Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    63 Grv St Salem, MA 01970-2248

    • Warehouses
    • 34,308 SF
    • 1.44 lot acres
    OFF-MARKET
    Last Sale
    May 31, 2022
    $2,300,000
    Value Estimations
    $2,435,000
    Show details
    Cap Rate Potential
    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 Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,575,000
      ML approach
      $2,560,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,118,000
      Market price range: $2.15M - $7.36M

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

    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
      1,728 SF

      48 Broadway

      WAREHOUSE, STORAGE • 1,728 SF
      48 Broadway, Salem, MA 01970-2922
      View Details
    • Value Estimation by Request
      1,269 SF

      8 Osgood St

      WAREHOUSE, STORAGE • 1,269 SF
      8 Osgood St, Salem, MA 01970
      View Details
    • Value Estimation
      $3,265,000
      37,886 SF

      16 Broadway

      WAREHOUSE, STORAGE • 37,886 SF
      16 Broadway, Salem, MA 01970-2922
      View Details
    • Value Estimation
      $1,035,000
      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 by Request
      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

      31,366 SF industrial condo in Salem, Massachusetts for sale.
      96 Swampscott Rd, Salem, MA 01970
      View Details
    • Contact for pricing

      Established Polish Deli For Sale

      Profitable Polish deli established in 2001, available for sale.
      176 Essex St, Salem, MA 01970
      View Details
    • $1,295,000

      Renovated Salem Triplex Near Downtown

      Turn-key, renovated triplex near downtown Salem and the beach.
      51 Ocean Ave, Salem, MA 01970
      View Details
    • Contact for pricing

      Downtown Salem Office Condo

      First floor office condo in downtown Salem for sale.
      20 Central St, Salem, MA 01970
      View Details
    • $799,900

      Well-Maintained Two-Family Home

      Spacious, updated two-family home perfect for owner-occupancy.
      19 Cushing St, Salem, MA 01970
      View Details
    • Contact for pricing
      384,000 SF

      Salem Office Space Available

      Office space for sale in Salem, Massachusetts, available immediately.
      35 Congress St, Salem, MA 01970
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      44,503 SF

      Salem Warehouse/Manufacturing Space Available

      Newly renovated warehouse, manufacturing, or production space for lease.
      218-222 Highland Ave, Salem, MA 01970
      View Details
    • Contact for pricing
      22,000 SF

      Salem Warehouse with Dock Door

      22,000 SF warehouse space with 15' clear height.
      1 Technology Way, Salem, MA 01970
      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
      6,500 SF

      Salem Commercial Space For Lease

      6,500 SF commercial space suitable for office, R&D, storage.
      9-11 Franklin St, Salem, MA 01970
      View Details
    • Contact for pricing

      Multi-Purpose Space in North Salem

      Flex/industrial/office space in active redevelopment area, on-site parking.
      7 Franklin St, 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.
      333 Highland Ave, Salem, MA 01970
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    63 Grv St
    Salem, MA 01970-2248
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!