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    Property profile & analytics

    489 Prospect St Methuen, MA 01844-7501

    • Assisted living facilities
    • 9,147 SF
    • 0.43 lot acres
    OFF-MARKET
    Value Estimation
    $2,610,000
    Last Sale
    Sep 18, 2024
    $2,600,000
    Location Intelligence
    Property ID
    US38-1220115
    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

    • Grace Morgan House / Assisted Living Facility

    Property Details for 489 Prospect St

    Year built
    1900
    Construction
    FRAME
    Lot size
    0.43 lot acres
    Property size
    9,147 SF
    Zone code
    RC
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    METH M:00914 B:00098 L:00002
    APU
    METHM00914B00098L00002

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $2,600,000

    • CAP approach

      CAP return
      Estimation
      6%
      $2,470,000
      6.5%
      $2,600,000
      7%
      $2,895,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $2,445,000
      Geo Method
      $2,605,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $2,730,000
      Retail
      $3,070,000
      Mixed-Use
      $2,355,000
      Hospitality
      $2,780,000
      Educational
      $2,425,000
      Residential Income
      $2,545,000
      Energy
      $3,240,000
      Income-Based Land
      $2,830,000
      Food Service
      $3,030,000

    Location Insight

    • Map
    • Local Demand
    City
    Methuen
    County
    Essex
    State
    Massachusetts
    Longitude
    -71.1582
    Latitude
    42.7267
    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
    $12,806
    $198,400
    $411,400
    $609,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      472,045 SF

      70 Ee St

      HOSPITAL - PRIVATE • 472,045 SF
      70 Ee St, Methuen, MA 01844-4597
      View Details
    • Value Estimation by Request
      33,945 SF

      380R Merrimack St

      Medical offices • 33,945 SF
      380R Merrimack St, Methuen, MA 01844
      View Details
    • Value Estimation by Request
      0.14 Acres

      Osgood Std

      PARKING LOT • 0.14 Acres
      Osgood Std, Methuen, MA 01844
      View Details
    • Value Estimation by Request
      0.28 Acres

      Cornelie Rd

      AUTO REPAIR, GARAGE • 0.28 Acres
      Cornelie Rd, Methuen, MA 01844
      View Details
    • Value Estimation by Request
      5.46 Acres

      49 Danton Dr

      COMMERCIAL (GENERAL) • 5.46 Acres
      49 Danton Dr, Methuen, MA 01844-1513
      View Details
    • Value Estimation by Request
      0.95 Acres

      216 Haverhill St

      COMMERCIAL (GENERAL) • 0.95 Acres
      216 Haverhill St, Methuen, MA 01844-3468
      View Details

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    • Contact for pricing

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    Similar Nearby for Lease

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    • Contact for pricing
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    • $599 /Mo
      150 SF

      Professional Office Space For Rent

      Private office in downtown Methuen with shared amenities included.
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      View Details
    • $20 SF/Yr

      Commercial Office/Retail Condo Available

      Commercial office/retail condo with attractive finishes and basement.
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    • $3,500 /Mo

      Drive-In Drive-Out Bay Warehouse

      Warehouse space featuring drive-in/drive-out bay, radiant heat, and keypad entry.
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      View Details
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    489 Prospect St
    Methuen, MA 01844-7501
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    Realmo Value Estimation

    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.

    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.

    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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