Building Details

Construction steel

Listing Agency: Four Points Real Estate, LLC Show Phone

Listed By: Chapman Real Estate Group Show Phone

Source: Exprealty

Added: May 27 Changed: Oct 16 Last Checked: Oct 19 at 10:38AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Four Points Real Estate, LLC

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Investment Insights

Based on property information with market context.

A new steel flex-space condominium building offers eight individual units, each measuring 3,084 square feet. Every bay includes a 600-square-foot mezzanine, 23-foot ceilings, and a 14-foot overhead door, providing a practical mix of floor and elevated storage or workspace. Units also feature a first-floor half bath with slop sink, gas Modine heating, sprinklers, and fire alarm systems. Interior vehicle parking is available, and layouts can be customized for individual operations.

Each condominium includes five deeded outdoor parking spaces. The property is located at 1-1431 Hilldale Ave in Haverhill, Massachusetts, approximately 1 mile from Plaistow shopping and 2 miles from Route 495. The configuration is suited to contractor and commercial users seeking dedicated bay space with built-in utility and flexibility.

Key Highlights

• Eight condominium units, each with 3,084 SF
• 600 SF mezzanine and 23‑foot ceiling height in each bay
• 14‑foot overhead door for each unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$53,807

Cap Rate

7.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,076,140 $1.1M

Cap Rate 7%

$768,671 $768.7K

Cap Rate 9%

$597,856 $597.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,084 SF

Gross rent

$88.8K $28.80/SF

− Vacancy

−$6.0K −$1.96/SF

EGI

$82.8K $26.84/SF

− OpEx

−$29.0K −$9.39/SF

NOI

$53.8K $17.45/SF

Area

Essex County, MA

Vacancy

6.80%

Lease Rate

$28.80 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,076,140

Cap Rate 7%

$768,671

Cap Rate 9%

$597,856

Alternative Uses

Best Use

Flex RnD

$768.7K

$672.6K – $896.8K (±1% cap)

NOI $53,807 @ 7.0% cap · market cap 7.42%

Second Best

Warehouse

$569.1K

$497.9K – $663.9K (±1% cap)

NOI $39,834 @ 7.0% cap · market cap 5.49%

Theoretical Best

Office A

$1.83M

$1.60M – $2.13M (±1% cap)

NOI $127,800 @ 7.0% cap · market cap 17.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Garden Center Locksmith (Bike/Boat/Book/etc) Store Hotel & Motel Florist Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

23 ft

Clear height

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

1,219

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 01832, MA

25,656

Population

10,735

Households

2.4

Avg Household Size

38

Median Age

28%

College-Educated

90%

High-School Grad

11.4 sq mi

ZIP Area

2,251

Density / Sq Mi

$81,141

Median Household Income

$47,151

Median Earnings

$1,612

Median Rent

$410,300

Median Home Value

Market

Vacancy Rate% for Industrial in Northeast region

5.4% 2019

4.6% 2020

3.2% 2021

3.3% 2022

5.3% 2023

6.6% 2024

7.6% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - New contractor-oriented bays offer customizable layouts, mezzanine space, overhead access, heat, and fire protection.

Where is this flex space located?

The property is located at 1-1431 Hilldale Ave Haverhill, MA.

What is the asking price?

The asking price for this property is $725,000.

What are key features of this property?

This property features: Eight condominium units, each with 3,084 SF; 600 SF mezzanine and 23‑foot ceiling height in each bay; 14‑foot overhead door for each unit