Building Details

Year built 1855

Listing Agency: Keller Williams Realty

Listed By: Susan Rochwarg Show Phone

Added: Jul 17 Changed: Oct 16 Last Checked: Oct 19 at 8:06AM

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MLS# 73551397

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Investment Insights

Based on property information with market context.

This Village Center-zoned mixed-use property includes two separate buildings totaling 6,721 square feet. The 2,962-square-foot professional office building was constructed in 2013 and is occupied by a dental practice. A separate 3,759-square-foot two-family residence contains one two-bedroom apartment and one four-bedroom apartment. The property was originally built in 1855.

Located at 22-26 School St in Merrimac, the parcel has frontage on Broad St and access to I-495 and MA 110. Its position provides connectivity to Newburyport, Amesbury, Haverhill, and Southern NH. The commercial building’s trade fixtures belong to the tenant and do not transfer with the sale.

Key Highlights

• 6,721 SF mixed‑use property with separate office and residential buildings
• 2,962 SF professional office building constructed in 2013
• Office building leased to an established dental practice

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$136,100

Cap Rate

7.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,722,000 $2.7M

Cap Rate 7%

$1,944,286 $1.9M

Cap Rate 9%

$1,512,222 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,721 SF

Gross rent

$242.0K $36.00/SF

− Vacancy

−$24.2K −$3.60/SF

EGI

$217.8K $32.40/SF

− OpEx

−$81.7K −$12.15/SF

NOI

$136.1K $20.25/SF

Area

Essex County, MA

Vacancy

10.00%

Lease Rate

$36.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,722,000

Cap Rate 7%

$1,944,286

Cap Rate 9%

$1,512,222

Alternative Uses

Best Use

Office B

$2.68M

$2.34M – $3.12M (±1% cap)

NOI $187,334 @ 7.0% cap · market cap 9.73%

Second Best

Mixed Use

$1.94M

$1.70M – $2.27M (±1% cap)

NOI $136,100 @ 7.0% cap · market cap 7.07%

Theoretical Best

Office A

$3.98M

$3.48M – $4.64M (±1% cap)

NOI $278,517 @ 7.0% cap · market cap 14.47%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Dental Office Law Firm Real Estate Agency Building Supply Auto Repair Shop Parking Lot & Garage

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

Single-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

209

Businesses Nearby

Explore this area Business Placement

Demographics for 01860, MA

6,723

Population

2,851

Households

2.4

Avg Household Size

47

Median Age

37%

College-Educated

95%

High-School Grad

8.5 sq mi

ZIP Area

791

Density / Sq Mi

$116,477

Median Household Income

$60,643

Median Earnings

$1,236

Median Rent

$531,300

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Village Center-zoned asset combining leased professional office space with two residential apartments.

Where is this mixed-use property located?

The property is located at 22-26 School St Merrimac, MA.

What is the asking price?

The asking price for this property is $1,925,000.

What are key features of this property?

This property features: 6,721 SF mixed‑use property with separate office and residential buildings; 2,962 SF professional office building constructed in 2013; Office building leased to an established dental practice