Residential Development Land with
For Sale
$1,100,000
255 Hampshire Street, Methuen, MA 01844
Package includes a residential development tract with an existing 1850 Colonial 3-family plus outbuildings and a 3-car garage.
Property Size5,616 SF
Lot Size7.00 Acres
Price / SF$195.87
Days on Market143
Property Features for 255 Hampshire Street
General Information
Standard status
Active
Size
5,616 SF
Total Parking Spaces
9
Lot size
7.00 Acres
Property subtype
Multi-family / 3 Family
Zoning
RD
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$11,668
Amenities
No
Hardwood, Wood
Range
2
Yes
4.0
Screens
Full
Wood Burning
Bathroom With Tub & Shower, Country Kitchen, Pantry, Living Room, Kitchen
3
1
3.50
4
Frame
Shingle
Level
Building Details
Year Built
1850
Construction
Colonial
Listing Agency:
Team Zingales Realty, LLC
(888) 832-6910
Listed By:
Team Zingales · License #9058568
(888) 832-6910
Source:
Compass
Added: Mar 22
Changed: Aug 8
Last Checked: Mar 25 at 6:55PM
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 Team Zingales Realty, LLC
Investment Insights
Based on property information with market context.
This offering presents a residential development land parcel offered as a package with an existing 1850 Colonial 3-family. The property includes a 3-car garage, barn, and other outbuildings, and is described as a large contiguous tract suitable for subdivision into multiple home sites subject to city and town approval.
The land is described as straddling Methuen, MA and Salem, NH, bordered to the north and east by the New Hampshire state line, to the south by Route 213, and to the west by Route 28, providing straightforward access to regional routes.
The mix of developable land and existing residential improvements offers a single-site assembly for builders and developers evaluating subdivision possibilities, pending the required approvals.
The land is described as straddling Methuen, MA and Salem, NH, bordered to the north and east by the New Hampshire state line, to the south by Route 213, and to the west by Route 28, providing straightforward access to regional routes.
The mix of developable land and existing residential improvements offers a single-site assembly for builders and developers evaluating subdivision possibilities, pending the required approvals.
Key Highlights
- Nearly 7 acres of level residential land straddling Methuen, MA and Salem, NH
- Package includes an existing 1850 Colonial 3‑family
- 2 wood‑burning fireplaces; hardwood/wood flooring; full basement
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
$94,608
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
8.60%
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%
$1,892,160
$1.9M
Cap Rate 7%
$1,351,543
$1.4M
Cap Rate 9%
$1,051,200
$1.1M
Market Conditions
NOI Build-Up for 5,616 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
$141.5K $25.20/SF
− Vacancy
−$6.4K −$1.13/SF
EGI
$135.2K $24.07/SF
− OpEx
−$40.5K −$7.22/SF
NOI
$94.6K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,892,160
Cap Rate 7%
$1,351,543
Cap Rate 9%
$1,051,200
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.58M
NOI $94,608 @ 7.0% cap · market cap 8.60%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,399 @ 7.0% cap · market cap 7.76%
Theoretical Best
Office A
$3.32M
$2.91M – $3.88M
NOI $232,726 @ 7.0% cap · market cap 21.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 01844, MA
52,970
Population
19,496
Households
2.7
Avg Household Size
42
Median Age
30%
College-Educated
89%
High-School Grad
22.1 sq mi
ZIP Area
2,397
Density / Sq Mi
$103,292
Median Household Income
$52,176
Median Earnings
$1,610
Median Rent
$471,900
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?
Triplex - Package includes a residential development tract with an existing 1850 Colonial 3-family plus outbuildings and a 3-car garage.
Where is this triplex located?
The property is located at 255 Hampshire Street Methuen, MA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Nearly 7 acres of level residential land straddling Methuen, MA and Salem, NH; Package includes an existing 1850 Colonial 3‑family; 2 wood‑burning fireplaces; hardwood/wood flooring; full basement
