1 S Mason Street, Salem, MA 01970

Building Details

Year Built 1955 More

Listing Agency: The Drumlin Group Inc.

Listed By: David Hark · License MA #9010260 Show Phone

Source: Stevebremis

Added: Dec 6, 2025 Changed: Aug 14 Last Checked: Aug 14 at 7:25AM

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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 The Drumlin Group Inc.

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This one-story, steel-framed industrial building features three drive-in doors and an open layout without columns. Situated in an active commercial area undergoing redevelopment with planned residential and commercial construction projects, the 2160 square foot property presents various opportunities. While the building requires renovations, it is suitable for light industrial or "maker space" uses. Automotive service is not permitted under the North River Corridor zoning. However, the zoning allows for residential and combined residential/commercial uses, either "by right" or by "special permit".

Key Highlights

• Redevelopment area location with planned residential and commercial projects.
• Zoning allows for residential or combined residential/commercial uses (by right or special permit).
• Wide‑open interior space with no columns.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,686

Cap Rate

5.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$753,720 $753.7K

Cap Rate 7%

$538,371 $538.4K

Cap Rate 9%

$418,733 $418.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,160 SF

Gross rent

$62.2K $28.80/SF

− Vacancy

−$4.2K −$1.96/SF

EGI

$58.0K $26.84/SF

− OpEx

−$20.3K −$9.39/SF

NOI

$37.7K $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%

$753,720

Cap Rate 7%

$538,371

Cap Rate 9%

$418,733

Alternative Uses

Best Use

Flex RnD

$538.4K

$471.1K – $628.1K (±1% cap)

NOI $37,686 @ 7.0% cap · market cap 5.93%

Second Best

Industrial

$330.0K

$288.7K – $385.0K (±1% cap)

NOI $23,097 @ 7.0% cap · market cap 3.64%

Theoretical Best

Office A

$1.28M

$1.12M – $1.49M (±1% cap)

NOI $89,510 @ 7.0% cap · market cap 14.10%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Ss Automotive Inc Auto Repair Shop

Suggested Use

Top Pick Locksmith Computer & Electronic Repair Nursing Home (Bike/Boat/Book/etc) Store Butcher Pet Grooming Service

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

Location Intelligence

Trade Area within ½ mile

2,233

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 01970, MA

44,451

Population

20,920

Households

2.1

Avg Household Size

39

Median Age

50%

College-Educated

92%

High-School Grad

8.2 sq mi

ZIP Area

5,421

Density / Sq Mi

$85,189

Median Household Income

$52,024

Median Earnings

$1,800

Median Rent

$497,500

Median Home Value

Market

Average Price Trend$/SF for Flex space in Essex County, MA

$236 Jul

$210 Aug

$166 Sep

$155 Oct

Properties on Market for Flex space in Essex County

Jul

Aug

Sep

Oct

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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Similar Off Market Nearby

• Salem Gnu Kitchen — 62 Wharf St, Salem, MA 01970
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Frequently Asked Questions

What type of property is this?

Flex space - One-story industrial building in active commercial area with redevelopment potential.

Where is this flex space located?

The property is located at 1 S Mason Street Salem, MA.

What is the asking price?

The asking price for this property is $635,000.

What are key features of this property?

This property features: Redevelopment area location with planned residential and commercial projects.; Zoning allows for residential or combined residential/commercial uses (by right or special permit).; Wide‑open interior space with no columns.