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Property profile & analytics
OFF-MARKET
Estimated value
$1,120,000
Retail space
511 Main St 521 Melrose, MA 02176-3834
Individually Owned
21-yr Hold
Free & Clear
Property ID
US38-0677847
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1900
Construction
FRAME
Total area
6,665 SF
Lot
0.18 ac (7,649 SF)
Zoning code
BA1
APN
MELR M:0C7 P:00102-1
UPID
US38-0677847
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
Current use
Occupant on record · Public records
-
Herbert L. Schurgin, OD Physician
-
Towne Optical Ophthalmologist (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.48M
Comparable Approach
Comparable
$824k
Blend (final)
Blend
$1.12M
Owner & transaction history
Gerard Raffaele · 21 yrs held
Gerard Raffaele
since 2005
2 recorded transactions
Zoning & alternative use
BA1 · Melrose, MA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$1.8M
+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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,595,000
6.5%
$1,475,000
7%
$1,370,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,795,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$1,845,000
Change: +3% · Conversion: Moderate
COMMERCIAL (GENERAL)
$1,720,000
Change: -4% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$1,535,000
Change: -15% · Conversion: Difficult
OFFICE BUILDING
$1,460,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$1.12M
Range $1.01M – $1.23M · ±10%
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
$168 / 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
$24,371
Tax year 2024
Assessed value
$1,376,100
Assessed 2024
Previous assessed
$1,376,100
+0.0% YoY
Effective rate
1.77%
On assessed value
Assessed land
$525,000
Assessed improvement
$851,100
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1900
Construction
FRAME
Heating
HOT WATER
Cooling
YES
Buildings
1
Stories
1
Units
4
Rooms
3
Bathrooms
8
Total area
6,665 SF
Lot
0.18 ac (7,649 SF)
Zoning code
BA1
APN
MELR M:0C7 P:00102-1
UPID
US38-0677847
Jurisdiction
MELROSE
Metro division
CAMBRIDGE-NEWTON-FRAMINGHAM, MA METROPOLITAN DIVISION
Zoning & alternative use
BA1 · Melrose, MA
Zoning BA1 · permitted uses
BA1 · Melrose, MA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Melrose. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$1.8M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$1.8M
COMMERCIAL (GENERAL)
Est. value
$1.7M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.5M
RETAIL STORES Current
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
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
1900
Construction
FRAME
Heating
HOT WATER
Cooling
Yes
Stories
1
Buildings
1
Units
4
Rooms
3
Bathrooms
8
Lot
0.18 ac
Current owner
From public records · entity-resolved
Gerard Raffaele
Individual
Free & Clear · 21 yrs held
Mailing address
17 OLD FARM RD, READING, MA 01867-3929
Ownership since
2005
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
Mar 3, 2005
$1
Gerard Raffaele
Raff RT
Grant Deed
—
Oct 26, 1993
$86,900
Gerard Raffaele
Schurgin,herbert L
Grant Deed
—
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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