Building Details

Building Size 1,114 SF

Year Built 1963

Listing Agency: Herion Karbunara Show Phone

Listed By: Chris Bernier Show Phone

Source: Churchillprop

Added: Sep 5, 2025 Changed: Sep 4 Last Checked: Sep 5 at 4:24AM

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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 Herion Karbunara

Investment Insights

Based on property information with market context.

This fully renovated Main Street storefront is currently configured as a bakery and coffee shop, with an efficient open layout designed for customer service and day-to-day operations. The light-filled interior features cathedral ceilings and seating for nine, supported by updated systems throughout. Improvements include all new plumbing and electrical, ADA-compliant upgrades, mini-split systems, and new windows. A private rear patio extends the space for outdoor seating or overflow use.

The property is located in the heart of Essex Village, with proximity to restaurants, shops, marinas, and recreation. It also includes three dedicated parking spaces, supporting convenient in-town access for customers or employees.

The current bakery/café configuration provides a turnkey option for operators seeking a ready-to-open space, while the updated infrastructure and flexible interior layout may also support other commercial uses or a mixed-use concept, subject to applicable approvals. The combination of storefront presence, comfortable seating, and a private outdoor patio makes it particularly suited to tenants or buyers looking for an in-town space that can function as both a retail and service-oriented environment.

Key Highlights

• Fully renovated 1963‑built storefront currently operating as a bakery and coffee shop
• Light‑filled interior with open layout and cathedral ceilings
• ADA‑compliant improvements plus all new plumbing and electrical

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 (±1% cap)

NOI $20,591 @ 7.0% cap · market cap 3.29%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$659.5K

$577.1K – $769.4K (±1% cap)

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

Essex River Dogs Take-out & Catering

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage HVAC Service Pharmacy Big Box & Wholesale Store Dental Office

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

Lease Details

Turnkey business

Opportunity

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

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this coffee shops located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Mayflour — 162 Main St, Essex, MA 01929

Frequently Asked Questions

What type of property is this?

Coffee shop - Fully renovated storefront offers an open, light-filled layout with a private rear patio and ADA-compliant updates.

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: Fully renovated 1963‑built storefront currently operating as a bakery and coffee shop; Light‑filled interior with open layout and cathedral ceilings; ADA‑compliant improvements plus all new plumbing and electrical