3 Beds
0 Baths
1,752 Sqft
Note: This property is not currently for sale or rent.
This property contains 2.00 acres of land mainly classified as multiuse, predominantly residential with a Ranch style building, built about 1960, having wood shingle exterior and asph/f gls/cmp roof cover, 6 total rooms, 3 total bedrooms, 0 total full baths, 0 total half baths.
Beds3
Baths0
Bought3/31/2017
Lot2.00 ac
Area1,752 ft²
Price/ft²$299
Built1960
StyleRanch
TypeMultiuse, predominantly residential
Central A/C0%
HeatOil
FuelHot Water
Central VacFalse
Stories1
FlooringHardwood
RoofGable/Hip
ExteriorWood Shingle
Parcel058-001-001
Our Real Estimate™ is an estimate of the current market value of a home. To arrive at an estimate, the most recent certified appraisal is marked to market by considering when the most recent certified appraisal was performed and the weighted sale-price(SP)-vs-appraised-value(AV) ratios of all subsequently sold, comparable properties within the same zip code.
The formula for the estimate follows the sales comparison (market) approach which is an approach based on the principles of supply and demand (principle of change) and the principle of substitution. The principle of substitution assumes that a prudent person will pay no more for a property than it would cost to purchase a comparable substitute property. A local real estate expert should be consulted to refine the Real Estimate as s/he will consider factors that are impossible to capture in a computer algorithm.
The certified market value of 223 Old Main Street on January 1, 2023 was $524,600. Subsequently, a total of 1 comparable properties have been sold. The weighted SP/AV ratio of those properties is 1.39. Multiplying the most recent certified appraised value of $524,600 by the weighted SP/AV ratio of properties sold subsequent to the most recent certified appraisal yields a Real Estimate of $730,482.
The most recent certified appraisal estimated that the value of the building was 71% of the total value of the entire property and that the land was worth 29%. If we assume the same ratio of the value of the building and land to the total value of the property, the current estimated value of the building is $520,082 and the value of the land is estimated at $210,400.
Similarly, we estimate that the current Owners’ Equivalent Rent (OER) is $2,435 per month. Owners’ equivalent rent (OER) is the amount of rent that would need to be paid to substitute a currently owned house as a rental property. This value is also referred to as rental equivalent. It is a commonly cited measure that provides a gauge for changes in real estate market values.
We have used an algorithm that applies an OER factor of between 4 and 7.5% of the current market value of a property, depending on the value of the property, to arrive at the OER. An OER answers the question, "If someone were to rent your home today, how much would it rent for monthly, unfurnished and without utilities?" A local real estate expert should be consulted to refine the OER.
| Year | Total | Building | Land | Add ons | Change |
|---|---|---|---|---|---|
| 2023 | $524,600 | $373,500 | $151,100 | $0 | 0.00 % |
| 2022 | $524,600 | $373,500 | $151,100 | $0 | 10.07 % |
| 2021 | $476,600 | $341,600 | $135,000 | $0 | 4.84 % |
| 2020 | $454,600 | $323,800 | $130,800 | $0 | 6.79 % |
| 2019 | $425,700 | $299,800 | $125,900 | $0 | 5.11 % |
| 2018 | $405,000 | $287,500 | $117,500 | $0 | 12.00 % |
| 2017 | $361,600 | $227,900 | $130,000 | $3,700 | 0.00 % |
| 2016 | $361,600 | $227,900 | $130,000 | $3,700 | -1.18 % |
| 2015 | $365,900 | $235,900 | $130,000 | $0 | 5.45 % |
| 2014 | $347,000 | $217,000 | $130,000 | $0 | 0.00 % |
Assessors must value all real and personal property within the community to their full and fair cash value. Mass appraisal is the process used by every Massachusetts city and town to create the property appraisal. It differs from the more well-known “bank” or fee appraisal. Although the appraisal concepts are the same and the results similar, the process is different. No particular sale or group of sales is used to determine the value of a property, but all of a certain calendar year’s sales are included in the analysis that set the parameters for the next fiscal year.
The current fiscal year is 2024 and the assessed values are of January 1, 2023.
The current certified assessed value of the 223 Old Main Street is as follows. The total value is $524,600. The building, if any, is valued at $373,500. The land is valued as $151,100.
| Date | Price |
|---|---|
| July 05, 2005 | $424,000 |
The concerned Registry of Deeds is responsible for recording all real estate transactions and is the source of the following information on sold properties. The table below lists key information about the 10 most recent Arm’s Length Sales in proximity to 223 Old Main Street.
In real estate, an arm's length transaction is when the buyer and seller each act in their own self-interest to try to get the best deal they can. In most sales, a seller is trying to make a large profit, while the buyer is trying to pay the least amount of money possible. To resolve this discrepancy, both sides agree to meet in the middle and sell the home for its fair market value. In fact, this is how most real estate transactions play out.
| Date | Price | Distance | Address |
|---|---|---|---|
| 10/23/2024 | $224,596 | 2.3 miles | 16 Rhode Island Road, Lakeville |
| 09/23/2024 | $742,400 | 1.4 miles | 12 Daniel Road, Lakeville |
| 08/26/2024 | $200,000 | 1.6 miles | 220 Rhode Island Road, Lakeville |
| 08/16/2024 | $620,000 | 2.0 miles | 30 Captains Way, Lakeville |
| 07/22/2024 | $644,000 | 2.0 miles | 14 Rush Pond Road, Lakeville |
| 07/18/2024 | $600,000 | 1.0 miles | 84 Precinct Street, Lakeville |
| 05/14/2024 | $910,000 | 1.1 miles | 201 Bedford Street, Lakeville |
| 05/06/2024 | $515,000 | 0.1 miles | 306 Bedford Street, Lakeville |
| 05/06/2024 | $465,000 | 0.8 miles | 14 Loon Pond Road, Lakeville |
| 04/29/2024 | $400,000 | 1.9 miles | 14 Anaconda Drive, Lakeville |
The average commute time to work in the U.S. is 25.4 minutes, according to the Census Bureau. Over 10 million Americans travel more than an hour each way to work.
As the minutes add up, so do travel costs and indirectly the value of a home. According to research by Lifehacker, each mile you live from work adds $795 per year to your commuting costs. So, for example, a 30-minute commute saves the homeowner a whopping $23,850 annually comparted to a 1-hour commute.
Click on the thumbnails below to map a route to the closest highway exit, park ‘n ride or airport. The green marker is placed on and the red marker is placed on the destination.
A growing number of studies have determined transport accessibility levels to healthcare using geographical information system (GIS) techniques, by mapping car and public transport travel times and distances to healthcare facilities. Proximity to health care services has a significant impact on the value of a home.
Click on the thumbnails below to map a route to the closest hospital, long-term care facility or community health center. The green marker is placed on and the red marker is placed on the destination.
The location of the nearest fire and police stations affects the perceived value of a home. Nearby public safety services add a valuable sense of neighborhood security. Also, a firehouse nearby might well mean lower homeowners insurance premiums.
Click on the thumbnails below to map a route to the closest police and fire stations. The green marker is placed on and the red marker is placed on the destination.
Open space provides recreational areas for residents and helps to enhance the beauty and environmental quality of neighborhoods. There have been a number of studies on the impact of open space preservation on the value of residential property. Most studies have found that preserving open space land generally, but not always, increases the property value of nearby homes. The studies use a variety of methods to determine this, and consider such variables as the type, location, and use of the open space, and the residential property in question.
Click on the thumbnails below to map a route to potential and certified vernal pools and to natural communities. The green marker is placed on and the red marker is placed on the destination.
Outdoor recreation is a powerful economic engine, generating more than $887 billion in consumer spending in the United States. It also benefits public health, quality of life, property values, and the local tax base, generating $59.2 billion in local and state tax revenue.
Click on the thumbnails below to map a route to outdoor recreational resources. The green marker is placed on and the red marker is placed on the destination.
Hazardous waste can have serious ramifications on the value of the subject property, not to mention the values of surrounding properties and neighborhoods.
Click on the thumbnails below to map a route to the closest hazardous waste site and underground storage tank. The green marker is placed on and the red marker is placed on the destination.
Apponequet Regional High School in Lakeville, Massachusetts (MA) serves 753 students in grades 9-12. Find data, reviews and news about this school.
Assawompset Elementary SchoolAssawompset Elementary School in Lakeville, Massachusetts (MA) serves 456 students in grades KG-3. Find data, reviews and news about this school.
Freetown-lakeville Middle SchoolFreetown-lakeville Middle School in Lakeville, Massachusetts (MA) serves 775 students in grades 6-8. Find data, reviews and news about this school.
George R Austin Intermediate SchoolGeorge R Austin Intermediate School in Lakeville, Massachusetts (MA) serves 460 students in grades 3-5. Find data, reviews and news about this school.
The late Lord Harold Samuel, a real estate tycoon in Britain, coined the expression: ‘There are three things that matter in property: location, location, location’ and it is as true today as it was 100 years ago. In an effort to help you better understand the surroundings of we make use of the concerned Blocks and Block Groups, as defined by the U.S. Census Bureau, to group nearby properties and then analyze and summarize their characteristics.
The Block that 223 Old Main Street Lakeville MA 02347 is a part of is comprised of 32 properties of which 22 (69%) are residential properties.
The property with the longest running occupancy, by the current owner, is 229 Main Street Lakeville MA 02347 which has been owned by the same owner for 43 years. The value of that property has appreciated 544% since it was purchased.
Conversely, the most recently purchased property in the neighborhood was 306 Bedford Street Lakeville MA 02347. It was purchased on 05/06/2024 for $515,000 and has an estimated market value of $549,602.
Block Map
2 Net Living Area (NLA) in square feet
Property Types
| Property Type | Count |
|---|---|
| Residential | 22 |
| Tax Exempt | 4 |
| Multiple Use | 3 |
| Commercial | 2 |
| Industrial | 1 |
Property Sub-Types
| Total Value | ||||
|---|---|---|---|---|
| Count | Property Sub-Type | Min | Max | Avg |
| 22 | Residential, single family | $170,700 | $368,800 | $253,668 |
| 2 | Improved, Selectmen or City Council | $262,400 | $318,700 | $290,550 |
| 1 | Small Retail and Services stores (under 10,000 sq. ft.) | $1,415,700 | $1,415,700 | $1,415,700 |
| 1 | Auto Repair Facilities | $148,900 | $148,900 | $148,900 |
| 1 | Warehouses for storage of manufactured products | $498,500 | $498,500 | $498,500 |
| 1 | Improved, Municipal Public Safety | $581,800 | $581,800 | $581,800 |
| 1 | Church, Mosque, Synagogue, Temple, etc. | $526,200 | $526,200 | $526,200 |
Block Group Map
Turn Over
Real estate turnover is the frequency as which homes in a given neighborhood sell and is an important characteristic of the “churn” within a neighborhood. Turnover rates vary from location to location. According to the National Association of Home Builders, the average homeowner plans to move every 13 years, with younger first-time homebuyers relocating slightly more frequently.
The Block Group that 223 Old Main Street Lakeville MA 02347 is a part of is comprised of 618 properties of which 530 (86%) are residential properties. Over the last 10 years, the annual rate of turnover has been as follows:
| Year | Turnover (%) |
|---|---|
| 2024 | 3% |
| 2023 | 3% |
| 2022 | 4% |
| 2021 | 5% |
| 2020 | 4% |
| 2019 | 4% |
| 2018 | 6% |
| 2017 | 7% |
| 2016 | 4% |
| 2015 | 5% |
The typical property in this neighborhood has a value of $347,500. The typical property in this neighborhood as 1,484 ft² of net living area and a land size of 0.00 ac.
Similar Properties (1)
| Min | Max | Avg | Subject Property | Difference | |
|---|---|---|---|---|---|
| Worth1 | $347,500 | $347,500 | $347,500 | $524,600 | 51 % |
| Living Area2 | 1,484 ft² | 1,484 ft² | 1,484 ft² | 1,752 ft² | 18 % |
| Years Since Built | 19 | 19 | 19 | 64 | 200.0 % |
| Years of Ownership | 11 | 11 | 11 | 8 | -3 |
2 Net Living Area in square feet
Property Types
| Property Type | Count |
|---|---|
| Residential | 530 |
| Commercial | 32 |
| Tax Exempt | 28 |
| Agricultural/Horticultural | 13 |
| Multiple Use | 8 |
| Industrial | 7 |
Property Sub-Types
| Total Value | ||||
|---|---|---|---|---|
| Count | Property Sub-Type | Min | Max | Avg |
| 472 | Residential, single family | $47,800 | $696,800 | $275,865 |
| 26 | Land, undevelopable | $3,700 | $56,400 | $13,669 |
| 14 | Land, potentially developable | $300 | $78,100 | $22,942 |
| 10 | Vacant, Selectmen or City Council | $7,500 | $2,999,900 | $400,140 |
| 7 | Land, developable | $88,100 | $183,000 | $123,500 |
| 7 | General Office Buildings | $193,900 | $3,381,800 | $794,642 |
| 4 | Church, Mosque, Synagogue, Temple, etc. | $104,600 | $755,300 | $500,450 |
| 4 | Improved, Selectmen or City Council | $257,200 | $7,495,600 | $2,083,475 |
| 4 | Pasture | $300 | $23,500 | $6,650 |
| 4 | Auto Repair Facilities | $95,100 | $190,600 | $144,575 |
| 3 | Vacant, Selectmen or City Council, Other City or Town | $4,900 | $487,800 | $184,233 |
| 3 | Wet land, scrub land, rock land | $14,300 | $49,800 | $33,366 |
| 3 | Undevelopable Land | $6,000 | $81,300 | $24,933 |
| 3 | Undevelopable Land | $6,000 | $81,300 | $24,933 |
| 3 | Small Retail and Services stores (under 10,000 sq. ft.) | $286,100 | $1,415,700 | $811,366 |
| 3 | Other Storage, Warehouse and Distribution facilities | $61,600 | $523,600 | $318,700 |
| 3 | Accessory Land with Improvement | $7,400 | $114,800 | $49,100 |
| 2 | Eating and Drinking Establishments | $802,000 | $835,000 | $818,500 |
| 2 | Potentially developable Land | $53,500 | $121,200 | $87,350 |
| 2 | Discount and Department Stores | $433,600 | $2,611,200 | $1,522,400 |
| 2 | Buildings for manufacturing operations | $216,800 | $446,100 | $331,450 |
| 2 | Necessary Related Land | $2,300 | $2,800 | $2,550 |
| 2 | Productive Woodland | $200 | $500 | $350 |
| 2 | Residential, two family | $274,700 | $275,700 | $275,200 |
| 2 | Multiple Houses on one parcel | $291,700 | $443,300 | $367,500 |
| 2 | Mobile Home | $72,700 | $106,700 | $89,700 |
| 2 | Vacant, Conservation, Other City or Town | $131,500 | $673,300 | $402,400 |
| 1 | Gasoline Service Stations | $111,200 | $111,200 | $111,200 |
| 1 | Bank Buildings | $692,500 | $692,500 | $692,500 |
| 1 | Medical Office Buildings | $277,100 | $277,100 | $277,100 |
| 1 | Tennis and/or Racquetball Clubs | $1,218,000 | $1,218,000 | $1,218,000 |
| 1 | Golf Courses | $1,541,700 | $1,541,700 | $1,541,700 |
| 1 | Developable Land | $189,200 | $189,200 | $189,200 |
| 1 | Warehouses for storage of manufactured products | $498,500 | $498,500 | $498,500 |
| 1 | Sand and Gravel | $278,900 | $278,900 | $278,900 |
| 1 | Nurseries | $9,700 | $9,700 | $9,700 |
| 1 | Apartment, 8+ units | $2,933,900 | $2,933,900 | $2,933,900 |
| 1 | Truck Crops | $5,900 | $5,900 | $5,900 |
| 1 | Improved, Education | $5,903,700 | $5,903,700 | $5,903,700 |
| 1 | Improved, Municipal Public Safety | $581,800 | $581,800 | $581,800 |
| 1 | Vacant, Conservation | $173,900 | $173,900 | $173,900 |
| 1 | Cemeteries | $110,400 | $110,400 | $110,400 |
| 1 | Housing, Other | $459,500 | $459,500 | $459,500 |
| 1 | Condominium | $291,300 | $291,300 | $291,300 |