Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    262 Essex St #3 Salem, MA 1970

    View on Map
    Claim this Listing
    New
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $19 SF/Yr

    Attractive office suite in downtown Salem, available for lease.

    Added:
    Apr 22, 2026
    Days on Market:
    6
    Last Refresh:
    Apr 22 at 12:20 pm

    Property Features for 262 Essex St #3

    General Information

    Standard status
    Active

    Building Details

    Year Built
    1984

    We can help!

    Listing Contact
    Mark Shapiro

    Listing agent Mark Shapiro

    Listing office The Drumlin Group Inc.

    Listing date Apr 22, 2026

    Source Liongatere

    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.

    Overview

    Downtown Salem Office Suite

    This attractive 3rd-floor walk-up office suite is available for lease in downtown Salem. The main floor features two private offices, a conference room, open areas suitable for workstations, a reception area, a kitchenette, a print room, restrooms, storage, and an IT area. A circular stairway provides access to an upper-level mezzanine. The suite boasts exposed brick, beams, structural features, a unique ceiling line, skylights, and natural light. The property is adjacent to a municipal parking lot and within walking distance of the commuter rail, county courts, City Hall, restaurants, lodging, the Peabody Essex Museum, historic sites, and other attractions. Rent is net of utilities and the suite is available now.
    Location Intelligence

    Current Use by Public Records

    Nilsson + Siden Associates ... Architect Shanahan William E Law Firm Workplace Giving Alliance Charitable Organization Erin Rioux Foster Care Service Salem Discount Porta ... Building Supply

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Essex
    State
    Massachusetts
    Longitude
    -70.8969365
    Latitude
    42.5215871

    Nearby Similar for Lease

    • $1,800/Mo

      Downtown Salem Office Space

      635 SF office in Salem's historic Derby Square.
      20 Central St 106, Salem, MA 01970
      View Details
    • $16 SF/Yr

      Flex Space at Enterprise Center

      Flex commercial space suitable for office, assembly, and distribution.
      71 Loring Ave #100, Salem, MA 01970
      View Details
    • $850/Mo

      Downtown Salem Office Space Available

      Single office in downtown Salem with shared amenities.
      70 Washington St #214-4, Salem, MA 01970
      View Details
    • $1,800/Mo

      Downtown Salem Office Space

      635 SF office space in Salem's historic Derby Square.
      20 Central St #106, Salem, MA 01970
      View Details
    • $18 SF/Yr

      Downtown Salem Office Suite

      Well-designed office suite in a prime downtown location.
      60 Washington St, Salem, MA 01970
      View Details
    • $15 SF/Yr

      New Industrial Space Available

      20,000 SF of new industrial space for lease.
      373 Highland Ave unit: 2, Salem, MA 01970
      View Details
    • $1,250/Mo

      Downtown Office Space For Rent

      Office space in the heart of the downtown district.
      6 Norman Street, Salem, MA 01970
      View Details
    • $4,000/Mo

      Salem Office or Retail Space

      Office or retail space with high visibility on Boston St.
      167 Boston St #1, Salem, MA 01970
      View Details
    • $400/Mo

      Centrally Located Office Suites

      Four office suites available for rent in central location.
      30 Federal, Salem, MA 01970
      View Details
    • $18 SF/Yr

      Downtown Salem Office Space Available

      Office space for lease in downtown Salem near amenities.
      10 Federal St, Salem, MA 01970
      View Details
    • $29 SF/Yr

      Downtown Salem Retail/Office Space

      Prime retail/office location in downtown Salem with high visibility.
      75 Washington St, Salem, MA 01970
      View Details
    • $23 SF/Yr

      Renovated Space for Diverse Uses

      Versatile renovated space in high-growth area, suitable for various businesses.
      57 Loring Ave, Salem, MA 01970
      View Details

    FAQs

    What type of property is this?
    Office units - Attractive office suite in downtown Salem, available for lease.
    Where is this office units located?
    The property is located at 262 Essex St #3 Salem, MA.
    What is the lease rate?
    The lease rate is $19 SF/Yr.
    What are key features of this property?
    This property features: Prime downtown Salem location: walk to commuter rail, courts, City Hall, restaurants, museums, and attractions.; Unique architectural features: exposed brick, beams, structural elements, and a distinctive ceiling line.; Abundant natural light: features skylights.
    (617) 921-3020
    We can help!
    Listing Contact
    Mark Shapiro
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!