Mixed-Use Property with Retail
For Sale
$525,000
29 Railroad Avenue Unit 2A, Gloucester, MA 01930
Retail condominium with an optical shop tenant at will and convenient access to transit, local businesses, and downtown amenities.
Property Size1,573 SF
Price / SF$333.76
Days on Market170
Property Features for 29 Railroad Avenue Unit 2A
General Information
Standard status
Active
Size
1,573 SF
Total Parking Spaces
2
Property subtype
Commercial
Building Details
Year Built
2004
Tenancy
Single
Listing Agency:
J. Barrett & Company
Listed By:
Grace Ciaramitaro
(978) 807-6186
Source:
Jbarrettrealty
Added: Apr 29
Changed: Oct 13
Last Checked: Oct 14 at 11:09PM
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 J. Barrett & Company
Investment Insights
Based on property information with market context.
This mixed-use condominium includes 1,573 square feet of retail space within a 2004-built property. The space is currently occupied by an optical shop under a tenant-at-will arrangement. Two residential condominium floors are located above the retail component, creating a mixed-use configuration within the building.
The property is positioned beside a T station and bus stop, with restaurants, convenience stores, a florist, city hall, the boulevard, nearby homes, and other businesses within walking distance. The retail space has two deeded parking spots, along with street parking and additional spaces at the rear. Its location provides direct access to surrounding commercial and residential areas.
The property is positioned beside a T station and bus stop, with restaurants, convenience stores, a florist, city hall, the boulevard, nearby homes, and other businesses within walking distance. The retail space has two deeded parking spots, along with street parking and additional spaces at the rear. Its location provides direct access to surrounding commercial and residential areas.
Key Highlights
- 1,573‑square‑foot retail condominium in a 2004‑built mixed‑use property
- Currently occupied by an optical shop under a tenant‑at‑will arrangement
- Two deeded parking spots, street parking, and additional rear parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$31,853
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$637,060
$637.1K
Cap Rate 7%
$455,043
$455.0K
Cap Rate 9%
$353,922
$353.9K
Market Conditions
NOI Build-Up for 1,573 SF
Gross rent
$56.6K $36.00/SF
− Vacancy
−$5.7K −$3.60/SF
EGI
$51.0K $32.40/SF
− OpEx
−$19.1K −$12.15/SF
NOI
$31.9K $20.25/SF
Area
Essex County, MA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$637,060
Cap Rate 7%
$455,043
Cap Rate 9%
$353,922
Alternative Uses
Best Use
Mixed Use
$455.0K
$398.2K – $530.9K
NOI $31,853 @ 7.0% cap · market cap 6.07%
Second Best
Retail
$369.2K
$323.1K – $430.8K
NOI $25,845 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$931.2K
$814.8K – $1.09M
NOI $65,185 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,356
Businesses Nearby
Explore this area
Business Placement
Demographics for 01930, MA
29,729
Population
14,630
Households
2
Avg Household Size
50
Median Age
39%
College-Educated
94%
High-School Grad
26.2 sq mi
ZIP Area
1,135
Density / Sq Mi
$87,898
Median Household Income
$49,580
Median Earnings
$1,395
Median Rent
$587,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail condominium with an optical shop tenant at will and convenient access to transit, local businesses, and downtown amenities.
Where is this mixed-use property located?
The property is located at 29 Railroad Avenue Unit 2A Gloucester, MA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1,573‑square‑foot retail condominium in a 2004‑built mixed‑use property; Currently occupied by an optical shop under a tenant‑at‑will arrangement; Two deeded parking spots, street parking, and additional rear parking
