Five-Unit Apartment
New
For Sale
$1,400,000
19 Essex St, Beverly, MA 01915
A varied bedroom mix is paired with off-street tenant parking and access to Beverly’s central amenities.
Property Size4,740 SF
Days on Market2
Property Features for 19 Essex St
General Information
Standard status
Active
Size
4,740 SF
Total Parking Spaces
5
Property subtype
Investment
Units
Unit Mix
2 x 1BR, 2 x 2BR, 1 x 4BR
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$15,310
Building Details
Building Size
4,740 SF
Year Built
1910
Stories
5
Units
5
Listing Agency:
(978) 927-1959
Listed By:
Herrick Lutts Realty Partners
(978) 927-1959
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 20 at 6:29AM
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 Herrick Lutts Realty Partners
Investment Insights
Based on property information with market context.
This 1910 apartment property contains five residential units with a mix of two one-bedroom apartments, two two-bedroom apartments, and one four-bedroom apartment. The varied configuration provides multiple unit layouts within a single multifamily asset, while five off-street parking spaces serve the property.
Located at 19 Essex St in Beverly, the property is near local restaurants, shops, and other amenities. Montserrat College of Art, Beverly Commuter Rail Station, and Dane Street Beach are also identified as nearby destinations. Walk Score is 96, Bike Score is 51, and Transit Score is 36, reflecting strong walkability with bikeable access and some transit service.
Located at 19 Essex St in Beverly, the property is near local restaurants, shops, and other amenities. Montserrat College of Art, Beverly Commuter Rail Station, and Dane Street Beach are also identified as nearby destinations. Walk Score is 96, Bike Score is 51, and Transit Score is 36, reflecting strong walkability with bikeable access and some transit service.
Key Highlights
- Five‑unit apartment property built in 1910
- Unit mix includes two 1‑bedroom, two 2‑bedroom, and one 4‑bedroom apartments
- Five off‑street parking spaces
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
$72,078
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
5.15%
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%
$1,441,560
$1.4M
Cap Rate 7%
$1,029,686
$1.0M
Cap Rate 9%
$800,867
$800.9K
Market Conditions
NOI Build-Up for 4,740 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
$136.5K $28.80/SF
− Vacancy
−$5.5K −$1.15/SF
EGI
$131.1K $27.65/SF
− OpEx
−$59.0K −$12.44/SF
NOI
$72.1K $15.21/SF
Area
Essex County, MA
Vacancy
4.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,441,560
Cap Rate 7%
$1,029,686
Cap Rate 9%
$800,867
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$901.0K – $1.20M
NOI $72,078 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.27M
NOI $196,424 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,926
Businesses Nearby
Explore this area
Business Placement
Demographics for 01915, MA
42,341
Population
17,318
Households
2.4
Avg Household Size
40
Median Age
51%
College-Educated
97%
High-School Grad
14.2 sq mi
ZIP Area
2,982
Density / Sq Mi
$102,347
Median Household Income
$57,989
Median Earnings
$1,684
Median Rent
$619,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - A varied bedroom mix is paired with off-street tenant parking and access to Beverly’s central amenities.
Where is this apartment building located?
The property is located at 19 Essex St Beverly, MA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Five‑unit apartment property built in 1910; Unit mix includes two 1‑bedroom, two 2‑bedroom, and one 4‑bedroom apartments; Five off‑street parking spaces
