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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    62 Accord Park Dr Norwell, MA 02061

    • Office buildings
    • 8,173 SF
    • 1.12 lot acres
    For Lease
    View listing
    Last Sale
    Feb 22, 2022
    $1,600,000
    Value Estimations
    $1,580,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-1844968
    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

    • Office buildings

    Property Details for 62 Accord Park Dr

    Year built
    1979
    Construction
    FRAME
    Lot size
    1.12 lot acres
    Property size
    8,173 SF
    Property type
    Office buildings
    APN
    NORW M:17 L:7
    APU
    NORWM17L7

    Description

    This exceptional office space, located at 62 Accord Park Drive in Norwell, Massachusetts, offers a unique opportunity for businesses seeking a prestigious location. The property, a Class B building constructed in 1979, boasts a total of 9,469 square feet, with 7,954 square feet currently vacant and available for lease. The space is ideal for multiple tenants, offering flexible options ranging from a minimum of 1,300 square feet to a maximum contiguous space of 3,000 square feet. Situated in Plymouth County, this property benefits from its convenient location, providing direct access to Route 3/Exit 14, ensuring easy commuting for employees and clients. The building is exceptionally well-maintained and offers ample parking, a significant advantage in this area. Its location within Accord Park also places it in close proximity to a variety of amenities, including restaurants and shopping, enhancing the overall convenience and appeal for tenants. The property's diverse zoning allows for retail, office, and restaurant uses, making it a versatile option for a range of businesses. This is a rare opportunity to secure high-quality office space in a desirable location with excellent accessibility and ample amenities. The property is zoned for multiple uses, including executive office, commercial, office condo, and office building. Contact us today to learn more about this outstanding opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,390,000
      ML approach
      $1,580,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,540,000
      Market price range: $1.06M - $2.73M
      AI Estimate
      $1,074,000
      Market price range: $666k - $2.23M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,055,000
      Current use
      RESTAURANT
      $2,155,000
      Change: +5% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $1,855,000
      Change: -10% Conversion: Difficult
      RETAIL STORES
      $1,695,000
      Change: -17% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $1,690,000
      Change: -18% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Norwell
    County
    Plymouth
    State
    Massachusetts
    Longitude
    -70.8852
    Latitude
    42.1669
    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
    $18,020
    $431,600
    $907,200
    $1,338,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,180,000
      4,500 SF

      495 Washington St

      OFFICE BUILDING • 4,500 SF
      495 Washington St, Norwell, MA 02061-2071
      View Details
    • Value Estimation
      $1,775,000
      11,307 SF

      306 Washington St

      OFFICE BUILDING • 11,307 SF
      306 Washington St, Norwell, MA 02061-1765
      View Details
    • Value Estimation
      $955,000
      11,804 SF

      40 Accord Park Dr

      OFFICE BUILDING • 11,804 SF
      40 Accord Park Dr, Norwell, MA 02061-1613
      View Details
    • Value Estimation
      $7,795,000
      49,173 SF

      600 Cordwainer Dr

      OFFICE BUILDING • 49,173 SF
      600 Cordwainer Dr, Norwell, MA 02061-1644
      View Details
    • Value Estimation
      $3,570,000
      29,250 SF

      200 Cordwainer Dr

      OFFICE BUILDING • 29,250 SF
      200 Cordwainer Dr, Norwell, MA 02061-1671
      View Details
    • Value Estimation
      $6,935,000
      46,877 SF

      120 Longwater Dr

      OFFICE BUILDING • 46,877 SF
      120 Longwater Dr, Norwell, MA 02061-1653
      View Details

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      Rare opportunity with redevelopment potential in a desirable Norwell neighborhood.
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    Similar Nearby for Lease

    • $2,750 /Mo

      Renovated Office Building For Rent

      Two-story office building renovated in 2019 with modern updates.
      101 Accord Park Dr, Norwell, MA 02061
      View Details
    • Contact for pricing

      Prime Retail/Office Space Available

      Highly visible retail or office space with flexible terms.
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      View Details
    • Contact for pricing

      Commercial Building with High Traffic

      Large commercial building for lease with ample parking.
      252 Washington St, Norwell, MA 02061
      View Details
    • $10 SF/Yr
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      Norwell Office Space For Rent

      Office space in Norwell with ample parking and high visibility.
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    • $18 SF/Yr
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      Professional Office Space Available

      Well-maintained office building with spaces available for lease.
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    • Contact for pricing
      1,300 SF

      Professional Office Space Available

      Well-maintained office space with easy highway access and ample parking.
      62 Accord Park Dr, Norwell, MA 02061
      View Details
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    Norwell, MA 02061
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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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