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Property profile & analytics
OFF-MARKET
Estimated value
$14,000,000
Warehouses
48 Leonard St, Norton, MA 02766-2412
Entity Owned
2-yr Hold
Free & Clear
Property ID
US38-0022107
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2023
Construction
STEEL FRAME
Total area
60,000 SF
Lot
22.76 ac (991,367 SF)
APN
NORT M:11 P:25-03
UPID
US38-0022107
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
$14.00M
CAP Approach
CAP
$11.96M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$14.00M
Owner & transaction history
Quitable Hld Co LLC · 2 yrs held
Quitable Hld Co LLC
since 2024
Last sale
$14.0M
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$14.0M
+77.0%
Auto repair, garage
$10.7M
+34.5%
Retail stores
$9.8M
+24.0%
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 Norton submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Norton 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
$14,000,000
ML approach
$14,000,000
CAP Approach
CAP Return
Estimation
6%
$12,955,000
6.5%
$11,960,000
7%
$11,105,000
Alternative Use
Use
Estimation
RESTAURANT
$14,045,000
Change: +77% · Conversion: Difficult
AUTO REPAIR, GARAGE
$10,675,000
Change: +35% · Conversion: Easy
RETAIL STORES
$9,845,000
Change: +24% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$9,605,000
Change: +21% · Conversion: Difficult
OFFICE BUILDING
$9,165,000
Change: +16% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$9,165,000
Change: +15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$8,940,000
Change: +13% · Conversion: Difficult
Blend value · Realmo final
$14.00M
Range $12.60M – $15.40M · ±10% · vs last sale $14.00M (Apr 24 2024)
Last sale anchor
$14.00M
Apr 24 2024
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
$233 / 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
$43,997
Tax year 2024
Assessed value
$3,179,000
Assessed 2024
Previous assessed
$3,179,000
+0.0% YoY
Effective rate
1.38%
On assessed value
Assessed land
$1,980,300
Assessed improvement
$1,198,700
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2023
Construction
STEEL FRAME
Buildings
1
Total area
60,000 SF
Lot
22.76 ac (991,367 SF)
APN
NORT M:11 P:25-03
UPID
US38-0022107
Jurisdiction
NORTON
Zoning & alternative use
Zoning · permitted uses
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
RESTAURANT
Est. value
$14.0M
AUTO REPAIR, GARAGE
Est. value
$10.7M
RETAIL STORES
Est. value
$9.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$9.6M
OFFICE BUILDING
Est. value
$9.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$9.2M
COMMERCIAL (GENERAL)
Est. value
$8.9M
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
OFFICE BUILDING
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
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
2023
Construction
STEEL FRAME
Buildings
1
Lot
22.76 ac
Current owner
From public records · entity-resolved
Quitable Hld Co LLC
Entity
Free & Clear · 2 yrs held
Mailing address
48 LEONARD ST, NORTON, MA 02766-2412
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 24, 2024
$14,000,000
Quitable Hld Co LLC
Leonard St B12 Owner LLC
Quit Claim Arm's Length For Ne States
—
Jun 13, 2022
—
Leonard St B12 Owner LLC
Leonard St Phase 2 Owner
Quit Claim Deed
related
$8,885,205 · Middlesex Savings Bank
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.
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