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    Property profile & analytics

    63 Grv St Salem, MA 01970-2248

    • Warehouses
    • 34,308 SF
    • 1.44 lot acres
    OFF-MARKET
    Value Estimation
    $2,585,000
    Last Sale
    May 31, 2022
    $2,300,000
    Location Intelligence
    Property ID
    US38-1267095
    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

    • Cataldo Ambulance / Ambulance Service

    Property Details for 63 Grv St

    Year built
    1953
    Construction
    STEEL FRAME
    Lot size
    1.44 lot acres
    Property size
    34,308 SF
    Zone code
    BP
    Property type
    Warehouses
    APN
    SALE M:16 L:0371
    APU
    SALEM16L0371

    Description

    This exceptional 1.44-acre property at 63 Grove Street in Salem, MA, presents a compelling investment opportunity within a rapidly evolving redevelopment zone. Priced at $5,900,000, this substantial property boasts over 62,000 square feet of potential development space, offering significant upside for the discerning investor. The existing structure features a robust concrete block and steel construction, ensuring durability and longevity. The ground floor comprises an industrial warehouse equipped with heavy power, ideal for a variety of uses. Above, 5,500 square feet of renovated office space provides immediate functionality, complete with its own dedicated HVAC system. Convenient access is provided by a drive-in door and five loading dock doors, with one dock designed for efficient interior loading. The property's strategic location, just two miles from Salem's city center and the Peabody city line, places it within easy reach of major transportation routes and a growing population base. This is a rare chance to capitalize on the burgeoning potential of this emerging neighborhood. Prospective buyers are responsible for conducting their own due diligence.

    Value Estimation

    by Realmo proprietary methodology Last update: July 3, 2025

    • AI approach

      CAP return
      Estimation
      Estimation
      $2,575,000

    • CAP approach

      CAP return
      Estimation
      6%
      $2,210,000
      6.5%
      $2,175,000
      7%
      $2,125,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $2,735,000
      Geo Method
      $2,570,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $2,810,000
      Retail
      $2,335,000
      Mixed-Use
      $2,875,000
      Hospitality
      $2,620,000
      Educational
      $2,115,000
      Residential Income
      $2,155,000
      Energy
      $2,880,000
      Income-Based Land
      $2,855,000
      Food Service
      $2,660,000

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.909
    Latitude
    42.5211
    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
    $42,763
    $455,800
    $1,349,300
    $1,805,100
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      37,886 SF

      16 Broadway

      WAREHOUSE, STORAGE • 37,886 SF
      16 Broadway, Salem, MA 01970-2922
      View Details
    • Value Estimation
      $280,000
      1,269 SF

      8 Osgood St

      WAREHOUSE, STORAGE • 1,269 SF
      8 Osgood St, Salem, MA 01970
      View Details
    • Value Estimation
      $305,000
      1,728 SF

      48 Broadway

      WAREHOUSE, STORAGE • 1,728 SF
      48 Broadway, Salem, MA 01970-2922
      View Details
    • Value Estimation by Request
      1,260 SF

      Waite St

      BULK STORAGE, TANKS • 1,260 SF
      Waite St, Salem, MA 01970
      View Details
    • Value Estimation by Request
      145,500 SF

      20 Colonial Rd

      WAREHOUSE, STORAGE • 145,500 SF
      20 Colonial Rd, Salem, MA 01970
      View Details
    • Value Estimation
      $395,000
      3,604 SF

      128 Margin St

      WAREHOUSE, STORAGE • 3,604 SF
      128 Margin St, Salem, MA 01970-3312
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      31,366 SF

      Salem Industrial Condo For Sale

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    • $395,000

      Downtown Salem Office Condo

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      Large mixed-use property with development potential in downtown Salem.
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      384,000 SF

      Salem Office Space Available

      Office space for sale in Salem, Massachusetts, available immediately.
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    • $799,900

      Well-Maintained Two-Family Home

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    Similar Nearby for Lease

    • Contact for pricing
      22,000 SF

      Salem Warehouse with Dock Door

      22,000 SF warehouse space with 15' clear height.
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    • Contact for pricing
      44,503 SF

      Salem Warehouse/Manufacturing Space Available

      Newly renovated warehouse, manufacturing, or production space for lease.
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      View Details
    • $15 SF/Yr
      20,000 SF

      New Industrial Space Available

      20,000 SF of new industrial space for lease.
      373 Highland Ave, Salem, MA 01970
      View Details
    • Contact for pricing
      7,716 SF

      Salem Flex/Industrial Space Available

      7,716 SF flex/industrial space for lease in Salem.
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      View Details
    • $20 SF/Yr
      86,000 SF

      Salem Industrial Flex Space

      86,000 SF Flex/R&D Space Available
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    • $16 SF/Yr
      8,000 SF

      Flex Space at Enterprise Center

      Flex commercial space suitable for office, assembly, receiving, and distribution.
      71 Loring Ave, Salem, MA 01970
      View Details
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    63 Grv St
    Salem, MA 01970-2248
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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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