Renovated Office
New
For Sale
$685,000
19-23 Pleasant St Unit 103, Newburyport, MA 01950
Flexible commercial suite with an open workspace, private executive office, kitchenette, and full bathroom.
Property Size1,162 SF
Price / SF$589.50
Days on Market2
Property Features for 19-23 Pleasant St Unit 103
General Information
Standard status
Active
Size
1,162 SF
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Sprinkler System
Yes
Amenities
designer kitchenette
full bathroom with tiled walk-in shower
exposed brick walls
central heat & air conditioning
100-amp electrical service
Elkay recessed filtered water system
Building Details
Year Built
1876
Tenancy
Single
Listing Agency:
Compass
Listed By:
The Bakhtiari Group · License #2013009293
(404) 689-4408
Source:
Gooddeedsrealtypartners
Added: Sep 9
Last Checked: Sep 9 at 2:28PM
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 Compass
Investment Insights
Based on property information with market context.
This 1,162-square-foot office condominium combines a newly configured interior with retained architectural character. The layout includes an open collaborative work area, private executive suite, designer kitchenette with appliances, and a full bathroom with a tiled walk-in shower. Exposed brick, abundant natural light, tile flooring, and updated lighting and finishes shape the interior, while central heat and air conditioning, 100-amp electrical service, and a wet sprinkler system support daily operations.
The unit has private access from Prince Place and is positioned downtown within the historic Mercantile Place setting. Parking is available immediately outside the unit on a non-deeded basis, with additional on-street parking nearby. The property dates to 1876 and has been comprehensively renovated, including upgrades to the floor plan, plumbing, HVAC, electrical, walls, ceilings, flooring, fixtures, and finishes.
The unit has private access from Prince Place and is positioned downtown within the historic Mercantile Place setting. Parking is available immediately outside the unit on a non-deeded basis, with additional on-street parking nearby. The property dates to 1876 and has been comprehensively renovated, including upgrades to the floor plan, plumbing, HVAC, electrical, walls, ceilings, flooring, fixtures, and finishes.
Key Highlights
- 1,162 SF office condominium with a reconfigured commercial interior
- Open collaborative workspace plus a private executive suite
- Designer kitchenette with appliances and Elkay recessed filtered water system
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
$32,388
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
4.73%
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%
$647,760
$647.8K
Cap Rate 7%
$462,686
$462.7K
Cap Rate 9%
$359,867
$359.9K
Market Conditions
NOI Build-Up for 1,162 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
$53.0K $45.60/SF
− Vacancy
−$9.8K −$8.44/SF
EGI
$43.2K $37.16/SF
− OpEx
−$10.8K −$9.29/SF
NOI
$32.4K $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%
$647,760
Cap Rate 7%
$462,686
Cap Rate 9%
$359,867
Alternative Uses
Best Use
Office B
$462.7K
$404.9K – $539.8K
NOI $32,388 @ 7.0% cap · market cap 4.73%
Second Best
Retail
$272.7K
$238.7K – $318.2K
NOI $19,092 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$687.9K
$601.9K – $802.6K
NOI $48,153 @ 7.0% cap · market cap 7.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,862
Businesses Nearby
Explore this area
Business Placement
Demographics for 01950, MA
18,289
Population
8,298
Households
2.2
Avg Household Size
50
Median Age
66%
College-Educated
98%
High-School Grad
8.4 sq mi
ZIP Area
2,177
Density / Sq Mi
$144,259
Median Household Income
$85,573
Median Earnings
$1,511
Median Rent
$792,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible commercial suite with an open workspace, private executive office, kitchenette, and full bathroom.
Where is this office units located?
The property is located at 19-23 Pleasant St Unit 103 Newburyport, MA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 1,162 SF office condominium with a reconfigured commercial interior; Open collaborative workspace plus a private executive suite; Designer kitchenette with appliances and Elkay recessed filtered water system
