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Property profile & analytics
OFF-MARKET
Estimated value
$5,460,000
Super regional malls
865 Merriam Ave, Leominster, MA 01453-1230
Individually Owned
2-yr Hold
~
Est. High Equity
Property ID
US38-1120048
Property profile
Verified
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
28,237 SF
Lot
2.21 ac (96,268 SF)
APN
LEOM M:0261 B:0002 L:0000
UPID
US38-1120048
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Outback Steakhouse Restaurant
-
Moe's Southwest Grill Take-out & Catering Catering Service
-
Twin City Dental Care Dental Office
-
D'Ambrosio Eye Care Medical Clinic Ophthalmologist
-
AT&T Store Mobile Phone Store Electronics & Wireless Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.46M
CAP Approach
CAP
$6.89M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.46M
Owner & transaction history
865 Merriam Leominster Ll · 2 yrs held
865 Merriam Leominster Ll
since 2024
Last sale
$5.5M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$5.3M
+49.4%
Retail stores
$4.4M
+24.3%
Auto repair, garage
$4.3M
+21.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Leominster submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Leominster submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$5,460,000
ML approach
$5,460,000
CAP Approach
CAP Return
Estimation
6%
$7,455,000
6.5%
$6,885,000
7%
$6,390,000
Alternative Use
Use
Estimation
NEIGHBORHOOD: SHOPPING CENTER
$3,565,000
Current use
RESTAURANT
$5,325,000
Change: +49% · Conversion: Difficult
RETAIL STORES
$4,430,000
Change: +24% · Conversion: Easy
AUTO REPAIR, GARAGE
$4,330,000
Change: +22% · Conversion: Difficult
OFFICE BUILDING
$4,035,000
Change: +13% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$3,390,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$5.46M
Range $4.91M – $6.01M · ±10% · vs last sale $5.46M (Jul 1 2024)
Last sale anchor
$5.46M
Jul 1 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$193 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$35,991
Tax year 2024
Assessed value
$2,480,400
Assessed 2024
Previous assessed
$2,480,400
+0.0% YoY
Effective rate
1.45%
On assessed value
Assessed land
$331,700
Assessed improvement
$2,148,700
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Super regional malls
Use group
REGIONAL SHOPPING CENTER, MALL
Status
Off-Market
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
YES
Buildings
1
Stories
1
Units
8
Bathrooms
2
Total area
28,237 SF
Lot
2.21 ac (96,268 SF)
APN
LEOM M:0261 B:0002 L:0000
UPID
US38-1120048
Jurisdiction
LEOMINSTER
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
NEIGHBORHOOD: SHOPPING CENTER Current
Est. value
$3.6M
RESTAURANT
Est. value
$5.3M
RETAIL STORES
Est. value
$4.4M
AUTO REPAIR, GARAGE
Est. value
$4.3M
OFFICE BUILDING
Est. value
$4.0M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
NEIGHBORHOOD: SHOPPING CENTER Current
RESTAURANT
RETAIL STORES
AUTO REPAIR, GARAGE
OFFICE BUILDING
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1975
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
FORCED AIR
Cooling
Yes
Stories
1
Buildings
1
Units
8
Bathrooms
2
Lot
2.21 ac
Current owner
From public records · entity-resolved
865 Merriam Leominster Ll
Individual
Mailing address
865 MERRIAM AVE STE #213, LEOMINSTER, MA 01453-1230
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 1, 2024
$5,459,575
865 Merriam Leominster Ll
23 Realty De LLC
Quit Claim Arm's Length For Ne States
$4,125,000 · Standard Insurance Co
Jun 22, 2016
—
23 Realty LLC
—
Deed
related
$1,000,000 · Rollstone Bk&tr
Jun 27, 2014
$4,000,000
23 Realty LLC
Ditto T|digeronimo,lisa Tr
Quit Claim Deed
$2,900,000 · Fitchburg Savings Bank
Apr 6, 2012
—
T Ditto
—
Deed Of Trust
related
$1,042,000 · Peoples Bank
Apr 9, 2003
—
Ditto Trust
—
Deed Of Trust
related
$1,350,000 · Flagship Bank & Trust
Mar 10, 1994
—
Ditto Trust
—
Deed Of Trust
related
$554,000 · Worc County Inst Savings
Mar 10, 1993
—
Ditto Trust
—
Deed Of Trust
related
$722,000 · Worc County Inst Savings
—
—
23 Realty LLC
—
Deed Of Trust
related
$1,000,000 · Rollstone Bk&tr
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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