Second-Floor Office Unit with
For Sale
$675,000
1 Harris Unit 5, Newburyport, MA 01950
Professional suite includes a conference room, kitchen/bar, and two private bathrooms.
Property Size1,950 SF
Days on Market38
Property Features for 1 Harris Unit 5
General Information
Standard status
Active
Size
1,950 SF
Property subtype
Commercial
Building Details
Building Size
1,950 SF
Year Built
1950
Listing Agency:
Keller Williams Realty Evolution
(978) 992-4050
Listed By:
NECA Group
(978) 852-3936
Source:
Iverty
Added: Aug 10
Changed: Sep 15
Last Checked: Sep 15 at 5:59AM
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 Keller Williams Realty Evolution
Investment Insights
Based on property information with market context.
This 2,201 SF office unit occupies the second floor of the One Harris St Professional Office Building, constructed in 1950. Exposed brick, a central overhead skylight, and abundant natural light shape the interior, which also includes a dedicated conference room, kitchen/bar, and two private bathrooms.
The property is located in downtown Newburyport at 1 Harris Unit 5, with the historic waterfront, dining, and retail described as steps away. The suite combines a defined professional layout with distinctive architectural elements and dedicated support areas for daily office use and meetings.
The property is located in downtown Newburyport at 1 Harris Unit 5, with the historic waterfront, dining, and retail described as steps away. The suite combines a defined professional layout with distinctive architectural elements and dedicated support areas for daily office use and meetings.
Key Highlights
- 2,201 SF second‑floor office unit
- Central overhead skylight with abundant natural light
- Exposed brick interior and modern updates
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
$54,352
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
8.05%
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%
$1,087,040
$1.1M
Cap Rate 7%
$776,457
$776.5K
Cap Rate 9%
$603,911
$603.9K
Market Conditions
NOI Build-Up for 1,950 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
$88.9K $45.60/SF
− Vacancy
−$16.5K −$8.44/SF
EGI
$72.5K $37.16/SF
− OpEx
−$18.1K −$9.29/SF
NOI
$54.4K $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%
$1,087,040
Cap Rate 7%
$776,457
Cap Rate 9%
$603,911
Alternative Uses
Best Use
Office B
$776.5K
$679.4K – $905.9K
NOI $54,352 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.35M
NOI $80,808 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Professional suite includes a conference room, kitchen/bar, and two private bathrooms.
Where is this office units located?
The property is located at 1 Harris Unit 5 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 unit; Central overhead skylight with abundant natural light; Exposed brick interior and modern updates
