Salem Retail Building Near
For Sale
Contact for pricing
280 Bridge St, Salem, MA 01970
Freestanding 1,106 SF commercial building near Salem T.
Property Size1,106 SF
Price / SF$270.34
Days on Market829
Property Features for 280 Bridge St
General Information
Standard status
Active
Size
1,106 SF
Property subtype
Retail
Zoning
North River Canal Corridor (NRCC)
Investment Type
Owner/User
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
North Shore Realty Pros
(978) 869-8042
Listed By:
David Cutler · License #9529198
Source:
Crexi
Added: May 3, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:02AM
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
Investment Insights
Based on property information with market context.
This 1,106 square foot freestanding commercial/retail building is located steps from the Salem T in an area with high pedestrian and traffic count. The property, which includes a small parking lot, was formerly used as a Bait & Tackle retail store. It is zoned NRCC (North River Canal Corridor Neighborhood Mixed Use). The property needs a full build-out. Permitted uses by right include artist lofts and living spaces, studios, galleries, trade schools, business and professional offices (such as lawyers, accountants, and real estate brokers), medical/dental offices, single-family homes, and retail establishments (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. There is significant development planned for the immediate area.
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.
- Opportunity for various business ventures with seller open to different lease arrangements or a sale.
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
$20,444
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
6.84%
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%
$408,880
$408.9K
Cap Rate 7%
$292,057
$292.1K
Cap Rate 9%
$227,156
$227.2K
Market Conditions
NOI Build-Up for 1,106 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
$27.9K $25.20/SF
− Vacancy
−$613 −$0.55/SF
EGI
$27.3K $24.65/SF
− OpEx
−$6.8K −$6.16/SF
NOI
$20.4K $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%
$408,880
Cap Rate 7%
$292,057
Cap Rate 9%
$227,156
Alternative Uses
Best Use
Office B
$440.4K
$385.4K – $513.8K
NOI $30,828 @ 7.0% cap · market cap 10.31%
Second Best
Specialty Retail
$292.1K
$255.6K – $340.7K
NOI $20,444 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$654.7K
$572.9K – $763.9K
NOI $45,832 @ 7.0% cap · market cap 15.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,692
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Peter Barter Flowers of Salem — derby street, salem, ma 01970
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- Karla Cassidy Designs — 21 Winter St, Salem, MA 01970
Frequently Asked Questions
What type of property is this?
Storefront property - Freestanding 1,106 SF commercial building near Salem T.
Where is this storefront property 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.; Opportunity for various business ventures with seller open to different lease arrangements or a sale.
