Turnkey Brewery and Taproom
For Sale
$1,899,000
232 Rantoul St, Beverly, MA 01915
Fully operational brewery and taproom in downtown Beverly, Massachusetts.
Property Size3,982 SF
Price / SF$476.90
Days on Market392
Property Features for 232 Rantoul St
General Information
Standard status
Active
Size
3,982 SF
Taxes and HOA fees
Annual Taxes
$15,064
Building Details
Year Built
1923
Listing Agency:
Churchill Properties
Listed By:
Samuel Gifford
Source:
Corcoran
Added: Aug 6, 2025
Changed: Mar 16
Last Checked: Aug 26 at 1:07PM
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 Churchill Properties
Investment Insights
Based on property information with market context.
Located in downtown Beverly, Massachusetts, this property offers a turnkey brewery and taproom experience. The sale includes 232 Rantoul St, the existing Old Planters Brewing Co. business, and all associated on-site equipment. The property is zoned Central Commercial and is described as a restaurant/bar with approximately 4,000 square feet of space. The location provides close proximity to the Beverly Depot commuter rail station, easy access to highways, and high traffic counts. The seller will also consider selling the real estate only, without the business and business assets.
Key Highlights
- Fully operational, turnkey brewery and taproom - step right in and start brewing!
- Includes existing business (Old Planters Brewing Co.) and all associated equipment.
- Prime downtown Beverly location.
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
$73,604
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
3.88%
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%
$1,472,080
$1.5M
Cap Rate 7%
$1,051,486
$1.1M
Cap Rate 9%
$817,822
$817.8K
Market Conditions
NOI Build-Up for 3,982 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
$100.3K $25.20/SF
− Vacancy
−$2.2K −$0.55/SF
EGI
$98.1K $24.65/SF
− OpEx
−$24.5K −$6.16/SF
NOI
$73.6K $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%
$1,472,080
Cap Rate 7%
$1,051,486
Cap Rate 9%
$817,822
Alternative Uses
Best Use
Specialty Retail
$1.05M
$920.1K – $1.23M
NOI $73,604 @ 7.0% cap · market cap 3.88%
Second Best
Retail
$934.7K
$817.8K – $1.09M
NOI $65,426 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,013 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,423
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 Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Fully operational brewery and taproom in downtown Beverly, Massachusetts.
Where is this brewery located?
The property is located at 232 Rantoul St Beverly, MA.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: Fully operational, turnkey brewery and taproom - step right in and start brewing!; Includes existing business (Old Planters Brewing Co.) and all associated equipment.; Prime downtown Beverly location.
