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    Third-Floor Office Suite Title is generated by Realmo AI

    191 Elm St 3, Salisbury, MA 01952

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    New
    For Lease
    $19 SF/Yr

    Compact third-floor office suite with elevator access and gross charges covering heat/AC and electricity.

    Type:Commercial
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 4:26 am

    Property Features for 191 Elm St 3

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1988

    We can help!

    Listing Contact
    Jenna Noone

    Listing agent Jenna Noone

    Listing office eXp Realty

    Listing date Jun 3, 2026

    Source Elliman

    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 eXp Realty

    HighLights

    • 1988‑built professional office building with elevator access
    • Approximately 318 SF compact third‑floor office suite
    • Gross lease includes heat/AC and electric
    • Ample parking available for tenants and visitors
    • Similar third‑floor unit available with plumbing for a sink

    Overview

    This listing offers a third-floor office suite within a professional office building. The available space is approximately 318 square feet and is offered under a gross lease structure. The gross lease includes heat/AC and electric, supporting straightforward monthly occupancy budgeting. Elevator access is available, along with ample parking for visitors and employees.

    The space is located at 191 Elm St in Salisbury, MA, and is accessed through the building’s common areas, including the elevator. The property is positioned in a car-dependent setting based on the provided walk and bike scores.

    This suite is well suited for small professional users seeking a private office on the third floor. The inclusion of heat/AC and electric in the gross lease can be particularly helpful for tenants looking to reduce utilities administration. A similar unit is also available with plumbing for a sink, which may better accommodate certain day-to-day operational needs.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8938419
    Latitude
    42.8432685

    Nearby Similar for Lease

    • $12 SF/Yr
      3,282 SF

      Retail/Office Space on Route One

      Retail/office space with high visibility and ample parking.
      102 Bridge, Salisbury, MA 01952
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    • $20 SF/Yr
      1,200 SF

      Professional Office Space Available

      Office space for rent with heat, AC, and electric.
      191 Elm St #8, Salisbury, MA 01952
      View Details
    • $12 SF/Yr

      Retail/Office Space on Bridge Road

      Retail/office space in Salisbury, near downtown Newburyport, Massachusetts.
      102 Bridge #1E, Salisbury, MA 01952
      View Details
    • Contact for pricing

      Retail/Office Space on Bridge Road

      Retail/office space in Salisbury, one mile from downtown Newburyport.
      102 Bridge Road, Salisbury, MA 01952
      View Details
    • $8 SF/Yr
      8,100 SF

      Prime Retail Space Available

      Retail space for lease near major highways in Salisbury.
      154 Elm St, Salisbury, MA 01952
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    FAQs

    What type of property is this?
    Office units - Compact third-floor office suite with elevator access and gross charges covering heat/AC and electricity.
    Where is this office units located?
    The property is located at 191 Elm St 3 Salisbury, MA.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: 1988‑built professional office building with elevator access; Approximately 318 SF compact third‑floor office suite; Gross lease includes heat/AC and electric
    (978) 361-6368
    We can help!
    Listing Contact
    Jenna Noone
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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