Sign Up Successful!
You now have access to more from Realmo!
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

    83 Herrick St Ste, Unit 2003 Beverly, MA 01915-2757

    • Commercial real estate
    • 1,810 SF
    OFF-MARKET
    Last Sale
    Oct 30, 2020
    $199,100
    Value Estimations
    $280,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US38-0854614
    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

    • Commercial real estate

    Property Details for 83 Herrick St Ste

    Year built
    1990
    Construction
    STEEL FRAME
    Property size
    1,810 SF
    Zone code
    HD
    Property type
    Commercial real estate
    APN
    BEVE M:0043 B:107B L:2003
    APU
    BEVEM0043B107BL2003

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $255,000
      ML approach
      $330,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $353,000
      Market price range: $303k - $1.08M
      AI Estimate
      $156,000
      Market price range: $96.9k - $478k

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

    Location Insight

    • Map
    • Local Demand
    City
    Beverly
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8741
    Latitude
    42.5635
    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
    $5,281
    $0.00
    $240,700
    $240,700
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $995,000
      166,500 SF

      39 Tozer Rd

      SHOW ROOM, WAREHOUSE • 166,500 SF
      39 Tozer Rd, Beverly, MA 01915-5513
      View Details
    • Value Estimation
      $1,045,000
      46,950 SF

      75 Brimbal Ave, Unit R

      COMMERCIAL (GENERAL) • 46,950 SF
      75 Brimbal Ave, Beverly, MA 01915-6009
      View Details
    • Value Estimation by Request
      0.25 Acres

      Tozer Rd & Dodge St

      Commercial real estate • 0.25 Acres
      Tozer Rd & Dodge St, Beverly, MA 01915
      View Details
    • Value Estimation
      $1,080,000
      55,679 SF

      54 Dunham Rd

      COMMERCIAL (GENERAL) • 55,679 SF
      54 Dunham Rd, Beverly, MA 01915-1844
      View Details
    • Value Estimation
      $6,305,000
      6,598 SF

      240 Elliott St

      COMMERCIAL (GENERAL) • 6,598 SF
      240 Elliott St, Beverly, MA 01915-2419
      View Details
    • Value Estimation
      $505,000
      5,344 SF

      586 Hale St

      COMMERCIAL (GENERAL) • 5,344 SF
      586 Hale St, Beverly, MA 01915-5421
      View Details

    Similar Nearby for Sale

    • $259,900

      large reception\/waiting room area

      3\/4 bath
      83 Herrick Street Ext, Beverly, MA 01915
      View Details
    • $1,450,000
      0.15 Acres

      Beverly Mixed-Use Investment Opportunity

      Three-unit multi-family & three-bay garage.
      15 River St, Beverly, MA 01915
      View Details
    • $1,100,000
      5,595 SF

      Beverly Mixed-Use Investment Opportunity

      Prime Beverly location, high occupancy, value-add potential.
      109 Dodge St, Beverly, MA 01915
      View Details
    • New
      $849,900
      3,231 SF

      Mixed-Use Building in Beverly, MA

      Mixed-use property with storefront, residential units, and garage.
      261 Rantoul St, Beverly, MA 01915
      View Details
    • $699,000

      Updated Two-Family in Beverly

      Updated two-family home with investment and business opportunities.
      142 Elliott St, Beverly, MA 01915
      View Details
    • $499,000

      Land in Prestigious Beverly Farms

      1.10 acre lot near West Beach, shops, and train.
      18 Juniper St, Beverly, MA 01915
      View Details

    Similar Nearby for Lease

    • $4,000 /Mo

      Turn-Key Restaurant in Downtown Beverly

      Open-concept restaurant space available for lease in downtown Beverly.
      374 Rantoul St, Beverly, MA 01915
      View Details
    • $18 SF/Yr

      Cummings Center Office Sublease Available

      Move-in ready office space with lease extension options.
      900 Cummings Ctr, Beverly Farms, MA 01915
      View Details
    • $375 /Mo

      Beverly Farms Office Space Available

      Office space for rent in a vibrant West Street location.
      26 West St, Beverly, MA 01915
      View Details
    • $395 /Mo

      Beverly Farms Office Space Available

      Office space for rent in a vibrant West Street location.
      26 West St, Beverly, MA 01915
      View Details
    • $595 /Mo

      Beverly Farms Office Space Available

      Office space for rent in a vibrant West Street location.
      26 West St, Beverly, MA 01915
      View Details
    • $22 SF/Yr
      1,200 SF

      Retail Suite in Cabot Plaza

      1,200 SF retail suite in downtown Beverly.
      409 Cabot St, Beverly, MA 01915
      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.
    83 Herrick St Ste, Unit 2003
    Beverly, MA 01915-2757
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.