Mixed-Use Retail and Office
For Sale
$2,100,000
238 Cabot Street, Beverly, MA 01915
Corner-lot property combines retail space, basement area, and individual second-floor offices.
Property Size11,278 SF
Price / SF$186.20
Days on Market54
Property Features for 238 Cabot Street
General Information
Standard status
Active
Size
11,278 SF
Property subtype
Commercial
Occupancy
95%
Additional Details
Corner Location
Yes
Building Details
Year Built
1890
Buildings
1
Tenancy
Multi
Listing Agency:
The Drumlin Group Inc.
Listed By:
David Hark · License #9010260
(978) 741-3696
Source:
Benoitrealestate
Added: Aug 14
Changed: Oct 2
Last Checked: Oct 5 at 8:41PM
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 The Drumlin Group Inc.
Investment Insights
Based on property information with market context.
Built in 1890, this mixed-use property includes retail and office space arranged across three levels. The second floor contains nine individual offices, while the first floor and basement are leased to a single long-term tenant. Tenants separately cover their electricity, and the landlord pays heating costs.
The building is positioned at 238 Cabot St in Ellis Square within Beverly’s central business district. City Hall, The Cabot Theatre, shops, and restaurants are all within walking distance. Occupancy is 95%, and 75% of tenants have leases extending through 2029. Operating expenses are reimbursed by 75% of tenant occupancy.
The building is positioned at 238 Cabot St in Ellis Square within Beverly’s central business district. City Hall, The Cabot Theatre, shops, and restaurants are all within walking distance. Occupancy is 95%, and 75% of tenants have leases extending through 2029. Operating expenses are reimbursed by 75% of tenant occupancy.
Key Highlights
- 95% occupied; 75% of tenants are leased through 2029
- Nine individual offices occupy the second floor
- First floor and basement leased to one long‑term tenant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$185,302
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,706,040
$3.7M
Cap Rate 7%
$2,647,171
$2.6M
Cap Rate 9%
$2,058,911
$2.1M
Market Conditions
NOI Build-Up for 11,278 SF
Gross rent
$270.7K $24.00/SF
− Vacancy
−$6.0K −$0.53/SF
EGI
$264.7K $23.47/SF
− OpEx
−$79.4K −$7.04/SF
NOI
$185.3K $16.43/SF
Area
Essex County, MA
Vacancy
2.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,706,040
Cap Rate 7%
$2,647,171
Cap Rate 9%
$2,058,911
Alternative Uses
Best Use
Office B
$4.49M
$3.93M – $5.24M
NOI $314,352 @ 7.0% cap · market cap 14.97%
Second Best
Mixed Use
$3.26M
$2.85M – $3.81M
NOI $228,380 @ 7.0% cap · market cap 10.88%
Theoretical Best
Office A
$6.68M
$5.84M – $7.79M
NOI $467,357 @ 7.0% cap · market cap 22.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,398
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
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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?
Mixed-use property - Corner-lot property combines retail space, basement area, and individual second-floor offices.
Where is this mixed-use property located?
The property is located at 238 Cabot Street Beverly, MA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 95% occupied; 75% of tenants are leased through 2029; Nine individual offices occupy the second floor; First floor and basement leased to one long‑term tenant
