
1967
Construction
FRAME
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
1
Rooms
3
Bathrooms
4
Total area
4,580 SF
Lot
0.11 ac (4,996 SF)
Zoning code
BA2
APN
MELR M:C12 P:0000016
UPID
US38-0878426
Jurisdiction
MELROSE
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
BA2 · Melrose, MAZoning BA2 · permitted uses
BA2 · Melrose, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.3M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.0M
RETAIL STORES Current
AUTO REPAIR, GARAGE
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
OFFICE BUILDING
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
1967
Construction
FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
1
Rooms
3
Bathrooms
4
Lot
0.11 ac
Current owner
From public records · entity-resolved
Franklin St Dev LLC
Entity
Mailing address
14 LEXINGTON ST, STONEHAM, MA 02180-2319
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 10, 2026
—
Franklin Street Dev LLC
—
Deed
related
$7,450,000 · Rockland Trust Company
Jul 8, 2021
—
Franklin St Dev LLC
Robert Johnson
Quit Claim Deed
related
$5,909,000 · Stoneham Cooperative Bank
Jun 14, 2021
$1,500,000
Robert Johnson
Mel Real Estate LLC
Quit Claim Arm's Length For Ne States
—
Dec 23, 2016
$220,000
Mel Real Estate LLC
Garniss Lyman T
Personal Representative Deed
—
Jan 11, 2011
$1
Lyman T Garniss
Garniss Barbara A Est
Grant Deed
—
Jan 5, 1989
—
Lyman T Garniss
—
Deed Of Trust
related
$155,000 · Metropolitan Bk & Tr
Nov 18, 1987
—
Lyman T Garniss
—
Deed Of Trust
related
$85,000 · Metropolitan Bk & Tr
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 453 Franklin St, Unit 463?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
