Renovated Coffee Shop with Main Street
For Sale
$625,000
162 Main St, Essex, MA 01929
Newly renovated coffee shop/bakery with Main Street frontage and rear patio.
Property Size1,114 SF
Price / SF$561.04
Days on Market345
Property Features for 162 Main St
General Information
Standard status
Active
Size
1,114 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,739
Building Details
Year Built
1963
Listing Agency:
LandVest, Inc., Ipswich
(617) 680-6895
Listed By:
Monahan Barker Team
Source:
Corcoran
Added: Sep 5, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:35AM
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, freestanding coffee shop and bakery features Main Street frontage and a rear patio with views of the Great Marsh. The property, which includes a cathedral ceiling, benefits from active foot and bicycle traffic due to its in-town location. Recent upgrades include the electrical and plumbing systems, new windows for increased natural light, a grease trap, and ADA-compliant access and bathrooms. The 1114 square foot location is well-suited for a bakery, caterer, or food service owner-user, or a satellite location for an existing business. It can also be re-imagined for retail, storefront, or office use. The Town of Essex offers historic New England charm and modern coastal living. Known for its shipbuilding history and quaint village center, Essex offers antique treasures, boutique shops, elevated dining, and world-famous fried clams year-round. Essex draws those seeking an authentic community experience and a deep appreciation for the North Shore.
Key Highlights
- Newly renovated with updated electrical and plumbing.
- Prime Main Street frontage with Great Marsh views.
- Versatile space suitable for bakery, caterer, retail, or office use.
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
$20,591
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
3.29%
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%
$411,820
$411.8K
Cap Rate 7%
$294,157
$294.2K
Cap Rate 9%
$228,789
$228.8K
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
$28.1K $25.20/SF
− Vacancy
−$618 −$0.55/SF
EGI
$27.5K $24.65/SF
− OpEx
−$6.9K −$6.16/SF
NOI
$20.6K $18.48/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$25.20 /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%
$411,820
Cap Rate 7%
$294,157
Cap Rate 9%
$228,789
Alternative Uses
Best Use
Specialty Retail
$294.2K
$257.4K – $343.2K
NOI $20,591 @ 7.0% cap · market cap 3.29%
Second Best
Retail
$261.5K
$228.8K – $305.1K
NOI $18,303 @ 7.0% cap · market cap 2.93%
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
8k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
Mobil
Shops & Services
4,919 visits/mo
0.1 miles
Dunkin' Donuts
Dining
2,619 visits/mo
0.2 miles
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 Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Mayflour — 162 Main St, Essex, MA 01929
Frequently Asked Questions
What type of property is this?
Coffee shop - Newly renovated coffee shop/bakery with Main Street frontage and rear patio.
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: Newly renovated with updated electrical and plumbing.; Prime Main Street frontage with Great Marsh views.; Versatile space suitable for bakery, caterer, retail, or office use.
