Renovated Property with Marsh
For Sale
$625,000
162 Main St, Essex, MA 01929
Renovated property suitable for commercial or residential use.
Property Size1,114 SF
Lot Size0.14 Acres
Days on Market158
Property Features for 162 Main St
General Information
Standard status
Active
Size
1,114 SF
Lot size
0.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,739
Building Details
Building Size
1,114 SF
Year Built
1963
Listing Agency:
LandVest, Inc., Ipswich
(973) 768-4433
Listed By:
Hannah Barker
(973) 768-4433
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:22AM
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 LandVest, Inc., Ipswich
Investment Insights
Based on property information with market context.
This newly renovated, light-filled property presents a Main St opportunity for commercial use or residential conversion. Currently operating as a coffee shop and bakery, the cedar shingle style building features cathedral ceilings and a rear patio overlooking the Great Marsh. The space is suited for an office, storefront, private residence, or live/work creative workspace. Recent upgrades include improved electrical and plumbing systems, ADA compliance, mini-split systems, and new windows. Large windows, abundant natural light, and flexible open areas allow for layout possibilities. The property is located in the heart of the Village of Essex and within walking distance of shops, dining, outdoor recreation, and marinas.
Key Highlights
- Prime Main St location in the heart of Essex Village, walking distance to amenities.
- Newly renovated with updated electrical, plumbing, ADA compliance, mini‑split systems, and new windows.
- Flexible space suitable for commercial use, residential conversion, or live/work creative workspace.
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
$31,051
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
4.97%
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%
$621,020
$621.0K
Cap Rate 7%
$443,586
$443.6K
Cap Rate 9%
$345,011
$345.0K
Market Conditions
NOI Build-Up for 1,114 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
$50.8K $45.60/SF
− Vacancy
−$9.4K −$8.44/SF
EGI
$41.4K $37.16/SF
− OpEx
−$10.4K −$9.29/SF
NOI
$31.1K $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%
$621,020
Cap Rate 7%
$443,586
Cap Rate 9%
$345,011
Alternative Uses
Best Use
Office B
$443.6K
$388.1K – $517.5K
NOI $31,051 @ 7.0% cap · market cap 4.97%
Second Best
Mixed Use
$322.3K
$282.0K – $376.0K
NOI $22,559 @ 7.0% cap · market cap 3.61%
Theoretical Best
Office A
$659.5K
$577.1K – $769.4K
NOI $46,164 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 01929, MA
3,618
Population
1,527
Households
2.4
Avg Household Size
45
Median Age
69%
College-Educated
96%
High-School Grad
13.9 sq mi
ZIP Area
260
Density / Sq Mi
$151,509
Median Household Income
$66,033
Median Earnings
$1,828
Median Rent
$828,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Similar Off Market Nearby
- Mayflour — 162 Main St, Essex, MA 01929
Frequently Asked Questions
What type of property is this?
Coffee shop - Renovated property suitable for commercial or residential use.
Where is this coffee shop located?
The property is located at 162 Main St Essex, MA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Prime Main St location in the heart of Essex Village, walking distance to amenities.; Newly renovated with updated electrical, plumbing, ADA compliance, mini‑split systems, and new windows.; Flexible space suitable for commercial use, residential conversion, or live/work creative workspace.
