Retail Building Near Salem
For Sale
$299,000
280 Bridge St, Salem, MA 01970
Commercial/retail building with parking near Salem T station.
Property Size1,100 SF
Price / SF$271.82
Days on Market774
Property Features for 280 Bridge St
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Commercial
Zoning
NRCC
Taxes and HOA fees
Annual Taxes
$5,838
Building Details
Building Size
1,100 SF
Year Built
1900
Listing Agency:
North Shore Realty Pros
(978) 414-5566
Listed By:
David Cutler · License #9529198
(978) 869-8042
Source:
Churchillprop
Added: Sep 17, 2024
Changed: Oct 26
Last Checked: Oct 28 at 4:46AM
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 North Shore Realty Pros
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,100 square foot commercial/retail building, measuring 78x13 inside, is located in an area with high pedestrian and traffic count, steps from the Salem T station. The property includes a small parking lot. It is zoned NRCC (North River Canal Corridor Neighborhood Mixed Use). The building, formerly a Bait & Tackle retail store, has been cleared out with new subfloors and is ready for build-out. Permitted uses by right include artist lofts and living space, studio, gallery, trade school, business and professional offices (such as lawyers, accountants, and real estate brokers), medical/dental offices, single-family homes, and retail establishments like convenience stores, coffee shops, tourist attractions, gift shops, florists, barber shops/salons, banks, laundromats, and liquor stores. Uses allowed with a special permit include music, recording, and dance studios, light manufacturing, breweries/distilleries/wineries with tasting rooms, hotels or inns, social clubs, lodges, restaurants, and bars. The property is situated in an area with significant planned development.
Key Highlights
- High‑traffic location steps from the Salem T, offering excellent visibility and accessibility.
- Versatile NRCC zoning allows for a wide range of uses by right, including residential, retail, and office spaces.
- Ready for build‑out with new subfloors, providing a blank canvas for customization.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,073
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,460
$361.5K
Cap Rate 7%
$258,186
$258.2K
Cap Rate 9%
$200,811
$200.8K
Market Conditions
NOI Build-Up for 1,100 SF
Gross rent
$26.4K $24.00/SF
− Vacancy
−$581 −$0.53/SF
EGI
$25.8K $23.47/SF
− OpEx
−$7.7K −$7.04/SF
NOI
$18.1K $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%
$361,460
Cap Rate 7%
$258,186
Cap Rate 9%
$200,811
Alternative Uses
Best Use
Retail
$258.2K
$225.9K – $301.2K
NOI $18,073 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$651.2K
$569.8K – $759.7K
NOI $45,584 @ 7.0% cap · market cap 15.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,692
Businesses Nearby
6k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
4,220 visits/mo
0.2 miles
Valvoline Instant Oil Change
Shops & Services
2,198 visits/mo
0.1 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Retail space - Commercial/retail building with parking near Salem T station.
Where is this retail space located?
The property is located at 280 Bridge St Salem, MA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: High‑traffic location steps from the Salem T, offering excellent visibility and accessibility.; Versatile NRCC zoning allows for a wide range of uses by right, including residential, retail, and office spaces.; Ready for build‑out with new subfloors, providing a blank canvas for customization.
