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

    689 Main St, Unit 697 Melrose, MA 02176-2707

    • Retail space
    • 2,795 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Aug 14, 2024
    $1,300,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0482420
    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

    • Psychic reader of Melrose / Psychic

    Property Details for 689 Main St

    Year built
    1924
    Construction
    FRAME
    Lot size
    0.11 lot acres
    Property size
    2,795 SF
    Zone code
    BD
    Property type
    Retail space
    APN
    MELR M:0D9 P:0000014
    APU
    MELRM0D9P0000014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Melrose
    County
    Middlesex
    State
    Massachusetts
    Longitude
    -71.0627
    Latitude
    42.4591
    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
    $13,704
    $470,600
    $303,200
    $773,800
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $555,000
      14,875 SF

      100 Main St

      RETAIL STORES (PERSONAL SERVICES) • 14,875 SF
      100 Main St, Melrose, MA 02176-6104
      View Details
    • Value Estimation
      $430,000
      3,471 SF

      951-955 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,471 SF
      951-955 Main St, Melrose, MA 02176
      View Details
    • Value Estimation
      $385,000
      3,270 SF

      29-33 Essex St

      RETAIL STORES (PERSONAL SERVICES) • 3,270 SF
      29-33 Essex St, Melrose, MA 02176
      View Details
    • Value Estimation
      $420,000
      4,448 SF

      437 Franklin St, Unit 445

      RETAIL STORES (PERSONAL SERVICES) • 4,448 SF
      437 Franklin St, Melrose, MA 02176-1855
      View Details
    • Value Estimation
      $425,000
      4,990 SF

      420-424 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,990 SF
      420-424 Main St, Melrose, MA 02176
      View Details
    • Value Estimation
      $445,000
      4,511 SF

      945-949 Main St

      RETAIL STORES (PERSONAL SERVICES) • 4,511 SF
      945-949 Main St, Melrose, MA 02176
      View Details

    Similar Nearby for Sale

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      Melrose Mixed-Use Investment Opportunity

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      Melrose Multifamily Investment Opportunity

      Well-maintained 23-unit building in urban Melrose location.
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    • $1,650,000
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      Melrose Multifamily Investment Opportunity

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      Melrose Multifamily Investment Opportunity

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    • $999,999

      Medical Office Condo Near Hospital

      Medical/professional office condo near MelroseWakefield Hospital and downtown Melrose.
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    • $349,900

      Melrose Land Parcel Opportunity

      3.5 acre land parcel in private Melrose location.
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    Similar Nearby for Lease

    • $2,899 /Mo

      Downtown Melrose Retail Space Available

      1,800 SF lower level retail space for lease.
      429 R Main, Melrose, MA 02176
      View Details
    • $3,000 /Mo

      Melrose Highlands Versatile Commercial Space

      1,900+ SF commercial space suitable for medical, office, or retail.
      403 Franklin St, Melrose, MA 02176
      View Details
    • $60 SF/Yr

      Melrose Retail Space For Lease

      New construction retail and restaurant spaces in mixed-use building.
      681-697 Main St, Melrose, MA 02176
      View Details
    • $24 SF/Yr
      1,150 SF

      Melrose Office Condo For Rent

      Well-maintained 1,150 SF office condo in desirable Melrose complex.
      50 Tremont St, Melrose, MA 02176
      View Details
    • $850 /Mo

      Downtown Melrose Office Space Available

      Single office space with natural light in downtown Melrose.
      441 Main St, Melrose, MA 02176
      View Details

    Property Visit Statistics

    • Visits by month
      13.0k
    • Visitors by month
      7.1k
    • Avg Time on site
      10 min
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    689 Main St, Unit 697
    Melrose, MA 02176-2707
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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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