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

    865 Merriam Ave Leominster, MA 01453-1230

    • Super regional malls
    • 28,237 SF
    • 2.21 lot acres
    OFF-MARKET
    Last Sale
    Jul 01, 2024
    $5,459,575
    Value Estimations
    $5,460,000
    Show details
    Cap Rate Potential
    8.2%
    Super regional malls
    Location Intelligence
    Property ID
    US38-1120048
    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

    • Outback Steakhouse / Australian Restaurant / Bar
    • Moe's Southwest Grill / Caterer / Mexican Restaurant
    • Twin City Dental Care / Dentist / Dental Clinic
    • D'Ambrosio Eye Care / Ophthalmology Clinic / Lasik Surgeon
    • AT&T Store / Cell Phone Store / Cell Phone Accessory Store

    Property Details for 865 Merriam Ave

    Year built
    1975
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.21 lot acres
    Property size
    28,237 SF
    Property type
    Super regional malls
    APN
    LEOM M:0261 B:0002 L:0000
    APU
    LEOMM0261B0002L0000

    Value 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Leominster
    County
    Worcester
    State
    Massachusetts
    Longitude
    -71.7812
    Latitude
    42.5521
    CBSA code
    49340
    CBSA name
    WORCESTER, MA-CT 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
    $35,991
    $331,700
    $2,148,700
    $2,480,400
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $3,035,000
      26,814 SF

      19 Sack Blvd

      REGIONAL SHOPPING CENTER, MALL • 26,814 SF
      19 Sack Blvd, Leominster, MA 01453-3325
      View Details
    • Value Estimation
      $9,265,000
      97,048 SF

      10 Orch Hl Park Dr

      REGIONAL SHOPPING CENTER, MALL • 97,048 SF
      10 Orch Hl Park Dr, Leominster, MA 01453-7020
      View Details
    • Value Estimation
      $7,720,000
      30,177 SF

      33 Orch Hl Park Dr

      REGIONAL SHOPPING CENTER, MALL • 30,177 SF
      33 Orch Hl Park Dr, Leominster, MA 01453-7019
      View Details
    • Value Estimation
      $7,270,000
      76,705 SF

      510 Main St

      REGIONAL SHOPPING CENTER, MALL • 76,705 SF
      510 Main St, Leominster, MA 01453-1814
      View Details
    • Value Estimation
      $13,175,000
      125,461 SF

      86 Orch Hl Park Dr

      REGIONAL SHOPPING CENTER, MALL • 125,461 SF
      86 Orch Hl Park Dr, Leominster, MA 01453-7020
      View Details
    • Value Estimation by Request
      5.53 Acres

      Merriam Ave

      REGIONAL SHOPPING CENTER, MALL • 5.53 Acres
      Merriam Ave, Leominster, MA 01453
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,047 SF

      Retail and Multifamily Investment Opportunity

      Retail spaces and multifamily units near retail plazas.
      614 N Main St, Leominster, MA 01453
      View Details
    • $95,000

      Established Restaurant Opportunity For Sale

      Fully equipped restaurant with loyal clientele in high-traffic area.
      301 Lancaster St, Leominster, MA 01453
      View Details
    • $124,900

      Established Pasta Business Opportunity

      Profitable pasta business with loyal customer base for sale.
      557 Lancaster St, Leominster, MA 01453
      View Details
    • $999,900

      Leominster Multifamily Investment Opportunity

      Five-unit property with value-add potential and low overhead.
      25 Union St, Leominster, MA 01453
      View Details
    • $499,900

      Leominster Three-Family Property

      Three-family property with spacious units, yard, and two-car garage.
      284 Mechanic St, Leominster, MA 01453
      View Details
    • $475,000

      Paved Corner Lot For Sale

      Corner lot in excellent location with high traffic and density.
      718 Central St, Leominster, MA 01453
      View Details

    Similar Nearby for Lease

    • $1,100 /Mo

      Retail Space in Leominster Mall

      Retail or office space available in a busy strip mall.
      853 North Main A103, Leominster, MA 01453
      View Details
    • Contact for pricing
      40,000 SF

      Retail Space in Grocery-Anchored Center

      Retail space available in a regionally located shopping center.
      975 Merriam Ave, Leominster, MA 01453
      View Details
    • Contact for pricing
      7,967 SF

      Retail Space in Leominster Center

      Retail space in regional shopping destination near Route 2.
      489-493 N Main St, Leominster, MA 01453
      View Details
    • Contact for pricing
      5,800 SF

      Retail Pad Site Available

      5,800 SF freestanding retail pad site for lease.
      9 Orchard Hill Park Dr, Leominster, MA 01453
      View Details
    • Contact for pricing
      2,400 SF

      Retail Space in Leominster Center

      Retail space available in a busy Leominster shopping center.
      9-31 Sack Blvd, Leominster, MA 01453
      View Details
    • Contact for pricing
      623,962 SF

      Whitney Field Retail Spaces Available

      Leominster Retail Center: Multiple Spaces
      100 Commercial Rd, Leominster, MA 01453
      View Details

    Property Visit Statistics

    • Visits by month
      10.2k
    • Visitors by month
      8.0k
    • Avg Time on site
      57 min
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    865 Merriam Ave
    Leominster, MA 01453-1230
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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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