Furnished Restaurant with Wraparound
For Sale
Contact for pricing
221 Washington St, Salem, MA 01970
Fully built-out dining property with commercial kitchen, outdoor patio, and flexible private-function space.
Property Size7,026 SF
Price / SF$0.00
Days on Market98
Property Features for 221 Washington St
General Information
Standard status
Active
Size
7,026 SF
Property subtype
Commercial
Restaurant
Patio
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Building Details
Year Built
2019
Listing Agency:
RE/MAX Beacon
(978) 281-8005
Listed By:
Levana Group
(978) 500-9751
Source:
Lockandkeyre
Added: Jul 28
Changed: Nov 1
Last Checked: Nov 1 at 5:30AM
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 RE/MAX Beacon
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Investment Insights
Based on property information with market context.
This 7,026-square-foot restaurant property, built in 2019, is fully built out and furnished for dining operations. The layout includes a main dining room with a wraparound bar, a commercial kitchen, flexible additional space, and seating for more than 250 guests indoors. A premium outdoor patio and a separate area with a second bar support private functions or expanded dining. A liquor license is included.
The property is located at 221 Washington St in downtown Salem, directly beneath the 113-room Hampton Inn. Convenient garage parking is available, along with potential partnership opportunities involving private functions, menu distribution, and room service agreements. The setting is supported by dense residential neighborhoods, local businesses, and annual visitor activity.
The property is located at 221 Washington St in downtown Salem, directly beneath the 113-room Hampton Inn. Convenient garage parking is available, along with potential partnership opportunities involving private functions, menu distribution, and room service agreements. The setting is supported by dense residential neighborhoods, local businesses, and annual visitor activity.
Key Highlights
- 7,026 SF restaurant property built in 2019
- Fully built‑out and furnished dining space with commercial kitchen
- Indoor seating for more than 250 guests
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$74,735
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,494,700
$1.5M
Cap Rate 7%
$1,067,643
$1.1M
Cap Rate 9%
$830,389
$830.4K
Market Conditions
NOI Build-Up for 7,026 SF
Gross rent
$113.0K $16.08/SF
− Vacancy
−$6.2K −$0.88/SF
EGI
$106.8K $15.20/SF
− OpEx
−$32.0K −$4.56/SF
NOI
$74.7K $10.64/SF
Area
Essex County, MA
Vacancy
5.50%
Lease Rate
$16.08 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,494,700
Cap Rate 7%
$1,067,643
Cap Rate 9%
$830,389
Alternative Uses
Best Use
Specialty Retail
$1.86M
$1.62M – $2.16M
NOI $129,870 @ 7.0% cap · market cap 481,000.00%
Second Best
Industrial
$1.07M
$934.2K – $1.25M
NOI $74,735 @ 7.0% cap · market cap 276,796.30%
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $291,156 @ 7.0% cap · market cap 1,078,355.56%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
3,060
Businesses Nearby
2k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Valvoline Instant Oil Change
Shops & Services
2,198 visits/mo
0.5 miles
Demographics for 01970, MA
44,451
Population
20,920
Households
2.1
Avg Household Size
39
Median Age
50%
College-Educated
92%
High-School Grad
8.2 sq mi
ZIP Area
5,421
Density / Sq Mi
$85,189
Median Household Income
$52,024
Median Earnings
$1,800
Median Rent
$497,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully built-out dining property with commercial kitchen, outdoor patio, and flexible private-function space.
Where is this conventional restaurant located?
The property is located at 221 Washington St Salem, MA.
What are key features of this property?
This property features: 7,026 SF restaurant property built in 2019; Fully built‑out and furnished dining space with commercial kitchen; Indoor seating for more than 250 guests
