Second-Floor Office
For Sale
$675,000
1 Harris, Newburyport, MA 01950
Commercial Sale, Newburyport, MA
Property Size2,201 SF
Lot Size0.50 Acres
Price / SF$306.68
Days on Market25
Property Features for 1 Harris
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Office
Zoning description
Legal Conforming
Directions
Corner of Harris and State St.
Standard status
Active
APN
4649278
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5942
Amenities
conference room
kitchen/bar
private bathrooms
skylight
Building Details
Year built
1950
Listing Agency:
Keller Williams Realty Evolution
(978) 992-4050
Listed By:
Keller Williams Realty Evolution
(978) 927-8700
Added: Aug 10
Changed: Sep 3
Last Checked: Sep 3 at 7:06PM
MLS# 73561358
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,201 SF office condominium occupies the second floor at 1 Harris St, Unit 5, within the One Harris St Professional Office Building. The suite combines exposed brick with modern interior finishes and receives natural light through a central overhead skylight. Its layout includes a dedicated conference room, kitchen/bar area, and two private bathrooms.
The property is positioned in downtown Newburyport, with the waterfront, restaurants, and retail within walking distance. The building dates to 1950, while the suite incorporates contemporary updates. Office zoning supports its current professional-office configuration.
The property is positioned in downtown Newburyport, with the waterfront, restaurants, and retail within walking distance. The building dates to 1950, while the suite incorporates contemporary updates. Office zoning supports its current professional-office configuration.
Key Highlights
- 2,201 SF second‑floor office condominium at 1 Harris St, Unit 5
- Exposed brick and central overhead skylight provide distinctive character and natural light
- Dedicated conference room, kitchen/bar area, and two private bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$61,348
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,226,960
$1.2M
Cap Rate 7%
$876,400
$876.4K
Cap Rate 9%
$681,644
$681.6K
Market Conditions
NOI Build-Up for 2,201 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$100.4K $45.60/SF
− Vacancy
−$18.6K −$8.44/SF
EGI
$81.8K $37.16/SF
− OpEx
−$20.4K −$9.29/SF
NOI
$61.3K $27.87/SF
Area
Essex County, MA
Vacancy
18.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,226,960
Cap Rate 7%
$876,400
Cap Rate 9%
$681,644
Alternative Uses
Best Use
Office B
$876.4K
$766.9K – $1.02M
NOI $61,348 @ 7.0% cap · market cap 9.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,209 @ 7.0% cap · market cap 13.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,862
Businesses Nearby
Explore this area
Business Placement
Demographics for 01950, MA
18,289
Population
8,298
Households
2.2
Avg Household Size
50
Median Age
66%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,177
Density / Sq Mi
$144,259
Median Household Income
$85,573
Median Earnings
$1,511
Median Rent
$792,400
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office zoning supports a professional suite with a conference room, kitchen/bar, and two private bathrooms.
Where is this office units located?
The property is located at 1 Harris Newburyport, MA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,201 SF second‑floor office condominium at 1 Harris St, Unit 5; Exposed brick and central overhead skylight provide distinctive character and natural light; Dedicated conference room, kitchen/bar area, and two private bathrooms
